MINNEAPOLIS--(BUSINESS WIRE)--Aug. 15, 2012--
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 Oct. 1, 2012. 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. Under the
firm’s three-year syndicated bank facility, share repurchases cannot
exceed the amount of employee equity grants issued in a calendar year.
The firm has substantially reached the covenant limit for 2012 under the
bank facility, which expires in Dec. of 2013.
The share repurchase authorization expires Sept. 30, 2014. As of Aug.
10, 2012, Piper Jaffray Companies had 17.8 million common shares
outstanding.
About Piper Jaffray
Piper Jaffray is an investment bank and asset management firm serving
clients in the U.S. and internationally. Proven advisory teams combine
deep industry, product and sector expertise with ready access to global
capital. Founded in 1895, the firm is headquartered in Minneapolis and
has offices across the United States and in London, Hong Kong and
Zurich. www.piperjaffray.com
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, 2011 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, 2011, and updated in our subsequent reports
filed with the SEC (available at our Web site at www.piperjaffray.com
and at the SEC Web site 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.
© 2012 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800,
Minneapolis, Minnesota 55402-7020
Source: Piper Jaffray Companies
Piper Jaffray Companies
Jennifer A. Olson-Goude, 612-303-6277
Investor
Relations and Corporate Communications
