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IBEX approves repurchase plan of up to $20mn

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December 9, 2021 (MLN): The board of directors of IBEX Limited has approved the repurchase of up to $20 million of the Company’s common stock, according to the reporting by Globe Newswire on Wednesday.

To note, the stock of Ibex currently stands at $12.03/share. Moreover, the company has 18.4million outstanding shares in the market with a market cap of $225.39million.

“This announcement demonstrates our confidence in IBEX’s business and underlying intrinsic value,” said Bob Dechant, Chief Executive Officer at IBEX.

“While we continue to focus on IBEX’s reinvestment opportunities and runway for growth, we believe that recent changes in the trading values of our shares have provided us with an opportunity to enhance our long-term value per share. We will continue to purchase our shares opportunistically at times when we believe our stock price does not reflect the intrinsic value of our company,” quoted Globe Newswire.

As per the details, 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 actual timing, number, and dollar amount of repurchase transactions will be determined by management at its discretion and will depend on a number of factors including, but not limited to, the market price of the Company’s common shares, general market and economic conditions, and compliance with Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

The Company’s board of directors will review the 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 common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion, it added.

The company’s revenues during 1QFY22, were flat at $108.6 million, compared to $108.8 million in the prior-year quarter. While Net income was $3.0 million against a net loss of $3.4 million in the prior-year quarter.

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Posted on: 2021-12-09T14:10:53+05:00

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