International Petroleum Corporation's Share Repurchase Update
International Petroleum Corporation (IPC) is thrilled to share details regarding its recent repurchase of common shares as part of its normal course issuer bid (NCIB). This initiative underscores IPC's commitment to enhancing shareholder value and reflects its robust financial health. During a two-day window from December 5 to 6, IPC repurchased a total of 115,804 common shares.
Understanding IPC's Normal Course Issuer Bid
Initialized on December 3, IPC's NCIB operates under strict compliance with numerous regulations including the Market Abuse Regulation (EU) No 596/2014 and the Safe Harbour Regulation, as well as mandates from the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. This reaffirms IPC's adherence to the highest standards of corporate governance.
Share Repurchases on Nasdaq Stockholm
During the specified period, IPC executed the repurchase of 86,000 common shares on Nasdaq Stockholm. Notably, this was facilitated by Pareto Securities AB, demonstrating IPC's strategic partnerships within the financial sector.
Highlights from the Transactions
In conjunction with Nasdaq operations, IPC also purchased 29,804 common shares on the TSX, indicating a balanced approach to share repurchases across markets. Each of these repurchased shares will be canceled, ultimately reducing the total outstanding shares and benefiting existing shareholders.
Current Standing of IPC
As of December 6, the corporation reported a total of 119,882,701 issued common shares with voting rights, out of which 115,804 shares are held in treasury. This strategic move allows IPC to maintain a solid foundation for growth moving forward.
Looking Ahead: Future Repurchases
The NCIB program allows IPC to buy back up to 7,465,356 common shares within a twelve-month timeframe, showcasing its proactive measures to return value to shareholders. This period will run until December 4, 2025, unless completed earlier.
About International Petroleum Corporation
International Petroleum Corp. specializes in oil and gas exploration and production, with high-caliber assets established in Canada, Malaysia, and France. As a significant player within the Lundin Group of Companies, IPC invites both current and prospective investors to explore its profitable portfolio that offers avenues for both organic and inorganic growth.
Contact Information
For more details regarding IPC's share repurchase program, investors can reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of the NCIB for IPC?
The NCIB is designed to allow IPC to repurchase its own shares, which can enhance shareholder value by reducing the number of outstanding shares.
How many shares did IPC repurchase during the recent buyback?
IPC repurchased a total of 115,804 common shares during the period of December 5 to 6.
When is the NCIB scheduled to run until?
The current NCIB program is set to continue until December 4, 2025.
Who facilitated the share repurchases on Nasdaq Stockholm?
The share repurchases on Nasdaq Stockholm were carried out by Pareto Securities AB on behalf of IPC.
Where can I find more information about IPC's financial activities?
Additional details regarding IPC's transactions and overall performance are available on their official website.
