NEW YORK, May 5, 2017 /CNW/ - 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 650,000 shares of the Company's Class A non-voting
common stock, representing approximately 5% of its 13,178,571
currently issued and outstanding shares of Class A non-voting
common stock. This authorization will supplement the 40,734
shares that remain authorized and available under the Company's
previous share repurchase program covering up to 665,000 shares of
the Company's Class A non-voting common stock, which was
announced on September 15, 2015, for
a total of 690,734 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 shares.
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, investment management, and
commercial mortgage banking. With roots tracing back to 1881,
the firm is headquartered in New
York and has 93 offices in 25 states and 5 foreign
jurisdictions.
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, 2016.
SOURCE Oppenheimer Holdings Inc.