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On February 12, Christina Alice Trofimuk-O'Connor, the Chief Legal Officer of IBEX Ltd (NASDAQ:IBEX), executed a series of transactions involving the company's common shares. According to a recent SEC filing, Trofimuk-O'Connor sold a total of 13,138 shares, generating proceeds of approximately $345,233. The shares were sold at prices ranging from $26.25 to $26.29. The stock has since climbed to $27.24, marking a significant 19.87% gain over the past week. According to InvestingPro analysis, IBEX appears undervalued at current levels, trading at an attractive P/E ratio of 12.12.
In addition to the sales, Trofimuk-O'Connor exercised options to acquire 9,025 shares at a price of $19 each, totaling $171,475. Following these transactions, she holds 12,937 shares directly. These moves are part of routine stock option exercises and subsequent sales, providing liquidity while adjusting her holdings in the company. InvestingPro subscribers can access 16 additional investment tips for IBEX, including detailed insider trading analysis and comprehensive financial health metrics in the Pro Research Report.
In other recent news, IBEX Ltd successfully completed a $70 million share repurchase, a significant move that reflects the company's confidence in its financial stability and future prospects. The repurchase involved 3,562,341 of its common shares from The Resource Group International Limited (TRGI), paid with $45 million in cash and a convertible promissory note valued at $25 million. This transaction resulted in a shift in IBEX's ownership structure, reducing TRGI's stake and ending IBEX's status as a "controlled company" under Nasdaq rules.
In addition to the share repurchase, IBEX Ltd held its annual general meeting where shareholders approved key proposals, including setting the board of directors' size, electing directors, and retaining Deloitte & Touche LLP as the company's auditor for the upcoming fiscal year. The shareholder vote set the maximum number of directors at eight, with Fiona Beck, Shuja Keen, and Mohammed Khaishgi elected as directors.
These are among the recent developments for IBEX Ltd, highlighting the company's strategic moves to optimize capital structures and deliver value to shareholders. The company's decisions also demonstrate its ability to access and utilize credit facilities to manage its capital requirements effectively.
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