NEW YORK, July 24, 2014 /PRNewswire/ -- BGC Partners, Inc.
(NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading
global brokerage company servicing the financial and real estate
markets, today released the following statement.
On July 21, 2014, BGC and/or its
affiliates completed certain transactions involving Cantor
Fitzgerald, L.P. ("CFLP" or "Cantor.") A Form 4 was filed yesterday
with the SEC that describes these purchases in detail. These
transactions also triggered related filings on Form 4 by BGC's
Chairman and Chief Executive Officer, Howard W. Lutnick and an affiliate to report
beneficial ownership, although the transactions were not conducted
by Mr. Lutnick personally.
The net result of the transactions described in the Forms 4 is
effectively as follows:
- Certain individuals who were formerly partners of Cantor
effectively sold approximately 3.1 million BGC shares and/or
units.
- BGC immediately purchased approximately 3.1 million BGC shares
and/or units from Cantor.
- BGC additionally purchased another approximately 1.9 million
BGC shares from CFLP, the proceeds of which went to certain current
partners of Cantor, excluding Mr. Lutnick.
- BGC purchased these shares and/or units at an average price of
$7.74, which was the closing price on
the day these transactions were completed.
- The transactions described in the Forms 4 reduced BGC's fully
diluted share count by approximately 5 million shares.
- None of these sales included shares and/or units held
personally by BGC's Chairman and Chief Executive Officer
Howard W. Lutnick or his
family.
- Mr. Lutnick did not and will not receive any proceeds from
these transactions.
- Mr. Lutnick currently does not intend to sell any BGC shares
and/or units held personally or in family trusts, other than
dispositions related to charitable donations.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the
financial and real estate markets. Products include fixed income
securities, interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commercial real estate,
commodities, futures, and structured products. BGC also provides a
wide range of services, including trade execution, broker-dealer
services, clearing, processing, information, and other back-office
services to a broad range of financial and non-financial
institutions. Through its BGC Trader and BGC Market Data brands,
BGC offers financial technology solutions, market data, and
analytics related to numerous financial instruments and markets.
Through the Newmark Grubb Knight Frank brand, the Company offers a
wide range of commercial real estate services including leasing and
corporate advisory, investment sales and financial services,
consulting, project and development management, and property and
facilities management. BGC's customers include many of the world's
largest banks, broker-dealers, investment banks, trading firms,
hedge funds, governments, corporations, property owners, real
estate developers, and investment firms. BGC Partners is led by
Chairman and Chief Executive Officer Howard W. Lutnick. For more
information, please visit www.bgcpartners.com.
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are
trademarks and service marks of BGC Partners, Inc. and its
affiliates. Knight Frank is a service mark of Knight Frank Limited
Corp., used with permission.
Discussion of Forward-Looking Statements by BGC
Partners
Statements in this document regarding BGC Partners' business
that are not historical facts are "forward-looking statements" that
involve risks and uncertainties. Except as required by law, BGC
undertakes no obligation to release any revisions to any
forward-looking statements. For a discussion of additional risks
and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see BGC's
Securities and Exchange Commission filings, including, but not
limited to, the risk factors set forth in our public filings,
including our most recent Form 10-K and any updates to such risk
factors contained in subsequent Form 10-Q or Form 8-K filings.
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