IPC Completes Significant Share Buyback Amid Market Changes
IPC's Normal Course Issuer Bid Results
International Petroleum Corporation (IPC) has recently made notable moves in the share market. From October 28 to 31, IPC repurchased a total of 66,800 common shares under its normal course issuer bid (NCIB) program. This initiative is viewed positively by the market and reflects IPC's commitment to enhance shareholder value.
Understanding the NCIB Program
The NCIB program, first launched on December 1, 2023, complies with various regulations including the Market Abuse Regulation and the applicable rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. This structured approach allows IPC to buy back its shares strategically, ensuring that they can effectively manage their capital.
Recent Transactions on Nasdaq Stockholm
During the specified period, IPC repurchased 52,500 shares solely on Nasdaq Stockholm through Pareto Securities AB. These transactions underline IPC's proactive stance in the share market.
TSX Share Repurchases
In addition to the actions on Nasdaq Stockholm, IPC acquired 14,300 common shares on the TSX, executed by ATB Capital Markets Inc. All shares repurchased under the NCIB are set to be cancelled, reinforcing IPC's focus on increasing the value of the remaining shares.
Share Capital Updates
As of October 31, 2024, IPC's total issued and outstanding shares stand at 120,244,638, with 44,400 shares held in treasury. Notably, in October alone, the corporation cancelled 506,400 common shares bought back earlier.
Future Buyback Potential
Since the inception of the NCIB, IPC has repurchased a total of 8,024,582 shares. They have permission to repurchase up to 8,342,119 shares over the span of twelve months, showcasing their financial strength and intention to return value to shareholders.
About International Petroleum Corporation
International Petroleum Corporation is recognized for its robust portfolio in oil and gas exploration and production. With assets spanning Canada, Malaysia, and France, IPC is strategically positioned for growth. Their affiliation with the Lundin Group adds to their credibility in the industry.
Contact Information for Inquiries
For further inquiries, the following contacts are available:
- Rebecca Gordon
SVP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50 - Robert Eriksson
Media Manager
Tel: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of IPC's normal course issuer bid?
The NCIB allows IPC to repurchase its shares to manage capital structure and enhance shareholder value.
How many shares has IPC repurchased under the NCIB?
As of October 31, 2024, IPC has repurchased a total of 8,024,582 shares under the NCIB.
What was the volume of shares repurchased on TSX?
IPC repurchased 14,300 common shares on the Toronto Stock Exchange during the recent bid period.
Who manages the share repurchases on Nasdaq Stockholm?
Pareto Securities AB manages share repurchases on Nasdaq Stockholm on behalf of IPC.
What is the total number of outstanding IPC shares now?
As of the latest update, IPC has 120,244,638 common shares issued and outstanding.
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