SAN FRANCISCO--(BUSINESS WIRE)--JMP Group Inc. (NYSE: JMP), an investment banking and alternative asset management firm (the “Company”), announced today that it intends, subject to the closing of the reorganization transaction described below, for its successor company (“JMP Group LLC”) to declare a monthly cash distribution of $0.035 per share to shareholders of record on the last business day of each of January, February and March, 2015. On December 1, 2014, at a special meeting of stockholders, the Company’s stockholders approved a proposal that will change the form of the Company’s organization from a corporation to a limited liability company (JMP Group LLC) that will be taxed as a partnership for U.S. federal income tax purposes. The reorganization transaction is expected to be effective as of January 1, 2015. Until formally declared by the board of JMP Group LLC in January 2015, there can be no assurance that these distributions will be declared and paid.
“The intended distribution represents a fifty percent increase compared to our most recent quarterly dividend,” said Chairman and Chief Executive Officer Joe Jolson. “We remain excited about our longer-term growth prospects as well as delivering the benefits of a more tax-efficient structure to our shareholders.”
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this press release regarding the intended cash distributions, the reorganization transaction, the target date for completing the reorganization transaction, future potential financial and operating effects and potential benefits of the reorganization transaction, and any other statements about the Company or JMP Group LLC managements’ future expectations, beliefs, goals, plans or prospects constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and as defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of our management, based on information currently available to our management. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as “could,” “will likely result,” “if,” “in the event,” “may,” “might,” “should,” “shall,” “will,” “believe,” “expect,” “anticipate,” “plan,” “predict,” “potential,” “project,” “intend,” “estimate,” “goal,” “objective,” “continue,” or the negatives of these terms and other similar expressions. These forward-looking statements include information about possible or assumed future tax benefits, results of our business, financial condition, liquidity, results of operations, plans, strategy and objectives.
These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the following:
- changes in our cash or liquidity requirements; and
- changes in tax laws and policies as well as economic conditions, including volatility and disruption of the capital and credit markets.
These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our most recent Annual Report on Form 10-K under the caption “Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not rely upon forward-looking statements as predictions of future events. We undertake no duty to update any of these forward-looking statements after the date hereof to conform prior statements to actual results or revised expectations unless otherwise required by law.
About JMP Group
JMP Group Inc. is an investment banking and asset management firm that provides investment banking, sales and trading, and equity research services to corporate and institutional clients as well as alternative asset management products and services to institutional and high-net-worth investors. JMP Group operates through three subsidiaries: JMP Securities, Harvest Capital Strategies and JMP Credit Advisors. For more information, visit www.jmpg.com.