IBEX repurchases 3.56M shares from controlling shareholder TRGI for $70M, exits controlled company status

IBEX Ltd

Repurchased 3,562,341 shares at $19.65 each from TRGI, representing ~20% of diluted shares outstanding.
Total consideration $70M: $45M cash plus $25M convertible promissory note bearing 7% annual interest.
Following repurchase, TRGI retains 1.8M shares; IBEX will no longer be a Nasdaq-controlled company.
Board to have majority independent directors; one TRGI director to resign by year-end, others serve until 2025 AGM.
Company holds 4-year call option to buy remaining TRGI shares upon change of control; existing share buyback program paused.

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