Pzena Investment Management, Inc. Provides Preliminary Information Related to One-Time Events
December 20 2019 - 4:17PM
Pzena Investment Management, Inc. (NYSE: PZN) provides preliminary
information related to the anticipated financial impact of one-time
events.
During December 2019 and the first quarter of 2020, we intend to
issue approximately 5.4 million unit-based awards to a number of
the firm’s key contributors pursuant to the terms of our equity
incentive plans. As a result of these issuances, in addition
to costs related to certain employee departures and other one-time
items, the firm will recognize approximately $25 million in
non-recurring Compensation and Benefits expense in the
fourth quarter of 2019 based on the current share price.
Most of this cost is non-cash and the exact amount of such
expense will be a function of the closing price on the date of
issuance.
We believe the key contributors to our success should have a
significant ownership stake in our business. As of December 31,
2019, we will have 54 employee-owners, including our three founders
(of a total staff of 119), positioned within all of our functional
areas. We believe this ownership model results in a shared sense of
purpose with our shareholders, our clients and their advisers and
we intend to continue fostering a culture of ownership through our
equity incentive plans.
About Pzena Investment Management
Pzena Investment Management, LLC, the firm's
operating company, is a value-oriented investment management
firm. Founded in 1995, Pzena Investment Management has built
a diverse, global client base. More firm and stock
information is posted at www.pzena.com.
Forward-Looking Statements
This press release may contain, in addition to
historical information, forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as
amended. Forward-looking statements provide the Company’s current
views, expectations, or forecasts of future events and performance,
and include statements about our expectations, beliefs, plans,
objectives, intentions, assumptions and other statements that are
not historical facts. Words or phrases such as “anticipate,”
“believe,” “continue,” “ongoing,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project” or similar words
or phrases, or the negatives of those words or phrases, may
identify forward-looking statements, but the absence of these words
does not necessarily mean that a statement is not
forward-looking.
Among the factors that could cause actual
results to differ from those expressed or implied by a
forward-looking statement are those described in the sections
entitled “Risk Factors” and “Management's Discussion and Analysis
of Financial Condition and Results of Operations” in the Company's
Annual Report on Form 10-K, as filed with the SEC on March 8, 2019
and in the Company's Quarterly Reports on Form 10-Q as filed with
the SEC. In light of these risks, uncertainties, assumptions,
and factors, actual results could differ materially from those
expressed or implied in the forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date stated, or if no date
is stated, as of the date of this release.
The Company is not under any obligation and does
not intend to make publicly available any update or other revisions
to any forward-looking statements to reflect circumstances existing
after the date of this release or to reflect the occurrence of
future events even if experience or future events make it clear
that any expected results expressed or implied by those
forward-looking statements will not be realized.
Contact: Gary Bachman, 212-583-0225 or bachman@pzena.com.
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