VANCOUVER, BC, June 17, 2024 /CNW/ – Africa Oil Corp. (TSX:AOI, Nasdaq-Stockholm: AOI) has officially announced the successful completion of their recent share buyback program. From June 10, 2024, to June 14, 2024, Africa Oil repurchased a total of 1,244,300 common shares. This initiative is part of a larger scheme to optimize the capital structure and enhance shareholder value.
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Launched on December 4, 2023, Africa Oil’s normal course issuer bid (NCIB) aims to repurchase shares in accordance with stringent regulations, including the Market Abuse Regulation (EU) No 596/2014 (MAR), the Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation), and the applicable rules and policies of the Toronto Stock Exchange (TSX), Nasdaq Stockholm, and relevant Canadian and Swedish securities laws.
During the specified period, Africa Oil repurchased 456,800 common shares on the TSX and alternative Canadian trading systems. These transactions were facilitated by Scotia Capital Inc. Meanwhile, on Nasdaq Stockholm, the Company repurchased an additional 787,500 common shares, executed on its behalf by Pareto Securities. The thorough and transparent execution of these transactions underscores Africa Oil’s commitment to benefiting its shareholders while adhering to regulatory guidelines.
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All repurchased shares will be cancelled, effectively reducing the total outstanding shares and potentially increasing the value of the remaining shares. This reduction in share count indicates the Company’s strategic approach to managing its capital and signaling confidence in its financial health and future prospects. To date, from the commencement of the buyback program on December 4, 2023, Africa Oil has repurchased a total of 20,418,232 common shares. This considerable amount reflects the Company’s prioritized focus on returning capital to shareholders and stabilizing stock performance.
Africa Oil’s proactive approach to share repurchase is indicative of its broader financial strategy, which aims to judiciously manage capital while fostering shareholder trust and investment. The repurchase program is meticulously aligned with prevailing regulations, ensuring compliance and shielding the Company from potential market volatility. This buyback program not only reinforces the Company’s financial discipline but also enhances shareholder confidence by demonstrating a clear commitment to distributing excess capital.
In light of these recent activities, Africa Oil remains dedicated to its strategic goals and operational excellence. The Company’s financial maneuvers, including the share repurchase program, are designed to create long-term value for its shareholders. By systematically reducing the number of outstanding shares, Africa Oil aims to optimize its capital structure and drive intrinsic value growth.
For more extensive details regarding the share buyback transactions conducted in Sweden from June 10 to June 14, 2024, stakeholders are encouraged to visit the Nasdaq Stockholm website. The Nasdaq Stockholm portal provides in-depth information on aggregated volumes, weighted average prices per share, and total transaction values for each trading day during the given period, offering transparency and detailed insights into each transaction.
Africa Oil continues to communicate transparently with its investors, underpinning a robust investor relations framework designed to keep stakeholders informed about key financial activities. The comprehensive information dissemination through reliable platforms like Nasdaq Stockholm showcases Africa Oil’s dedication to maintaining open lines of communication with its shareholders.
As Africa Oil looks ahead, the Company remains focused on achieving its strategic objectives and continuing its governance of stringent financial practices. The executive team’s consistent implementation of share repurchase programs represents a firm step towards refining corporate strategy and enhancing shareholder value. Through these strategic buybacks, Africa Oil demonstrates its unwavering confidence in its ongoing projects and future growth trajectory.
For the full story and more detailed information about the share repurchase program and its implications, stakeholders and interested parties can view the complete release on Benzinga.com. The detailed report provides a comprehensive insight into Africa Oil’s share buyback activities, aligning with the Company’s overarching financial strategy and commitment to shareholder value.
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