MINNEAPOLIS--(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 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
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, 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.
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