IBEX Ltd (NASDAQ:IBEX), a company currently trading at attractive valuations according to InvestingPro analysis, experienced significant stock sales by its major shareholders, according to a recent SEC filing. On December 13, 2024, PineBridge GEM II G.P., L.P., along with affiliated entities and individuals, sold 20,000 common shares at an average price of approximately $19.9989. The total transaction value amounted to $399,978. Following the sale, the group retains ownership of 1,309,781 shares. The filing notes that the shares are held directly by PineBridge Global Emerging Markets Partners II, L.P., with key figures such as John Leone, Kevin Clowe, and Pierre Mellinger involved in the management of the investment activities. Notably, IBEX maintains strong financial health with a current ratio of 2.42 and trades at a P/E of 10.33, while management has been actively buying back shares. For detailed analysis and 12 additional ProTips, visit InvestingPro.
In other recent news, IBEX Ltd has shown considerable progress in its operations. The company has reported a record Q1 revenue of $129.7 million, marking a 4.1% increase from the previous year. Additionally, IBEX's adjusted EBITDA rose to $15.6 million, and the adjusted EPS increased by 30% to $0.52. Due to these positive results, the company has raised its full-year revenue guidance to between $515 million and $525 million, with adjusted EBITDA expected to reach $67 million to $69 million.
Furthermore, the company has successfully repurchased approximately 20% of its diluted shares from The Resource Group International, Limited, for a total of $70 million. This has altered the company's ownership structure, ending its status as a "controlled company" under Nasdaq rules. The board of directors now consists of a majority of independent directors, aligning with Nasdaq's corporate governance standards.
On the governance front, shareholders have approved several key proposals, including setting the board of directors' size, electing directors, and appointing the company's auditor for the upcoming fiscal year. Deloitte & Touche LLP has been ratified as the company's independent registered accounting firm for the fiscal year ending June 30, 2025. These developments reflect IBEX's commitment to maintaining strong corporate governance and shareholder value.
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