ibex Board of Directors Approves Share Repurchase Plan
December 08 2021 - 6:08PM
IBEX Limited (Nasdaq: IBEX) (the “Company”) today announces that
its board of directors has authorized the repurchase of up to US$20
million of the Company’s common stock.
“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.”
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 (“Board”) 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.
About ibexibex 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 StatementsIn
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. These statements include, but are not limited to, statements
by our management or the Board regarding expectations for the
repurchase of our common shares, including the aggregate amount,
timing, and manner of such repurchases, and statements of plans,
objectives, and expectations of us, our management or the Board.
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.
Media Contact: Barry Canty,
ibex, barry.canty@ibex.co
IR Contact: Daniel Bellehsen,
Executive Vice President, Investor Relations & Corporate
Development, ibex, Dan.Bellehsen@ibex.co
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