International Petroleum Corporation (“IPC”
or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to
announce that it will commence the previously announced share
repurchase program, following receipt of approval from the Toronto
Stock Exchange (the “TSX”) of IPC's notice of intention to make a
normal course issuer bid.
Pursuant to the share repurchase program, IPC is
authorized to repurchase through the facilities of the TSX, Nasdaq
Stockholm and/or alternative Canadian trading systems, as and when
considered advisable by IPC, up to approximately 11.5 million
common shares, representing approximately 7% of IPC's outstanding
common shares (or 10% of IPC's "public float" as at November 4,
2019), over a period of twelve months commencing November 11, 2019
and ending November 10, 2020, or until such earlier date as the
share repurchase program is completed or terminated by IPC.
The maximum number of common shares which can be
repurchased each day on Nasdaq Stockholm will be 25% of the average
daily trading volume of the common shares for the 20 trading days
preceding the date of purchase, subject to certain exceptions for
block purchases. In addition, IPC will be limited to daily
purchases of no more than 7,312 common shares on the TSX, being 25%
of IPC’s average daily TSX trading volume of 29,251 common shares
during the six months ended October 31, 2019, subject to certain
exceptions for block purchases and other prescribed exemptions
available under applicable Canadian securities laws. IPC currently
does not hold any common shares in treasury.
In connection with the share repurchase program,
IPC has entered into an automatic share purchase plan (“ASPP”) with
its designated broker to allow IPC to repurchase common shares when
it would ordinarily not be permitted to purchase common shares due
to regulatory restrictions and customary self-imposed blackout
periods. Pursuant to the ASPP, IPC will provide instructions during
non-blackout periods to its designated broker, which instructions
may not be varied or suspended during the blackout period. Outside
of any blackout periods, common shares will be purchased in
accordance with management's discretion. All purchases made under
the ASPP will be included in computing the number of common shares
repurchased under the share repurchase program. The ASPP has been
reviewed and pre-cleared by the TSX and may be terminated by IPC or
its broker in accordance with its terms, or will terminate on the
expiry of the share repurchase program.
Any common shares that IPC repurchases under the
share repurchase program will be purchased on the open market
through the facilities of the TSX, Nasdaq Stockholm and/or
alternative Canadian trading systems at the prevailing market price
at the time of such purchase and in accordance with the applicable
rules and policies of the TSX and Nasdaq Stockholm and applicable
Canadian and Swedish securities laws. 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, Nasdaq Stockholm and under applicable Canadian
securities laws. There cannot be any assurances as to the number of
common shares that will ultimately be acquired by IPC. Any common
shares purchased by IPC under the share repurchase program will be
cancelled.
As previously indicated, IPC has determined to
implement the share repurchase program because it believes that the
current common share price does not reflect the underlying value of
those shares. IPC believes that the repurchase of common shares for
cancellation represents an effective use of IPC’s capital and an
efficient way to return value to IPC’s shareholders.
International Petroleum Corp. (IPC) is an
international oil and gas exploration and production company with a
high quality portfolio of assets located in Canada, Malaysia and
France, providing a solid foundation for organic and inorganic
growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC’s shares are listed on the Toronto
Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the
symbol "IPCO".
For further information, please contact:
Rebecca GordonVP Corporate Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
Or |
Robert ErikssonMedia Managerreriksson@rive6.chTel: +46 701 11 26
15 |
Forward-Looking Statements This
press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information"
(within the meaning of applicable securities legislation). Such
statements and information (together, "forward-looking statements")
relate to future events, including the Corporation's future
performance, business prospects or opportunities. Actual results
may differ materially from those expressed or implied by
forward-looking statements. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement. Forward-looking statements speak only as of
the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable
laws.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", “forecast”, "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe", "budget" and
similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements
include, but are not limited to, statements with respect to: the
share repurchase program, including the number of common shares to
be acquired; the ability to IPC to acquire common shares under the
proposed share repurchase program, including the timing of any such
purchases; and the return of value to IPC’s shareholders as a
result of any share repurchases.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: prevailing commodity
prices and currency exchange rates; applicable royalty rates and
tax laws; interest rates; future well production rates and reserve
and contingent resource volumes; operating costs; the timing of
receipt of regulatory approvals; the performance of existing wells;
the success obtained in drilling new wells; anticipated timing and
results of capital expenditures; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
timing, location and extent of future drilling operations; the
successful completion of acquisitions and dispositions; the
benefits of acquisitions; the state of the economy and the
exploration and production business in the jurisdictions in which
IPC operates and globally; the availability and cost of financing,
labour and services; and the ability to market crude oil, natural
gas and natural gas liquids successfully.
Although IPC believes that the expectations and
assumptions on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because IPC can give no assurances that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to: the
risks associated with the oil and gas industry in general such as
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
estimates and projections relating to reserves, resources,
production, revenues, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; interest rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or
dispositions; the ability to access sufficient capital from
internal and external sources; failure to obtain required
regulatory and other approvals; and changes in legislation,
including but not limited to tax laws, royalties and environmental
regulations. Readers are cautioned that the foregoing list of
factors is not exhaustive.
Additional information on these and other
factors that could affect IPC, or its operations or financial
results, are included in the most recently filed management’s
discussion and analysis (MD&A) (See "Cautionary Statement
Regarding Forward-Looking Information" therein), the Corporation's
Annual Information Form (AIF) for the year ended December 31, 2018
(See "Cautionary Statement Regarding Forward-Looking Information",
"Reserves and Resources Advisory" and " Risk Factors" therein) and
other reports on file with applicable securities regulatory
authorities, which may be accessed through the SEDAR website
(www.sedar.com) or IPC's website
(www.international-petroleum.com).
CurrencyAll dollar amounts in
this press release are expressed in United States dollars, except
where otherwise noted. References herein to USD mean United
States dollars. References herein to CAD mean Canadian
dollars.
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