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Khaishgi Mohammedulla, a director at IBEX Ltd (NASDAQ:IBEX), recently sold a significant portion of his holdings in the company. According to the latest SEC filing, Khaishgi disposed of a total of 10,842 common shares over several transactions, with the sales price per share ranging from $22.50 to $22.5019, near the stock's 52-week high of $22.52. The total value of these transactions amounted to $243,956. According to InvestingPro analysis, IBEX appears undervalued despite trading at these levels, with a modest P/E ratio of 11.4x.
The sales, executed on January 24 and January 27, were conducted both directly and indirectly. A portion of the shares was sold as part of Khaishgi's role as a trustee for the Allibhoy Khaishgi Family Foundation. Following these transactions, Khaishgi holds 90,896 shares indirectly and 216,718 shares directly in IBEX Ltd, representing a significant stake in the $292 million market cap company.
These transactions are part of Khaishgi's regular trading activities and were executed under a prearranged trading plan. Notably, InvestingPro data reveals that management has been actively buying back shares, suggesting confidence in the company's outlook. For deeper insights into insider trading patterns and 13 additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, IBEX Ltd has made significant strides in its financial performance and corporate governance. The company recently completed a $70 million share repurchase, fully paying off a convertible promissory note involved in the transaction. This move saw the company repurchase 3,562,341 of its common shares from The Resource Group International Limited (TRGI), effectively reducing the number of shares outstanding.
Additionally, the company reported a robust start to the fiscal year 2025 with a record Q1 revenue of $129.7 million, marking a 4.1% increase from the previous year. Adjusted EBITDA rose to $15.6 million, while adjusted EPS saw a 30% increase to $0.52. In light of these results, the full-year revenue guidance was raised to between $515 million and $525 million, with adjusted EBITDA expected to hit between $67 million to $69 million.
In other developments, the company's annual general meeting led to several key decisions. Shareholders approved proposals setting the board of directors' size, electing directors, and appointing Deloitte & Touche LLP as the company's auditor for the upcoming fiscal year. The repurchase of shares from TRGI also altered IBEX's ownership structure, ending its status as a "controlled company" under Nasdaq rules, leading to a board now consisting of a majority of independent directors.
These recent developments reflect the company's commitment to optimizing its capital structure, delivering value to shareholders, and maintaining robust corporate governance.
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