Oppenheimer Holdings Inc. Announces Share Repurchase Program

Rhea-AI Summary

Oppenheimer Holdings announced a new share repurchase program, allowing the purchase of up to 550,000 shares of its Class A non-voting common stock, which is about 4.6% of its total outstanding shares. This adds to the 71,893 shares left from a previous buyback program, bringing the total to 621,893 shares now authorized for repurchase. The purchases will be made at market prices using available cash and will be canceled post-buyback. Timing and amounts will depend on market conditions and management's discretion.

Positive

• Authorization to repurchase up to 550,000 shares may enhance shareholder value.
• Total buyback authority now stands at 621,893 shares, signaling confidence in financial health.

Negative

• None.

NEW YORK, May 24, 2022 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) today announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 550,000 shares of the Company's Class A non-voting common stock, representing approximately 4.6% of its 11,863,559 currently issued and outstanding shares of Class A non-voting common stock. This authorization will supplement the 71,893 shares that remain authorized and available under the Company's previous share repurchase program covering up to 518,000 shares of the Company's Class A non-voting common stock, which was announced on February 28, 2022, for a total of 621,893 shares authorized and available for repurchase. The share repurchase program is expected to continue indefinitely.

Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange, state corporate law and federal and state securities laws and the terms of the Company's senior secured debt. All shares purchased will be canceled. The timing and amounts of any purchases under the program will be determined by management in its discretion based on market and economic conditions and other factors including price, legal and regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of Class A non-voting common shares. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Company Information

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 93 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.

Forward-Looking Statements

This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Factors Affecting "Forward-Looking Statements" in Part I, Item 2 in the Company's Quarterly Report on Form 10-Q for the quarter ended  March 31, 2022.

View original content:https://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-announces-share-repurchase-program-301554368.html

SOURCE Oppenheimer Holdings Inc.

FAQ

What is the share repurchase program for OPY about?

Oppenheimer Holdings Inc. has approved a share repurchase program allowing up to 550,000 shares to be bought back, totaling 621,893 with previous authorization.

How much of the stock will Oppenheimer Holdings repurchase?

The company plans to repurchase up to 550,000 shares, which is approximately 4.6% of its Class A non-voting common stock.

When was the share repurchase program announced?

The share repurchase program was announced on May 24, 2022.

What will happen to the shares repurchased by Oppenheimer Holdings?

All shares repurchased will be canceled.

How will the share repurchases be funded?

The share repurchases will be made using cash on hand.