Overview of IPC's Normal Course Issuer Bid
International Petroleum Corporation (IPC or the Corporation) (NASDAQ: IPCO) is thrilled to share that under its normal course issuer bid (NCIB), it repurchased a remarkable total of 134,300 IPC common shares during a designated period. This buyback reflects IPC's commitment to its investors and the market at large.
Details of the Share Repurchase Program
IPC's NCIB commenced following an announcement made in December. This initiative aligns with various regulations that not only ensure compliance with market standards but also reinforce IPC's dedication to maintaining a robust shareholder base.
From May 19 to May 23, IPC repurchased a notable 100,000 IPC shares on Nasdaq Stockholm. The execution of these buybacks was managed by Pareto Securities AB on behalf of IPC. This strategic move has shown IPC's proactive approach to managing its capital and enhancing shareholder wealth.
Summary of Transactions
Additionally, during the same timeframe, IPC successfully acquired 34,300 IPC common shares on the Toronto Stock Exchange (TSX), with ATB Securities Inc. executing these purchases on behalf of the Corporation. It showcases the coordinated effort and strategy that IPC invests in its buyback activities.
All shares repurchased under the NCIB will be cancelled, which effectively reduces the total number of outstanding shares. As a result, as of now, IPC has a total of 114,248,119 common shares with voting rights, of which it retains 556,360 shares in treasury.
Future Buybacks and Potential
Since the program's inception, a staggering 5,979,124 IPC shares have been repurchased through both the TSX and Nasdaq platforms. IPC's NCIB allows the Corporation to repurchase up to 7,465,356 shares over a twelve-month cycle. This commitment reflects IPC's confidence in its long-term strategy and its intent to return value directly to its shareholders.
About International Petroleum Corporation
International Petroleum Corporation is a prominent figure in the oil and gas exploration and production sector. With an impressive portfolio of assets located in diverse regions, including Canada, Malaysia, and France, IPC has cultivated a solid foundation that supports both organic and inorganic growth strategies. As a member of the Lundin Group of Companies, IPC underscores its commitment to sustainability and responsible exploration within the industry.
Connecting with IPC
For additional information about IPC and its operations, stakeholders can connect with:
Rebecca Gordon, SVP Corporate Planning and Investor Relations
Contact: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Robert Eriksson, Media Manager
Contact: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of IPC's NCIB?
The NCIB aims to repurchase its own shares to enhance shareholder value and manage capital effectively.
How many shares has IPC repurchased?
IPC has repurchased a total of 134,300 shares under the NCIB from May 19 to 23.
Who manages IPC's share repurchases?
Shares are repurchased through financial institutions like Pareto Securities AB for Nasdaq and ATB Securities Inc. for TSX.
What happens to the repurchased shares?
All shares repurchased by IPC will be cancelled, reducing the total number of outstanding shares.
Where can investors find more information about IPC?
Investors can visit IPC's official website or contact their investor relations team for detailed information.
