- International Petroleum Corporation (IPCO) has amended the terms of its substantial issuer bid to increase the shares price range
- The new price range to purchase shares is at least $13.50 to a max of $15.50 per share
- This offer will expire at the close of trading on June 28
- If shareholders do not convert any previously purchased shares to the amended ones, then all shares will be returned to the issuing agents after closing
- International Petroleum Corporation (IPCO) is up 2.97 per cent trading at $13.87 per share as of 12:36 p.m. ET
International Petroleum Corporation (IPCO) has increased the share price range of its substantial issuer bid for roughly $128 million.
The company stated that the offer was amended to purchasing shares for at least $13.50 each and no more than $15.50 per share. The old range was outlined as paying at least $12.00 and a maximum of $14.00 per share, and all other terms of the offer remain unchanged.
This offer will expire at the close of trading on June 28 unless the company makes any further amendments. When the offer has closed, the company said it will determine the lowest purchase price per share that will enable it to purchase the maximum number of shares, for no more than $128 million.
In regard to the new price range, the offer will be somewhere between 9.5 million and 8.3 million shares, roughly 5.5 per cent of its total capital.
As a result of the amendment, any shareholder who previously tendered their shares to the original offer price before today is being advised by international Petroleum that this tender is no longer valid, and that the shareholder is required to retender their purchase to participate in the amended offer.
The company declared that shares submitted before today will not be accepted for payment unless the holder take additional steps to make them valid. Otherwise, shares will be returned to the issuing agents after the closing date.
International Petroleum Corporation (IPCO) is up 2.97 per cent trading at $13.87 per share as of 12:36 p.m. ET.