IPC Enhances Shareholder Value with Recent Buyback Program
IPC Announces Share Buyback Results for Recent Trading Period
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is excited to share that during a recent trading window, they successfully repurchased a significant 258,360 common shares. This operation took place from December 16 to 20 as part of their ongoing normal course issuer bid (NCIB) program.
Implementation of Normal Course Issuer Bid
The NCIB program, first announced on December 3, is being executed in accordance with strict regulations, including the Market Abuse Regulation (EU) No 596/2014 and the Safe Harbour Regulation. Additionally, the program aligns with the respective rules of both the Toronto Stock Exchange (TSX) and Nasdaq Stockholm, ensuring compliance with the applicable Canadian and Swedish securities laws.
Transactions on Nasdaq Stockholm and TSX
During the specified period, a total of 179,000 shares were repurchased on Nasdaq Stockholm under the guidance of Pareto Securities AB, the designated broker managing this process for IPC. Moreover, the corporation acquired another 79,360 common shares on the TSX through ATB Securities Inc. This comprehensive approach showcases IPC’s proactive stance in managing its share capital.
Cancellation of Repurchased Shares
All common shares that IPC has repurchased under the NCIB will ultimately be cancelled. As of December 20, the company had a total of 119,882,701 issued and outstanding shares with voting rights, in addition to holding 659,824 shares in treasury.
Future Share Repurchase Outlook
From December 5 to December 20, IPC has accumulated a total of 659,824 common shares through the NCIB on the TSX and Nasdaq Stockholm. The company has the authorization to repurchase up to 7,465,356 shares during the twelve months starting from December 5. The completion of the program is contingent upon market conditions and the company's financial strategy.
Company Overview
International Petroleum Corporation is a notable player in the oil and gas exploration and production arena, boasting a strong asset portfolio in key global markets such as Canada, Malaysia, and France. The company is aligned with the Lundin Group of Companies and operates with a focus on sustainable growth and shareholder returns.
Contact Information
For more information regarding this announcement or further details on IPC's operational strategies, stakeholders may reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Or reach out to:
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +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 enhance shareholder value and manage its capital structure effectively.
How many shares did IPC repurchase during this recent period?
IPC repurchased a total of 258,360 common shares from December 16 to 20.
Who manages the share repurchase transactions for IPC?
The transactions on Nasdaq Stockholm were carried out by Pareto Securities AB, while ATB Securities Inc. managed those on the TSX.
What will happen to the repurchased shares?
All repurchased shares will be cancelled, reducing the total number of shares outstanding.
What is the maximum number of shares IPC can repurchase?
IPC is authorized to repurchase up to 7,465,356 shares over the 12 months following December 5.
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