Oppenheimer Holdings Inc. Announces Share Repurchase Program

Rhea-AI Summary

Oppenheimer Holdings has authorized a new share repurchase program allowing the buyback of up to 536,500 shares of its Class A non-voting common stock, which is approximately 4.8% of its total outstanding shares. This program supplements the previous authorization still in effect, bringing the total to 540,778 shares available for repurchase. The purchases will be conducted in the open market at prevailing prices using available cash, contributing positively to shareholder value as all acquired shares will be canceled.

Positive

• Share repurchase program includes authorization for 536,500 shares enhancing shareholder value.
• Total repurchase capacity now at 540,778 shares, indicating confidence in financial health.

Negative

• None.

NEW YORK, July 29, 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 536,500 shares of the Company's Class A non-voting common stock, representing approximately 4.8% of its 11,251,930 currently issued and outstanding shares of Class A non-voting common stock. This authorization will supplement the 4,278 shares that remain authorized and available under the Company's previous share repurchase program covering up to 550,000 shares of the Company's Class A non-voting common stock, which was announced on May 24, 2022, for a total of 540,778 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 91 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.

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SOURCE Oppenheimer Holdings Inc.

FAQ

What is Oppenheimer's share repurchase program announced on July 29, 2022?

Oppenheimer announced a share repurchase program allowing the buyback of up to 536,500 shares of its Class A non-voting common stock.

How many total shares are authorized for repurchase by Oppenheimer?

The total shares authorized for repurchase stands at 540,778 shares.

What percentage of Oppenheimer's outstanding shares does the repurchase program represent?

The repurchase program represents approximately 4.8% of Oppenheimer's outstanding shares.

What will happen to the shares purchased under the repurchase program?

All shares purchased under the program will be canceled.

How will the share purchases be conducted?

Purchases will be made in the open market at prevailing prices using cash on hand.