Knight Capital Group Announces $505 Million Increase to Share Repurchase Program
18 July 2007 - 8:01PM
PR Newswire (US)
Increase brings total authorization to $1 billion; over the past
five years, the company has completed $460 million in share
repurchases JERSEY CITY, N.J., July 18 /PRNewswire-FirstCall/ --
Knight Capital Group, Inc. (NASDAQ:NITE) today announced that its
Board of Directors has authorized the repurchase of up to an
additional $505 million of the company's outstanding common shares.
Knight plans to fund the program using cash flow from earnings and
cash on hand. Additionally, the company may incur debt to finance
the program. "Over the past five years Knight has returned over
$460 million to its shareholders through share repurchases that
have reduced our shares outstanding by more than 30%. At the same
time, we've invested approximately $200 million in strategic
acquisitions that have expanded our client roster, diversified our
product portfolio and enhanced our competitive advantage," said
Thomas M. Joyce, Chairman and Chief Executive Officer of Knight
Capital Group. "We believe Knight shares are an attractive
investment. This new authorization, bringing the total program to
$1 billion in share repurchases, highlights our continuing
confidence in Knight's prospects for long-term growth and
shareholder value creation. We are pleased that this new
authorization will allow us to return further value to our
shareholders while optimizing our capital structure." Mr. Joyce
added, "We are focused on executing our plan to deliver superior
returns to our shareholders. As with our prior share repurchase
authorizations, we will balance this program with the need to
preserve our flexibility to pursue acquisitions or other investment
opportunities that would improve Knight's strategic position." The
new share repurchase authorization is an increase to the existing
$495 million program. The company has repurchased 47 million shares
for $460 million through June 30, 2007. Under the new
authorization, Knight will repurchase the shares from time to time
in open market transactions, accelerated stock buyback programs,
tender offers, privately negotiated transactions or by other means.
Repurchases may also be made under a Rule 10b5-1 plan. The timing
and amount of repurchase transactions will be determined by the
company's management based on its evaluation of market conditions,
share price, legal requirements and other factors. The program may
be suspended, modified or discontinued at any time without prior
notice. About Knight Knight Capital Group, Inc. (NASDAQ:NITE) is a
leading financial services firm that provides voice and electronic
access to the capital markets across multiple asset classes for
buy-side, sell-side and corporate clients, and asset management for
institutions and private clients. Our Global Markets business
offers superior execution quality through natural liquidity,
capital facilitation and trading technology, with comprehensive
products and services that support the capital formation process.
Our Asset Management business, Deephaven Capital Management, is a
global multi-strategy alternative investment manager focused on
delivering attractive risk-adjusted returns with low correlation to
the broader markets. More information about Knight can be found at
http://www.knight.com/. Certain statements contained herein
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates and projections about the Company's industry,
management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Since such statements involve risks and uncertainties, the actual
results and performance of the Company may turn out to be
materially different from the results expressed or implied by such
forward-looking statements. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein; however, readers
should carefully review reports or documents the Company files from
time to time with the Securities and Exchange Commission including,
without limitation, the risks and uncertainties detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risks Affecting our Business" in the Company's Annual Report on
Form 10-K. Other risk factors include those associated with
pursuing the substantially increased repurchase program, including,
without limitation, whether or not the Company will complete the
share repurchase program during any particular time frame or at
all, whether the Company's cash flow from earnings and cash on hand
will be sufficient to fund the share repurchase program, the effect
of pursuing the program on the Company's balance sheet, the impact
of market conditions, trading restrictions and alternative
requirements for available cash, and the possibility that pursuing
the program will limit the ability of the Company to pursue other
opportunities. DATASOURCE: Knight Capital Group, Inc. CONTACT:
Margaret Wyrwas, Senior Managing Director, Corporate Communications
& Investor Relations, +1-201-557-6954, , or Kara Fitzsimmons,
Vice President, Corporate Communications, +1-201-356-1523, Web
site: http://www.knight.com/
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