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Robert Dechant, the Chief Executive Officer of IBEX Ltd (NASDAQ:IBEX), recently sold a portion of his holdings in the company. The sale comes as IBEX shares trade near their 52-week high of $26.22, having surged over 16% in the past week alone. According to a Form 4 filing with the Securities and Exchange Commission, Dechant sold a total of 2,379 common shares over two consecutive days.
On February 10, Dechant sold 61 shares at a price of $25 each. The following day, February 11, he sold an additional 2,318 shares at a weighted average price of approximately $25.0032. The total value of these transactions amounts to $59,482, with prices ranging from $25.00 to $25.015. Despite the insider sale, InvestingPro analysis suggests IBEX remains undervalued, with the stock trading at an attractive P/E ratio of 11.86.
Following these sales, Dechant holds 218,633 shares of IBEX Ltd. The transactions were part of a trading plan established under Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell company stock. For deeper insights into IBEX’s valuation and 16 additional key metrics, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, IBEX Ltd has completed a notable transaction involving the repurchase of its common shares for a total of $70 million. The company repurchased 3,562,341 of its common shares from The Resource Group International Limited (TRGI), paid with $45 million in cash and the remainder through a convertible promissory note. The outstanding Seller Note was settled using proceeds from its credit lines with HSBC Bank USA, National Association, and HSBC Bank Middle East Limited.
In addition to the share repurchase, IBEX Ltd has also made changes to its board structure. The company’s shareholders approved several key proposals, including setting the maximum number of directors at eight, electing directors, and appointing Deloitte & Touche LLP as the company’s independent registered accounting firm for the upcoming fiscal year.
These are recent developments in the company’s financial activities and corporate governance. The share repurchase has altered IBEX’s ownership structure, reducing TRGI’s stake and ending IBEX’s status as a "controlled company" under Nasdaq rules. The change in board structure is expected to align with Nasdaq’s corporate governance standards.
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