September 18, 2023 (MLN): The board of directors of IBEX Limited on Monday authorized a share repurchase plan (Share Repurchase Program) under which the company may repurchase up to $30 million of its shares over the next six months, according to the press release available on company's website.
Accordingly, the leading global business process outsourcing provider and end-to-end customer engagement technology solutions will commence a stock repurchase program beginning September 18, 2023.
“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 Chief Executive Officer Bob Dechant.
“We believe the current market value of our shares does not accurately reflect the company's value and represents a remarkable opportunity to repurchase shares and deliver value to our shareholders," he added.
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, privately negotiated transactions, 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 its terms and size adjustment 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.
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Posted on: 2023-09-18T22:13:33+05:00