IBEX Ltd Authorizes $20 Million Share Repurchase Program
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IBEX Ltd has announced a $20 million share repurchase program, which will be funded by existing cash and free cash flow over the next 12 months. This program represents a material capital allocation decision, equating to approximately 4.8% of the company's current market capitalization. The announcement follows the company's strong third-quarter results reported on May 6th, which included record revenue and significant EPS growth. This move signals management's confidence in the company's financial health and its belief in the intrinsic value of its shares, potentially enhancing shareholder value and earnings per share. Traders will be watching the execution of this buyback.
At the time of this announcement, IBEX was trading at $31.22 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $415.3M. The 52-week trading range was $25.94 to $42.99. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.