IBEX Limited Buys Back Over 3.5 Million Shares From TRG Associate Company

TRG Pakistan Limited (PSX: TRG) has been informed that its associate The Resource Group International Limited (TRGI) has entered into a definitive agreement with its portfolio company, IBEX Limited (Nasdaq: IBEX) pursuant to which IBEX has repurchased approximately 3.56 million IBEX shares from TRGI. The total transaction consideration is $70 million consisting of $45 million in cash and $25 million in seller financing. The purchase price was $19.65 per share, which represents the last closing price before the deal was announced, as well as the five-day volume-weighted average trading price for IBEX common shares on the Nasdaq Global Market as of the signing of this transaction. Following this repurchase, TRGI will retain ownership of 1.8 million common shares of IBEX, with TRGI’s shareholder agreement with IBEX dated November 2017 remaining in effect. Additionally, IBEX will have the right to repurchase the remaining shares owned by TRGI within 4 years, if certain conditions are met. Houlihan Lokey acted as financial advisor to TRGI for this transaction. The principal activity of TRG, through its associate TRGIL is to invest in a portfolio of investments primarily in the Technology, IT-enabled services, and medicare insurance sectors.