Piper Jaffray Companies PJC today announced that its board of
directors has authorized the repurchase of up to $100 million of the company's
outstanding common stock, effective Oct. 1, 2012. The principal purpose of the
share repurchase program is to manage the firm's equity capital relative to
its overall capital structure and to offset the dilutive effect of employee
equity-based awards. Under the firm's three-year syndicated bank facility,
share repurchases cannot exceed the amount of employee equity grants issued in
a calendar year. The firm has substantially reached the covenant limit for
2012 under the bank facility, which expires in Dec. of 2013.
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