IPC Achieves Significant Share Repurchase Volume
International Petroleum Corporation (IPC) is excited to share the latest developments regarding its normal course issuer bid and share repurchase program. Recently, IPC successfully repurchased 285,660 common shares during a key trading period. This initiative, undertaken from December 9 to 13, reflects IPC's commitment to enhancing shareholder value through proactive strategies.
Details of the Normal Course Issuer Bid
The normal course issuer bid (NCIB) was officially announced earlier in December, and IPC is adhering to the regulations set by the Market Abuse Regulation (MAR) and the Safe Harbour Regulation. These frameworks ensure that the share purchases are conducted transparently and in compliance with both Canadian and Swedish securities laws. The repurchase strategy has been received positively by the market, indicating the company’s robust approach towards managing its capital.
Repurchase Activity Summary
During the aforementioned period, significant share repurchases took place. A total of 206,000 shares were bought back on Nasdaq Stockholm, facilitated by Pareto Securities AB on behalf of IPC. Concurrently, 79,660 shares were acquired on the Toronto Stock Exchange (TSX), with ATB Securities Inc. executing these transactions. This coordinated approach demonstrates IPC's strategic efforts to consolidate ownership and enhance share value for investors.
Future Plans and Strategic Outlook
As of December 13, 2024, IPC has indicated plans to continue this repurchase program up to a maximum limit of 7,465,356 shares over the next twelve months. This initiative is not only beneficial in terms of share value but also contributes to the overall liquidity management of the company. Since the inception of this program on December 5, IPC has now repurchased a total of 401,464 shares.
Corporate Profile and Growth Strategy
International Petroleum Corporation is a dynamic player in the international oil and gas sector, with key operations in several countries, including an impressive portfolio in Canada and beyond. As a member of the Lundin Group of Companies, IPC strategically focuses on both organic and inorganic growth opportunities. The corporation remains dedicated to its vision of ensuring long-term sustainability and shareholder returns.
Contact Information
For further inquiries or detailed information about the NCIB and other corporate activities, you can reach out to:
Rebecca Gordon
Senior Vice President, Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Or
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is a Normal Course Issuer Bid?
A Normal Course Issuer Bid (NCIB) is a program that allows a company to repurchase its own shares from the marketplace, helping to boost its stock price and enhance shareholder value.
How many shares did IPC repurchase?
IPC repurchased a total of 285,660 shares between December 9 and December 13 during the NCIB program.
What platforms were used for the share repurchases?
The share repurchases were executed on both Nasdaq Stockholm and the Toronto Stock Exchange (TSX).
How does IPC plan to utilize its repurchased shares?
All shares repurchased by IPC under the NCIB are set to be canceled, reducing the total number of outstanding shares.
Where can I find more information about IPC’s corporate activities?
Further information can be obtained through IPC's website or by contacting their investor relations team directly.
