MONTREAL, July 17, 2023 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today announced that the TSX Venture Exchange (“TSXV”) has conditionally approved the renewal of IBEX’s normal course issuer bid (“NCIB”). Under the renewed NCIB, IBEX may purchase for cancellation a maximum of 1,500,000 common shares, representing approximately 9.9% of the 15,163,667 shares forming IBEX’s public float. The shares may be purchased through the facilities of the TSXV. The renewed NCIB will commence on August 5, 2023 and end on the earlier of August 4, 2024 and the date on which IBEX completes the purchase of the maximum number of 1,500,000 common shares pursuant to the NCIB. As of July 14, 2023, IBEX had 24,758,644 common shares issued and outstanding.
Under its current NCIB, which ends on August 4, 2023, IBEX has repurchased a total of 64,600 shares at a weighted average price of $0.6512 per share.
Any shares purchased by IBEX under the NCIB will be at the market price of the shares at the time of such purchases. The actual number of shares that may be purchased and the timing of any such purchases will be determined by IBEX. Any purchases made by IBEX pursuant to the NCIB will be made in accordance with the rules and policies of the TSXV.
The Board of Directors of IBEX believes that, at appropriate times, repurchasing its shares through the NCIB represents a good use of the Company’s financial resources, as such action can protect and enhance shareholder value.
Other than as noted below, to the knowledge of IBEX, no director or senior officer, and no person acting jointly or in concert with IBEX currently intends to sell shares during the NCIB. However, sales by such persons through the facilities of the TSXV may occur if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other shareholders whose shares are purchased under the NCIB. Paul Baehr, President and CEO of IBEX, has advised the Company that he may sell a small number of IBEX shares over the next year for portfolio diversification purposes.
In connection with the NCIB, IBEX has entered into an automatic share purchase plan with Leede Jones Gable Inc. in order to allow for purchases under the NCIB during IBEX’s “black-out” periods, as permitted by the Securities Act (Qubec). Leede Jones Gable Inc. will also effect purchases under the NCIB on behalf of the Company during non-“black-out” period