IPC Enhances Shareholder Value with Recent Buyback Results
International Petroleum Corporation's Recent Buyback Program
International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) recently shared exciting news about its buyback program. Between September 2 and 6, 2024, IPC successfully repurchased a total of 181,100 common shares as part of its normal course issuer bid (NCIB).
Implementation of the Buyback Program
This buyback initiative, which started on December 1, 2023, adheres to various regulations, including the Market Abuse Regulation and Toronto Stock Exchange guidelines. This demonstrates IPC's commitment to complying with all applicable laws, showing a responsible approach to managing its stock.
Details of the Share Repurchases
During the specified period, IPC made significant purchases, with 147,000 shares acquired on Nasdaq Stockholm. Guided by Pareto Securities AB, these repurchases signify IPC's proactive steps in enhancing shareholder returns.
Market Insights and Shareholder Impact
Additionally, IPC repurchased 34,100 shares on the Toronto Stock Exchange, facilitated by ATB Capital Markets Inc. All repurchased shares will be cancelled, reflecting IPC's strategy to reduce share count, potentially increasing value for remaining shareholders.
Operational Overview
As of September 6, 2024, IPC's total issued and outstanding shares amount to 121,473,438, while the corporation holds 226,100 shares in treasury. This marks a significant overall buyback, with IPC having repurchased a total of 6,977,482 common shares since December 5, 2023. IPC plans to repurchase up to 8,342,119 shares by December 4, 2024, reinforcing its intent to return capital to its investors.
About International Petroleum Corporation
International Petroleum Corporation is a key player in the oil and gas sector specializing in exploration and production. With a diverse portfolio of assets in Canada, Malaysia, and France, IPC is well-positioned for both organic and inorganic growth. The corporation is part of the Lundin Group of Companies, emphasizing its strong foundation in a competitive market.
Contact Information for Stakeholders
For further inquiries, stakeholders can 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 the purpose of IPC's buyback program?
The buyback program aims to enhance shareholder value by reducing the number of outstanding shares, increasing earnings per share (EPS).
How many shares has IPC repurchased in total?
Since initiating the program on December 5, 2023, IPC has repurchased a total of 6,977,482 common shares.
Who manages the share repurchase transactions?
Transaction management on Nasdaq Stockholm is handled by Pareto Securities AB, while ATB Capital Markets Inc. oversees transactions on the Toronto Stock Exchange.
When was the buyback program announced?
The buyback program was officially announced on December 1, 2023, signaling IPC's commitment to returning value to shareholders.
What is IPC's strategic focus moving forward?
IPC remains focused on growth through exploration and production, leveraging its high-quality asset portfolio and adhering to best practices in stakeholder return strategies.
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