NEW YORK, July 26, 2019 /PRNewswire/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today announced that its Board of Directors
approved a share repurchase program that authorizes the Company to
purchase up to 640,000 shares of the Company's Class A non-voting
common stock, representing approximately 5% of its 12,756,308
currently issued and outstanding shares of Class A non-voting
common stock. This authorization will supplement the 26,192 shares
that remain authorized and available under the Company's previous
share repurchase program covering up to 650,000 shares of the
Company's Class A non-voting common stock, which was announced on
May 5, 2017, for a total of 666,192
shares authorized and available for repurchase.
Any such share purchases will be made by the Company from time
to time in the open market at the prevailing open market price
using cash on hand, in compliance with the applicable rules and
regulations of the New York Stock Exchange and federal and state
securities laws and the terms of the Company's senior secured debt.
All shares purchased will be cancelled. The share repurchase
program is expected to continue indefinitely. The timing and
amounts of any purchases will be based on market conditions and
other factors including price, regulatory requirements and capital
availability. The share repurchase program does not obligate the
Company to repurchase any dollar amount or number of Class A
non-voting common stock. Depending on market conditions and other
factors, these repurchases may be commenced or suspended from time
to time without prior notice.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services
including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance),
research, market-making, trust, and investment management.
With roots tracing back to 1881, the firm is headquartered in
New York and has 94 retail branch
offices in the United States and
has institutional businesses located in London, Tel
Aviv, and Hong Kong.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance. For a discussion of the
factors that could cause future performance to be different than
anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A – Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2018.
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SOURCE Oppenheimer Holdings Inc.