COWN » Topics » 9. Subsequent Events

This excerpt taken from the COWN 10-Q filed Nov 13, 2007.

16. Subsequent Events

        On November 7, 2007 the Company's Board of Directors approved a share repurchase program to repurchase up to 2.0 million shares of its outstanding common stock from time to time on the open market or in privately negotiated transactions. Depending on market conditions and other factors, these purchases may be commenced or suspended from time to time without prior notice. The repurchase program will be funded using cash on hand.

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

        The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes that appear elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results and the timing of events may differ significantly from those projected in forward-looking statements due to a number of factors, including those set forth in Item 1A—"Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

This excerpt taken from the COWN 10-Q filed Aug 24, 2006.

9. Subsequent Events

Subsequent to June 30, 2006, the Company completed its IPO and separation from Société Générale. In connection with the separation and IPO, the following events occurred:

·                     Société Générale sold 11,517,392 shares of the Company’s common stock;

·                     the Company issued 2,100,000 shares of restricted stock and granted options to purchase 1,125,000 shares of common stock to certain of its senior employees;

·                     the Company returned capital to Société Générale of $180.3 million;

·                     the Company deposited $72.3 million into an escrow account to fund certain liabilities related to pre-offering litigation matters (subsequent to making this deposit, certain matters covered by the escrow arrangement have been settled and the escrow balance has been reduced by $22.5 million; this amount will be returned to SGASH);

·                     the Company transferred certain other assets and liabilities to Société Générale; and

·                     the Company made payments to certain employees in connection with the termination of certain deferred compensation plans.

For a more detailed discussion of the separation and related transactions, see Management’s Discussion and Analysis of Financial Condition and Results of Operations - Separation from Société Générale.

The Unaudited Condensed Combined Financial Statements for the six months ended June 30, 2006 and 2005 relate to the periods prior to the IPO, the Company’s separation from Société Générale and the completion of the related transactions.

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Cowen Group, Inc.
Notes to the Unaudited Condensed Combined Statements, continued

EXCERPTS ON THIS PAGE:

10-Q
Nov 13, 2007
10-Q
Aug 24, 2006
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