HOUSTON, June 8 /PRNewswire-FirstCall/ -- Sanders Morris Harris Group Inc. (Nasdaq: SMHG) today announced that its Board of Directors approved a program to repurchase up to one million additional shares of its common stock.
Under the repurchase program, shares will be repurchased in the open-market or privately negotiated transactions from time to time at prevailing market prices as permitted by securities laws and legal requirements, and subject to market conditions and other factors including approval by the Company's senior lender. The repurchase will be funded with the Company's existing cash. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Any shares repurchased will be available for general corporate purposes. As of March 31, 2010, the Company had approximately 29.6 million shares outstanding.
As of March 31, 2010, the Company had purchased approximately 670,000 shares under its earlier one million share repurchase program.
The Board of Directors also declared a regular quarterly cash dividend in the amount of $0.045 per share of common stock. The dividend is payable July 15, 2010 to common shareholders of record on July 1, 2010.
While Sanders Morris Harris Group intends to declare dividends in subsequent quarters, any future dividends will be at the discretion of the Board of Directors after taking into account various factors, including general economic and business conditions, tax considerations, its strategic plans, its financial results and condition, its expansion plans, any contractual, legal or regulatory restrictions on the payment of dividends, and such other factors the Board considers relevant.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a wealth management company that manages approximately $11.8 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has more than 540 employees in 20 states. Additional information is available at www.smhgroup.com.
In addition to the historical information, this press release contains certain forward-looking statements under federal securities laws, including statements regarding Sanders Morris Harris Group's expected future business prospects, revenue and income. These forward-looking statements are based upon current expectations and involve certain risks and uncertainties that could cause actual results to differ materially from any such statement. These risks and uncertainties, many of which are beyond the Company's control, include, but are not limited to (1) trading volume in the securities markets; (2) volatility of the securities markets and interest rates; (3) changes in regulatory requirements that could affect the demand for the Company's services or the cost of doing business; (4) general economic conditions, both domestic and foreign, especially in the regions where the Company does business; (5) changes in the rate of inflation and related impact on securities markets; (6) competition from existing financial institutions and other new participants in the securities markets; (7) legal developments affecting the litigation experience of the securities industry; (8) successful implementation of technology solutions; (9) changes in valuations of the Company's trading and warrant portfolios resulting from mark-to-market adjustments; (10) dependence on key personnel; (11) demand for the Company's services; and (12) litigation and securities law liabilities. The Company does not undertake any obligation to publicly update or revise any forward-looking statements.
SOURCE Sanders Morris Harris Group Inc.