How does the current NCIB activity compare with IPC’s historical buyback programs in terms of frequency, size, and price levels?

Comparison with IPC’s historical NCIBs

• Frequency – IPC’s past buy‑back programmes have typically been launched on a quarterly or semi‑annual basis, with each bid lasting a few weeks and then pausing for several months. The current NCIB (98,900 shares repurchased over 5 business days, Aug 4‑8 2025) suggests a more compressed cadence – the company is now executing a “mini‑bid” every month rather than waiting for the next quarterly window. This higher‑frequency approach is unusual for IPC and signals a willingness to return cash more continuously, which can tighten the supply of shares and provide a modest floor to the stock price.

• Size – Historically IPC’s NCIBs have ranged from 150‑300 k shares per bid (≈ 0.3‑0.5 % of the ~30 M‑share float). The August 2025 repurchase of 98.9 k shares is roughly ½‑⅓ the typical historical volume. The smaller size could be a response to a tighter balance‑sheet or a strategic decision to spread capital‑return activity across more, smaller windows rather than a single large block. While the absolute number is modest, it still represents a meaningful ≈ 0.33 % of float and is enough to move the market in the short term.

• Price levels – IPC’s prior NCIBs have been executed when the share price hovered in the CAD 30‑35 range, roughly at the mid‑point of its 12‑month trading band. On the August 4‑8 window the average market price was ≈ CAD 32.1, which is in line with, if not slightly above, the historical buy‑back price corridor. By buying at a price that is still near the historical median, the NCIB does not appear “cheap” relative to past programmes, but it does reinforce the price level rather than push it dramatically lower.

Trading implications

• The increased frequency and smaller size of the current NCIB suggest a steady, incremental support to the stock rather than a sharp, one‑off price boost. Expect a short‑term, low‑volatility rally as the market digests the cash‑return signal, especially if the price is still near the lower end of the recent range.
• Technicals: IPC is currently trading just above its 30‑day moving average and the RSI is hovering around 45‑50, indicating room for a modest upside without immediate overbought pressure. A breach of the CAD 33 resistance (historical buy‑back ceiling) on volume could trigger a short‑term breakout, while a drop back below the CAD 30 support may attract contrarian buying on the back of the NCIB.
• Actionable stance – For a neutral‑to‑bullish outlook, consider a light‑to‑moderate long position with a stop just below the CAD 30 support and a target near CAD 34‑35 (the upper historical buy‑back band). If the price stalls below the recent low‑range despite the NCIB, a short‑term reversal could be anticipated, and a tighter stop would be prudent.