Cowen Group Announces Share Repurchase Program
NEW YORK, Jul 11, 2011 (BUSINESS WIRE) — Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN) today announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to $20 million of Cowen’s Class A common shares from time to time.
Peter Cohen, Cowen’s Chairman and Chief Executive Officer commented, “The decision to initiate a share repurchase program reflects our confidence in Cowen’s prospects and initiatives. Our priorities have been to use our capital position to invest in the businesses and people that we believe can generate revenue and add to the firm’s bottom line. We have been pleased to see the beginnings of the return on these investments through the past two consecutive quarters of profitability. However, given the current discount in our share price and the enhanced liquidity resulting from the LaBranche merger, we believe purchasing Cowen shares is another approach we can take to create value for our shareholders.”
The program permits the company to purchase shares from time to time through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the company to make any purchases at any specific time or situation. The program may be suspended or discontinued at any time. As of June 30, 2011, Cowen had approximately 116.2 million Class A shares outstanding.
About Cowen Group, Inc.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates makes up the Company’s alternative investment management segment, while Cowen and Company is its broker-dealer segment. Its alternative investment management products, solutions and services include hedge funds, replication products, managed futures funds, fund of funds, real estate, health care royalty funds and cash management services. Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York City and has offices located in major financial centers around the world.
SOURCE: Cowen Group, Inc.
Cowen Group, Inc.
Peter Poillon, 646-562-1983
Head of Investor Relations / Corporate Communications