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29 Oct 2013 13:47
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29 October 2013
IBEX Global Solutions plc
("IBEX", "Company" or "the Group")
DIRECTOR'S DISCLOSURE
IBEX Global Solutions plc (AIM: IBEX) hereby notifies, in accordance with its disclosure obligations under AIM Rule 17, the following director's disclosure in respect ofΒ paragraph (g)(viii) of Schedule Two of the AIM Rules for Zia Chishti, the Company's Non-Executive Chairman.
On 27 June 2013, the Securities and Exchange Commission of PakistanΒ ("SECP") concluded proceedings against Mr Muhammad Ziaullah ("Zia") KhanΒ Chishti, as Chief Executive Officer of TRG Pakistan Limited ("TRGP"),Β under which Mr Chishti was found to have breached Clauses 16(vi) and 35(xxiii) of the Listing Regulations issued by the SECP, having sold sharesΒ in TRGP during a closed period and failing to notify the Karachi StockΒ Exchange. A one-time fine of PKR 400,000 (approximately GBP 2,300) wasΒ levied by the SECP in respect of the matter.
Mr Chishti has clarified that the trades at issue were part of a sale andΒ repurchase agreement that was effectively a loan transaction with MrΒ Chishti's correspondent brokerage. The sales did not reflect trades forΒ value, and Mr Chishti's ultimate beneficial ownership before and afterΒ the transaction was unchanged. Accordingly, the violation was technicalΒ in nature, and Mr Chishti remains a director and executive in good standing at TRGΒ Pakistan.
For further information please contact:
IBEX Global Solutions plc Steve Kezirian, CEO Karl Gabel, CFO Β | Tel: +800 043 4239 |
Liberum Capital Limited Nominated Adviser and Joint Broker Steve Pearce Richard Bootle Joshua Hughes Β | Tel: +44 20 3100 2000 |
Cenkos Securities PLC Joint Broker Liz Bowman Camilla Hume Β | Tel: +44 20 7397 8900 |
Tavistock Communications John West Matt Ridsdale Andrew Dunn Β | Tel: +44 20 7920 3150 |
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