Piper Jaffray Companies PJC today announced that its board of directors has authorized the repurchase of up to $150.0 million of the company's outstanding common stock. The share repurchase program will be used as part of the company's capital allocation strategy, which includes returning capital to its shareholders, and to offset the dilutive effect of employee equity-based compensation. The authorization becomes effective on September 30, 2017, at the same time that the company's existing $150.0 million repurchase authorization expires. The company currently has approximately $69.8 million available for future repurchases under the existing authorization. The new $150.0 million authorization will expire on September 30, 2019. As of July 26, 2017, the company had 15,114,175 million shares of common stock outstanding.
About Piper Jaffray
Piper Jaffray Companies PJC is a
leading investment bank and asset management firm. Securities brokerage
and investment banking services are offered in the U.S. through Piper
Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray
Ltd., authorized and regulated by the U.K. Financial Conduct Authority;
and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and
regulated by the Securities and Futures Commission. Asset management
products and services are offered through five separate investment
advisory affiliates―U.S. Securities and Exchange Commission (SEC)
registered Advisory Research, Inc., Piper Jaffray Investment Management
LLC, PJC Capital Partners LLC and Piper Jaffray & Co., and
Guernsey-based Parallel General Partners Limited, authorized and
regulated by the Guernsey Financial Services Commission.
Cautionary Note Regarding Forward-Looking Statements
This
press release contains forward-looking statements. Statements that are
not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements and are subject to
significant risks and uncertainties that are difficult to predict. These
forward-looking statements cover, among other things, statements made
about our share repurchase plans, our liquidity and capital resources or
other similar matters. These statements involve inherent risks and
uncertainties, both known and unknown, and important factors could cause
actual results to differ materially from those anticipated or discussed
in the forward-looking statements, including (1) our ability to effect
the repurchase program depends in part upon our results of operations
and profitability and may be impacted by negative operating conditions,
(2) an inability to access capital readily or on terms favorable to us
could impair our ability to effect the repurchase program, and (3) the
other factors described under "Risk Factors" in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2016 and
"Management's Discussion and Analysis of Financial Condition and Results
of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for
the year ended December 31, 2016, and updated in our subsequent reports
filed with the SEC (available at our website at www.piperjaffray.com
and at the SEC website at www.sec.gov).
Forward-looking statements speak only as of the date they are made, and
readers are cautioned not to place undue reliance on them. We undertake
no obligation to update them in light of new information or future
events.
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© 2017 Piper Jaffray Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036
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