International Petroleum Corporation Updates Share Repurchase Program
International Petroleum Corporation (IPC) is excited to share recent developments regarding its normal course issuer bid and stock buyback initiative. The Corporation successfully repurchased a total of 289,393 IPC common shares within a specific reporting period under its normal course issuer bid (NCIB).
Overview of the Buyback Program
Initiated on December 3 in 2024, IPC's NCIB demonstrates its commitment to bolster shareholder value. The program adheres to the stringent Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation providing robust safeguards for investors.
Transaction Summary
During the reporting window, which spanned from August 25 to August 29, IPC made notable strides on Nasdaq Stockholm, repurchasing a substantial 244,993 shares through its broker, Pareto Securities AB. Additionally, the Toronto Stock Exchange (TSX) saw IPC acquire 44,400 shares, facilitated by ATB Securities Inc.
Impact of Share Repurchases
Every repurchased share contributes to the Corporation's efforts to enhance its capital structure, with all shares acquired under the NCIB slated for cancellation. IPC cancelled 448,030 common shares in August, signalling confidence in their strategy.
Current and Future Share Structure
As of the end of August, the total outstanding IPC common shares stood at 112,830,502, which includes 217,993 shares held in treasury. This strategic buyback initiative showcases IPC's proactive approach to managing its share capital.
Broader Context of IPC's Operations
International Petroleum Corporation is recognized for its dynamic portfolio, involved in oil and gas exploration and production across multiple regions including Canada, Malaysia, and France. Backed by the renowned Lundin Group, IPC is strategically positioned for organic and inorganic growth, driving value for its shareholders.
Future Outlook
Since the commencement of its NCIB, IPC has repurchased a total of 7,058,374 common shares. The maximum buyback limit is set at 7,465,356 shares over a 12-month period, which runs through December 4, 2025. This strategic focus aims not only at enhancing shareholder value but also reflects IPC's robust financial positioning.
Contact Information
For more details about this program, please reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Tel: +46 701 11 26 15
Frequently Asked Questions
What is IPC's normal course issuer bid (NCIB)?
IPC's NCIB is a program through which the company repurchases its own shares to enhance shareholder value.
How many shares did IPC repurchase recently?
Recently, IPC repurchased a total of 289,393 shares during the specified period under its NCIB.
Which platforms facilitated IPC's share buyback?
IPC's share repurchases were carried out on Nasdaq Stockholm and the Toronto Stock Exchange (TSX).
What is the maximum number of shares IPC plans to repurchase?
The maximum number of shares IPC can repurchase under the current NCIB is 7,465,356.
How does IPC plan to use the repurchased shares?
All repurchased shares under the NCIB will be cancelled to optimize the company’s capital structure.
