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Khaishgi Mohammedulla, a director at IBEX Ltd (NASDAQ:IBEX), recently sold a significant portion of his holdings in the company. The stock has shown remarkable strength with an 87% return over the past year, and InvestingPro data indicates management has been actively buying back shares. According to a filing with the Securities and Exchange Commission, Mohammedulla sold a total of 22,600 common shares on February 18, 2025. The transactions were executed at prices ranging from $26.786 to $27.18 per share, with a weighted average sales price reported between $26.931 and $26.9573. The total value of these sales amounted to approximately $608,971. Trading at a P/E ratio of 12, IBEX currently appears undervalued according to InvestingPro Fair Value analysis, which offers 12+ additional insights about the company’s financial health and growth prospects.
Following these transactions, Mohammedulla retains direct ownership of 115,112 shares and indirect ownership of 10,293 shares, which are held as a trustee of the Allibhoy Khaishgi Family Foundation. The company maintains a strong financial position with a GREAT overall health score, as analyzed in the comprehensive Pro Research Report available on InvestingPro.
In other recent news, IBEX Ltd completed a significant transaction involving the repurchase of its common shares amounting to $70 million. The transaction was structured with $45 million in cash and the remainder through a convertible promissory note. This move effectively reduces the number of shares outstanding, potentially increasing the earnings per share and the intrinsic value of the remaining shares.
In another development, IBEX Ltd held its annual general meeting where shareholders approved key proposals, including setting the board of directors’ size, electing directors, and appointing Deloitte & Touche LLP as the auditor for the upcoming fiscal year. The board will now have a majority of independent directors, aligning with Nasdaq’s corporate governance standards.
These are part of the recent developments that reflect the company’s financial stability and future prospects. The company’s actions demonstrate its ability to access and utilize credit facilities to manage its capital requirements effectively. The repurchase of shares and the recent changes in the board structure are part of IBEX’s broader capital management strategy. The company has not disclosed any additional strategic intentions behind these actions.
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