Thomas Weisel Partners Group, Inc.'s Shareholders Approve Amendment to the Equity Incentive Plan as Firm Moves to Align Revenues
February 05 2009 - 11:51AM
Marketwired
Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG), a global
growth-focused investment bank, today announced that shareholders
approved the amendment to increase the firm's Equity Incentive Plan
by 6,000,000 shares. The additional authorized shares allow the
firm flexibility with regards to its compensation practices over
the next several years.
The management team is committed to managing the firm's
compensation expense and the dilution effect on existing
shareholders of shares issued as a component of compensation. The
firm intends to use the minimum amount of Restricted Stock Units
required for 2008 bonus purposes to retain key revenue producing
talent on the platform. Over the course of 2008, the firm has
repurchased 1,544,286 shares in the market and intends to use these
shares to settle future vesting obligations.
"During these difficult times, the firm has prudently managed
its compensation structure and the dilution effect of employee
share-based compensation and will continue to do so with the
additional shares authorized under the Equity Incentive Plan,"
stated Thomas W. Weisel, Chairman and CEO of Thomas Weisel
Partners.
The firm recently completed an additional 10% downsizing in
headcount as a result of continued headwinds in the capital
markets. These reductions, in addition to other previously
announced cuts in compensation and non-compensation expenses,
enable the firm to operate at cash break-even on annual revenues of
approximately $200 million. The firm will provide details on its
fourth quarter earnings call scheduled for Wednesday, February 11,
2009 at 5:00 p.m. Eastern time, 2:00 p.m. Pacific time.
"We have been acutely focused on taking the necessary steps to
restore profitability, and in the mean time, reach break-even on a
cash basis as we continue to face headwinds during this challenging
capital markets downturn. These measures, along with our current
cost structure, will allow us to endure lower than historic
industry revenue levels until the capital markets stabilize and we
begin to realize revenue growth," said Mr. Weisel.
About Thomas Weisel Partners Group, Inc.
Thomas Weisel Partners Group, Inc. is an investment bank,
founded in 1998, focused principally on the growth sectors of the
economy. Thomas Weisel Partners Group, Inc. generates revenues from
three principal sources: investment banking, brokerage and asset
management. The investment banking group is comprised of two
disciplines: corporate finance and strategic advisory. The
brokerage group provides equity and convertible debt securities
sales and trading services to institutional investors, and offers
brokerage, advisory and cash management services to high-net-worth
individuals and corporate clients. The asset management group
consists of: private equity, public equity and distribution
management. Thomas Weisel Partners is headquartered in San
Francisco with additional offices in Baltimore, Boston, Calgary,
Chicago, Cleveland, Denver, New York, Portland, Silicon Valley,
Toronto, London and Zurich. For more information, please visit
www.tweisel.com.
Investor Relations Contact: Sarah Anderson 415-364-2500
investorrelations@tweisel.com Media Contact: Crystal Odessky
415-364-2500 codessky@tweisel.com
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From May 2024 to Jun 2024
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From Jun 2023 to Jun 2024