NEW YORK, May 15, 2020
/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 530,000 shares of the Company's Class
A non-voting common stock, representing approximately 4.2%
of its 12,636,523 currently issued and outstanding shares of
Class A non-voting common stock. This authorization will
supplement the 98,625 shares that remain authorized and available
under the Company's previous share repurchase program covering up
to 640,000 shares of the Company's Class A non-voting common
stock, which was announced on July 26,
2019, for a total of 628,625 shares authorized and available
for repurchase. The share repurchase program is expected to
continue indefinitely.
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, state corporate law and
federal and state securities laws and the terms of the Company's
senior secured debt. All shares purchased will be
canceled. The timing and amounts of any purchases under the
program will be determined by management in its discretion based on
market and economic conditions and other factors including price,
legal and 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" in Part I, Item 2 of the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and Part 1A - Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019 and Part II, Item
1A - Risk Factors in the Company's Quarterly Report on Form 10-Q
for the quarter ended March 31,
2020.
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SOURCE Oppenheimer Holdings Inc.