Africa Oil Corp. (TSX: AOI, Nasdaq-Stockholm: AOI) Repurchases 403,900 Shares Under Buyback Program

2 min read | January 06, 2025 09:53 PM AEDT | By Team Kalkine Media

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Africa Oil Corp. (TSX: AOI, Nasdaq-Stockholm: AOI) Repurchases 403,900 Shares Under Buyback Program — Image source: Shutterstock

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Highlights

Africa Oil repurchases 403,900 common shares under ongoing share buyback program.

Repurchases were made on the TSX and Nasdaq Stockholm, with shares to be cancelled.

Total of 2.7 million shares repurchased since the program’s launch in December 2024.

Africa Oil Corp. ("Africa Oil" or the "Company") (TSX: AOI, Nasdaq-Stockholm: AOI) is pleased to announce the successful repurchase of a total of 403,900 common shares under its previously announced share buyback program during the period from December 30, 2024, to January 3, 2025. This initiative is part of the company's strategy to enhance shareholder value and optimize its capital structure.

Out of the 403,900 shares repurchased, 183,900 were acquired on the Toronto Stock Exchange (TSX) and/or other alternative Canadian trading systems. The buybacks were conducted by Scotia Capital Inc. on behalf of the Company. Additionally, 220,000 common shares were repurchased on Nasdaq Stockholm, with Pareto Securities acting as the intermediary for the Company.

In total, since the start of the share repurchase program on December 6, 2024, Africa Oil has successfully repurchased 2,712,000 common shares across the TSX, Nasdaq Stockholm, and other Canadian trading systems. This buyback initiative has been carried out in accordance with the guidelines of the Market Abuse Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation), and relevant securities laws in Canada and Sweden. All repurchased shares will be cancelled, reducing the total number of outstanding shares.

The share repurchase program, which was announced on December 4, 2024, allows Africa Oil to repurchase a maximum of 18,362,364 of its common shares over a twelve-month period, ending December 5, 2025, or until the program is completed or terminated earlier by the Company. The program aims to support the long-term value creation for shareholders by optimizing the capital structure and returning capital to shareholders.

Africa Oil’s decision to undertake this buyback program reflects the company's confidence in its financial position and its commitment to delivering value to shareholders. The repurchase program also demonstrates Africa Oil's flexibility in managing its balance sheet and enhancing shareholder returns.

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