secwatch.observer — SEC 8-K summary
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Issuer:     IBEX Ltd (IBEX)
CIK:        0001720420
Form:       8-K
Filed at:   2024-11-20T23:59:59+00:00
Accession:  0001628280-24-048601
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1720420/000162828024048601/0001628280-24-048601-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1720420/000162828024048601/ibex-20241119.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-048601

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