- International Petroleum Corporation (IPCO) has sought approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB)
- The NCIB is for the purposes of purchasing its own common shares through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems
- This purchase will take place over a period of twelve months from December 5, 2022, and ending on December 4, 2023
- International Petroleum Corp. is an international oil and gas exploration and production company with a portfolio of assets located in Canada, Malaysia and France
- International Petroleum Corp. was up 1.491 per cent, trading at $14.98 at 10:33 AM ET
International Petroleum Corporation (IPCO) has sought approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB).
The NCIB is for the purposes of purchasing its own common shares through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems.
The IPC Board of Directors has approved the purchase of up to approximately 9.3 million common shares. This is subject to acceptance by the TSX,
This represents approximately 6.8 per cent of IPC’s issued and outstanding common shares on November 24, 2022.
This purchase will take place over a period of twelve months, from December 5, 2022, ending on December 4, 2023, or until the NCIB is completed or terminated by IPC.
IPC has determined to renew the NCIB because it believes that the current common share price does not reflect the underlying value of those shares.
IPC believes that the NCIB represents an effective use of IPC’s capital and an efficient way to return value to IPC’s shareholders as part of IPC’s announced shareholder distribution framework.
The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by IPC, subject to the limits imposed by the TSX and Nasdaq Stockholm.
IPC’s previous NCIB for the purchase of up to 11,097,074 common shares, which commenced on December 3, 2021, will expire on December 2, 2022. As of November 23, 2022, IPC purchased an aggregate of 9,501,006 common shares under that NCIB.
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a portfolio of assets located in Canada, Malaysia and France.
International Petroleum Corporation was up 1.491 per cent, trading at $14.98 at 10:33 AM ET.