IBEX Announces $30 Million Share Repurchase Program
18 September 2023 - 3:00PM
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.
Forward Looking Statements
In addition to historical information, this release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by terminology such as
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “should,” “plan,” “expect,” “predict,” “potential,” or
the negative of these terms or other similar expressions. These
statements include, but are not limited to, statements regarding
our future financial and operating performance, including our
outlook and guidance, and our strategies, priorities and business
plans. Our expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected. Factors that could impact our
actual results include: developments relating to COVID-19; our
ability to attract new business and retain key clients; our ability
to enter into multi-year contracts with our clients at appropriate
rates; the potential for our clients or potential clients to
consolidate; our clients deciding to enter into or further expand
their insourcing activities; our ability to operate as an
integrated company under the ibex brand; our ability to manage
portions of our business that have long sales cycles and long
implementation cycles that require significant resources and
working capital; our ability to manage our international
operations, particularly in Pakistan and the Philippines and
increasingly in Jamaica and Nicaragua; our ability to comply with
applicable laws and regulations, including those regarding privacy,
data protection and information security; our ability to manage the
inelasticity of our labor costs relative to short-term movements in
client demand; our ability to realize the anticipated strategic and
financial benefits of our relationship with Amazon; our ability to
recruit, engage, motivate, manage and retain our global workforce;
our ability to anticipate, develop and implement information
technology solutions that keep pace with evolving industry
standards and changing client demands; our ability to maintain and
enhance our reputation and brand; and other factors discussed under
the heading “Risk Factors” in our annual report on Form 20-F filed
with the U.S. Securities and Exchange Commission on October 14,
2021 and any other risk factors we include in subsequent reports on
Form 6-K. Because of these uncertainties, you should not make any
investment decisions based on our estimates and forward-looking
statements. Except as required by law, we undertake no obligation
to publicly update any forward-looking statements for any reason
after the date of this press release whether as a result of new
information, future events or otherwise.
Investor Contact: Michael Darwal, Executive
Vice President, Investor Relations,
ibex, Michael.Darwal@ibex.co
Media Contact: Dan Burris, Senior Director, PR
& Communications, ibex, Dan.Burris@ibex.co
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