IBEX Files Management Proxy Circular for Sale of the Company at $1.45 Per Share

- Shareholders holding an aggregate of 47.15% of IBEX’s outstanding shares have entered into Support and Voting Agreements with the purchaser

- IBEX Board unanimously recommends that shareholders vote FOR the going-private amalgamation

MONTREAL, Feb. 23, 2024 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) announces that it has filed a management proxy circular and related documents on SEDAR+ for an annual and special meeting of shareholders to be held in Montreal, Québec on April 3, 2024. At the meeting, IBEX shareholders will consider the previously-announced proposed amalgamation (the “Amalgamation”) of IBEX and 15720273 Canada Inc. (the “Purchaser”), a newly-incorporated, wholly-owned subsidiary of BBI Solutions OEM Limited (“BBI”), whereby BBI will acquire all of the issued and outstanding shares of IBEX at a price of $1.45 per share in cash. The total consideration for the sale of IBEX is approximately $37.9 million.

The transaction is subject to IBEX shareholders approving the Amalgamation by a vote of at least two-thirds of the votes cast by shareholders present in person at the meeting or represented by proxy and entitled to vote. As previously announced, all of IBEX’s directors and senior officers and IBEX’s two largest shareholders have entered into Support and Voting Agreements with the Purchaser under which they have each agreed irrevocably to support and vote their shares in favour of the Amalgamation. These shareholders hold an aggregate of 47.15% of IBEX’s outstanding shares.

Unanimous Board Recommendation

The Board of Directors of IBEX unanimously recommends that shareholders vote for the special resolution approving the Amalgamation. Shareholders are urged to read the management proxy circular in its entirety. The circular is available on IBEX’s website at www.ibex.ca and under IBEX’s profile on SEDAR+ at www.sedarplus.ca.

IBEX encourages all shareholders to vote by proxy prior to the meeting. Shareholders are eligible to vote their IBEX shares if they were an IBEX shareholder of record at the close of business on February 22, 2024. All proxy forms should be submitted well in advance of 5:00 p.m. (eastern time) on April 1, 2024.

Advisors

Fasken Martineau DuMoulin LLP is acting as legal counsel to IBEX in connection with the Amalgamation.

Fort Capital Partners provided a fairness opinion to the Board of Directors of IBEX in connection with the Amalgamation.