Gold prices steady ahead of Fed decision; weekly weakness noted
In a recent transaction disclosed in an SEC filing, Khaishgi Mohammedulla, a director at IBEX Ltd (NASDAQ:IBEX), a company with a market cap of $339 million and strong YTD returns of 20%, sold 12,600 common shares of the company. According to InvestingPro data, IBEX maintains a "GREAT" financial health score and trades at an attractive P/E ratio of 11.6x. The shares were sold at a weighted average price of $25.5744, with prices ranging from $25.43 to $25.8302. Following this transaction, Mohammedulla retains ownership of 77,312 shares in the company. The sale, executed as part of a pre-arranged trading plan, totaled approximately $322,237. InvestingPro analysis suggests IBEX is currently undervalued, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, IBEX Ltd announced the completion of a $70 million share repurchase, a significant financial maneuver aimed at optimizing its capital structure. The repurchase agreement, originally initiated with The Resource Group International Limited, involved buying back 3,562,341 common shares. The transaction was financed with $45 million in cash and a $25 million convertible promissory note, which was recently settled using credit lines from HSBC Bank USA and HSBC Bank Middle East Limited. This move indicates IBEX Ltd’s confidence in its financial stability and its ability to manage capital requirements effectively.
Additionally, IBEX Ltd held its annual general meeting, where shareholders approved key governance proposals. The board of directors’ size was set at a maximum of eight members, and directors Fiona Beck, Shuja Keen, and Mohammed Khaishgi were re-elected with significant support. Shareholders also ratified the appointment of Deloitte & Touche LLP as the independent registered accounting firm for the fiscal year ending June 30, 2025. These developments highlight the company’s ongoing commitment to strong corporate governance and shareholder engagement.
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