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WASHINGTON, D.C.—Bruce Neil Dawson, Chief Sales and Customer Service Officer at IBEX Ltd (NASDAQ:IBEX), recently sold 13,500 common shares of the company, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $24 each, amounting to a total transaction value of $324,000. The transaction comes as IBEX shares trade near their 52-week high, having gained over 44% in the past six months. According to InvestingPro analysis, IBEX currently appears undervalued based on its Fair Value estimate.
Following this sale, Dawson holds 5,607 shares in the company. The transaction was part of a prearranged trading plan under Rule 10b5-1, which allows company insiders to set up a trading plan for selling stocks they own. This sale comes as part of Dawson’s ongoing management of his equity holdings in the company. Notably, InvestingPro data shows management has been actively buying back shares, and the company maintains a strong financial health score of "GREAT," with a P/E ratio of ~13x. InvestingPro subscribers have access to 12 additional key insights about IBEX’s financial outlook.
In other recent news, IBEX Ltd has been busy with significant financial transactions and boardroom reshuffling. The company recently completed a $70 million share repurchase from The Resource Group International Limited, effectively reducing the number of outstanding shares and indicating a strong financial footing. The transaction was financed through a combination of cash and a convertible promissory note, which has since been settled using credit lines from HSBC Bank USA and HSBC Bank Middle East Limited.
In addition to the share repurchase, IBEX Ltd has also made changes to its board structure. The board size has been set at eight members, with Fiona Beck, Shuja Keen, and Mohammed Khaishgi being re-elected as directors. The company’s shareholders also ratified the appointment of Deloitte & Touche LLP as the independent registered accounting firm for the coming fiscal year.
On the earnings front, IBEX Ltd posted a record Q1 revenue of $129.7 million, marking a 4.1% increase from the previous year. The company also reported an uptick in adjusted EBITDA to $15.6 million and a 30% rise in adjusted EPS to $0.52. Furthermore, IBEX Ltd has raised its full-year revenue guidance to between $515 million and $525 million, with adjusted EBITDA expected to reach $67 million to $69 million. These recent developments reflect the company’s ongoing financial activities and strategic decisions.
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