International Petroleum Corporation's Strategic Share Repurchase Update
International Petroleum Corporation Announces Share Buyback Program
International Petroleum Corporation (IPC) has embarked on a significant share repurchase initiative aimed at bolstering shareholder value. Recently, IPC reported that between February 3 and 7, the corporation successfully repurchased 407,001 shares under its normal course issuer bid (NCIB). This proactive measure underscores IPC’s commitment to utilizing its available resources effectively.
Understanding the Normal Course Issuer Bid
The NCIB, introduced by IPC on December 3, enables the corporation to repurchase its shares in compliance with relevant market regulations, including those set by the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. By adhering to the guidelines established under the Market Abuse Regulation (EU) No 596/2014, IPC ensures that its activities are transparent and beneficial to shareholders.
Recent Share Repurchases
During the designated period of February 3 to 7, IPC executed a total of 330,941 share repurchases on Nasdaq Stockholm, all facilitated by Pareto Securities AB. Furthermore, an additional 76,060 shares were repurchased on the TSX through ATB Securities Inc. Each share repurchased will be canceled, reducing the total number of outstanding shares and potentially increasing the value of remaining shares for shareholders.
Current Standing and Future Plans
As of February 10, IPC holds a total of 117,781,927 issued and outstanding common shares, with 508,853 currently held in treasury. This strategic repurchase program has been effective since December 5, with a maximum share repurchase cap of 7,465,356 shares over the year-long program. This initiative reflects IPC’s intent to return value to its shareholders while maintaining a robust capital structure.
About International Petroleum Corporation
International Petroleum Corporation is a prominent player in the oil and gas sector, with a diverse portfolio across Canada, Malaysia, and France. The company leverages its quality assets to support both organic and inorganic growth trajectories. As part of the Lundin Group of Companies, IPC remains focused on sustainable development and maximizing shareholder returns.
Contact Information
For additional details regarding this repurchase program or other inquiries, you can reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Contact: +41 22 595 10 50
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Contact: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of IPC's normal course issuer bid?
The NCIB allows IPC to buy back outstanding shares, which can enhance shareholder value through potential increases in share price.
How many shares has IPC repurchased in total?
As of now, IPC has repurchased a total of 2,609,627 shares since the start of the NCIB program.
What regulations govern the NCIB program?
The program operates under the Market Abuse Regulation and the rules set forth by the Toronto Stock Exchange and Nasdaq Stockholm.
Who can shareholders contact for more information?
Shareholders can contact Rebecca Gordon or Robert Eriksson for inquiries related to the repurchase program.
When was the NCIB program announced?
The NCIB program was announced on December 3, and it is set to run for one year, allowing for strategic share repurchases.
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