Ibex chief people officer sells $201,122 in common shares

Published 14/02/2025, 00:12
Ibex chief people officer sells $201,122 in common shares

Inson Paul Joseph, Chief People Officer at IBEX Ltd (NASDAQ:IBEX), recently sold 8,044 common shares of the company. The transaction, which took place on February 11, 2025, was executed at prices ranging from $25.00 to $25.015 per share, resulting in a total sale value of $201,122. The sale comes as IBEX shares trade near their 52-week high of $27.34, having surged over 80% in the past year. According to InvestingPro analysis, the stock appears undervalued despite its strong performance. Following this sale, Joseph retains ownership of 29,996 shares. The transaction was part of a prearranged trading plan. Notably, while this insider sale occurred, InvestingPro data shows management has been actively buying back shares, with the company trading at an attractive P/E ratio of 12.1. InvestingPro subscribers have access to 16 additional investment tips and comprehensive analysis for IBEX.

In other recent news, IBEX Ltd has undertaken significant financial activities, including a notable share repurchase and corporate governance shifts. The company recently completed a $70 million share repurchase, buying back 3,562,341 of its common shares from The Resource Group International Limited (TRGI). This transaction involved $45 million in cash and a convertible promissory note valued at $25 million, which has since been fully paid off using credit lines with HSBC Bank USA and HSBC Bank Middle East Limited.

In addition to this, IBEX Ltd has made changes to its board structure. During its annual general meeting, shareholders approved the board size to be set at eight directors. The company re-elected Fiona Beck, Shuja Keen, and Mohammed Khaishgi as directors, who will hold office until the next annual general meeting. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company's independent registered accounting firm for the upcoming fiscal year.

These are among the recent developments at IBEX Ltd, reflecting the company's strategic financial management and commitment to corporate governance. The share repurchase, in particular, demonstrates the company's confidence in its financial stability and future prospects. However, the company has not disclosed any additional strategic intentions behind these moves.

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