MINNEAPOLIS--(BUSINESS WIRE)--Jul. 31, 2014--
Piper
Jaffray Companies (NYSE: PJC), today announced that its board of
directors has authorized the repurchase of up to $100 million of the
company’s outstanding common stock, effective October 1, 2014. This
replaces the $100 million authorization that expires on September 30,
2014. 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. The share
repurchase authorization expires September 30, 2016. As of July 18,
2014, Piper Jaffray Companies had 16.3 million common shares outstanding.
About Piper Jaffray
Piper
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 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, 2013 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, 2013, 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.
© 2014 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7020
Source: Piper Jaffray Companies
Piper Jaffray & Co.
Tom Smith, 612-303-6336
Investor
Relations
thomas.g.smith@pjc.com
