Piper Jaffray Companies Announces Share Repurchase Authorization
August 06 2015 - 7:54AM
Business Wire
Piper Jaffray Companies (NYSE: PJC), today announced that its
board of directors has authorized the repurchase of up to $150
million of the company’s outstanding common stock, effective August
14, 2015. This authorization is in addition to the $100 million
authorization that became effective on October 1, 2014, and expires
on September 30, 2016, under which approximately $7.8 million
remains available for future repurchases. The principal purpose of
the share repurchase program is to manage the firm’s equity capital
relative to its overall capital structure and to offset the
dilutive effect of employee equity-based awards. This new share
repurchase authorization expires September 30, 2017. As of July 27,
2015, Piper Jaffray Companies had 15.1 million common shares
outstanding.
About Piper JaffrayPiper Jaffray is a leading investment
bank and asset management firm serving clients in the U.S. and
internationally. Our proven advisory teams combine deep industry,
product and sector expertise with ready access to capital. Founded
in 1895, the firm is headquartered in Minneapolis and has offices
across the United States and in London and Zurich.
www.piperjaffray.com
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Cautionary Note Regarding Forward-Looking StatementsThis
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, 2014 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,
2014, 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.
© 2015 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7020
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version on businesswire.com: http://www.businesswire.com/news/home/20150806005824/en/
Piper Jaffray & Co.Pamela Steensland, 612-303-8185Marketing
and Public Relationspamela.k.steensland@pjc.comorTom Smith,
612-303-6336Investor Relationsthomas.g.smith@pjc.com
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