NEW YORK and TORONTO, Aug. 10 /PRNewswire-FirstCall/ -- Oppenheimer Holdings Inc. is announcing today that its intention to purchase up to 650,000 of its Class A non-voting shares by way of an Issuer Bid commencing August 14, 2007 and ending August 13, 2008 through the facilities of the New York Stock Exchange, in compliance with its rules and regulations. The 650,000 shares represent approximately 5% of its 13,157,450 issued Class A non-voting shares (as at July 31, 2007). 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.
The Company, through its principal subsidiaries, Oppenheimer & Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a full range of services from 88 offices in 21 states and 2 foreign jurisdictions. In addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD division of Freedom, the Company offers online discount brokerage and dollar-based investing services.
This press release may include 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, 2005 and to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006.
