NYSE - OPY
NEW YORK and TORONTO, Aug. 18 /CNW/ - Oppenheimer Holdings Inc. is
announcing today its intention to purchase up to 700,000 of its Class A
non-voting shares by way of an Issuer Bid commencing August 19, 2008 and
ending August 18, 2009 through the facilities of the New York Stock Exchange,
in compliance with its rules and regulations. The 700,000 shares represent
approximately 5% of its 13,240,414 issued Class A non-voting shares (as at
July 31, 2008). Any such purchases will be made by the Company at the
prevailing open market price. All shares purchased will be cancelled.
The Company believes that its Class A non-voting shares from time to time
are undervalued at prevailing market prices based on the Company's earnings
and prospects. In such circumstances the Company believes that the repurchase
of Class A non-voting shares at such market prices is an appropriate use of
corporate funds and should benefit shareholders. Further, such purchases will
offset, at least in part, issuance by the Company of Class A non-voting shares
in connection with its equity incentive plan and other employee benefit plans.
Oppenheimer, through its principal subsidiaries, Oppenheimer & Co. Inc.
(a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide
range of investment banking, securities, investment management and wealth
management services from 86 offices in 21 states and through local
broker-dealers in 3 foreign jurisdictions. OPY Credit Corp. offers syndication
as well as trading of issued corporate loans. Oppenheimer employs over
3,300 people. Oppenheimer offers trust and estate services through Oppenheimer
Trust Company. Evanston Financial Corporation is engaged in mortgage brokerage
and servicing. In addition, through its subsidiary, Freedom Investments, Inc.
and the BUYandHOLD division of Freedom, Oppenheimer offers online discount
brokerage and dollar-based investing services.
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 the Company's Annual Report on Form 10-K for the year ended December 31,
For further information:
For further information: A.G. LOWENTHAL - (212) 668-8000 or E.K. ROBERTS
- (416) 322-1515