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Robert Thomas Dechant, the Chief Executive Officer of IBEX Ltd (NASDAQ:IBEX), recently sold 5,000 common shares of the company. The sale comes as IBEX shares trade near their 52-week high of $27.83, having delivered an impressive 82% return over the past year. According to InvestingPro analysis, the stock's technical indicators suggest it's in overbought territory. The shares were sold at a weighted average price of $27.5552, amounting to a total transaction value of $137,776. Following this sale, Dechant retains ownership of 213,633 shares in the company.
The transaction took place on February 14, 2025, and was executed in multiple trades with prices ranging from $27.52 to $27.70. This sale was reported in a Form 4 filing with the U.S. Securities and Exchange Commission.
In other recent news, IBEX Ltd has made significant strides in its financial maneuvering and corporate governance. The company recently completed a $70 million share repurchase from The Resource Group International Limited (TRGI), which involved 3,562,341 of its common shares. The transaction was structured with $45 million in cash and a convertible promissory note valued at $25 million, which the company has now fully paid off using proceeds from its credit lines with HSBC Bank USA and HSBC Bank Middle East Limited.
In addition to the share repurchase, IBEX Ltd also made notable changes to its board structure. During its annual general meeting, shareholders approved several key proposals including setting the maximum number of directors at eight and re-electing directors Fiona Beck, Shuja Keen, and Mohammed Khaishgi. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company's independent registered accounting firm for the upcoming fiscal year.
These recent developments reflect the company's confidence in its financial stability and future prospects. The share repurchase effectively reduces the number of shares outstanding, potentially increasing the earnings per share and the intrinsic value of the remaining shares. Meanwhile, the changes to the board structure demonstrate shareholder involvement in key decisions, aligning the company more closely with Nasdaq's corporate governance standards.
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