GLG Partners Announces Repurchase Authorization
Friday November 2, 4:50 pm ET
biz.yahoo.com
NEW YORK, Nov. 2 /PRNewswire/ -- GLG Partners, Inc. ("GLG"), a leading alternative asset manager, today announced that its Board of Directors approved a warrant and stock repurchase plan, authorizing GLG to repurchase up to a total $100 million of warrants and stock over the next six months.
The Company may purchase warrants or common stock from time to time in the open market or in negotiated block purchases. The amount and timing of any purchases will depend upon a number of factors including the price and availability of the Company's warrants and stock and general market conditions. The repurchases will be made in compliance with, and at such times as permitted by, applicable federal securities law and may be suspended or discontinued at any time.
About GLG
GLG, the largest independent alternative asset manager in Europe and one of the largest in the world, offers its base of long-standing prestigious clients a diverse range of investment products and account management services. GLG's focus is on preserving client's capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world's largest and most recognized alternative investment managers, while maintaining its tradition of client- focused product development and customer service. As of September 30, 2007, GLG managed gross AUM of over $23 billion.
Forward-looking Statements
This press release contains statements relating to future results that are forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: market conditions for GLG managed investment funds; performance of GLG managed investment funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the cost of retaining GLG's key investment and other personnel or the loss of such key personnel; risks associated with the expansion of GLG's business in size and geographically; operational risk; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG's resources; risks related to the use of leverage, the use of derivatives, interest rates and currency fluctuations, as well as other risks and uncertainties, including those set forth in the definitive proxy statement filed by GLG with the Securities and Exchange Commission (SEC) on October 11, 2007 and its other SEC filings. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: GLG Partners, LP |
