Washington September 18 2023: IBEX Limited (Nasdaq: IBEX), a leading provider of global business process outsourcing and end-to-end customer engagement technology solutions, today announced that it will commence a stock repurchase program beginning September 18, 2023.
The board of directors (the “Board”) has authorized a share repurchase plan under which the Company may repurchase up to $30 million of its shares over the next 6 months (the “Share Repurchase Program”).
“This share repurchase program reflects the Board’s and Management’s strong confidence in ibex, the value that has been created and the growth trajectory we see for our business over the long term,” said ibex Chief Executive Officer Bob Dechant. “We believe the current market value of our shares does not accurately reflect the value of the Company and represents a remarkable opportunity to repurchase shares and deliver value to our shareholders.”
The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the “SEC”) Rule 10b-18 and/or Rule 10b5-1 requirements.
The Board will review the Share Repurchase Program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under this program with its existing cash balance. The repurchase program will be executed consistent with the Company’s capital allocation strategy, which will continue to prioritize aggressive investments to grow the business.
The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
About ibex
ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.
