In a recent transaction, John Leone, a key executive affiliated with PineBridge GEM II G.P., L.P., sold a significant portion of IBEX Ltd (NASDAQ:IBEX) shares. The company, currently valued at $340 million, shows strong financial fundamentals with an InvestingPro Financial Health score of "GREAT" and trades at an attractive P/E ratio of 10.4. The sale, which took place on December 10, 2024, involved 60,958 common shares at an average price of $20.1208 each, totaling approximately $1.23 million.
The shares were sold in a series of transactions, with prices ranging from $20.00 to $20.258 per share. Following this transaction, Leone, along with other reporting owners, continues to hold a substantial stake in the company, with a remaining balance of 1,329,781 shares.
This filing is a joint report by PineBridge Global Emerging Markets Partners II, L.P., PineBridge GEM II G.P., L.P., and individuals including John Leone, Kevin Clowe, and Pierre Mellinger, who are part of the investment committee managing the activities of PineBridge GEM II. The group has clarified that they disclaim beneficial ownership of the securities except where they have a pecuniary interest.
In other recent news, IBEX Ltd has announced noteworthy developments. At its recent annual general meeting, shareholders approved several key proposals, including setting the board of directors' size, electing directors, and appointing the company's auditor for the upcoming fiscal year. The company also successfully repurchased approximately 20% of its diluted shares from The Resource Group International, Limited, for a total of $70 million.
The repurchase has shifted IBEX's ownership structure, ending its status as a "controlled company" under Nasdaq rules. The board now consists of a majority of independent directors, aligning with Nasdaq's corporate governance standards.
Moreover, IBEX reported a strong start to fiscal year 2025, with record Q1 revenue of $129.7 million, a 4.1% increase from the previous year. Adjusted EBITDA rose to $15.6 million, and adjusted EPS increased by 30% to $0.52. In light of these results, the company 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 are recent developments, and it's important for investors to keep an eye on the company's ongoing activities and financial performance.
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