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July 29, 2014
17:06 EDTJMPJMP Group evaluating restructuring transaction to become a partnership
JMP Group announced that its board has instructed its management to finalize its due diligence regarding the potential consummation of a transaction whereby JMP Group, or JMP, would enter into a series of related and concurrent internal transactions to convert its corporate form into a limited liability company that would be taxed as a partnership, and not as a corporation, for U.S. federal income tax purposes. The proposed restructuring transaction would allow JMP to operate in a more tax-efficient manner compared to its current structure. If the restructuring were to occur, it would be expected that JMP would be able execute its current business strategy in a manner that would minimize entity-level taxation on its net investment income. “We are very excited about the prospects for consummating this transaction, which would result in a more tax-efficient structure that will maximize distributable investment income to JMP shareholders,” said chairman and CEO Joe Jolson. “As such, this new corporate structure would be well aligned with how the firm has historically operated. Further, our dividend payout ratio could increase materially, depending on the mix of earnings between our operating platforms that would remain fully taxed corporations and our net investment earnings at the publicly traded partnership that will be mostly passed through to shareholders. Based on our current business mix adjusted for the restructuring transaction, we believe that the dividend payout ratio could increase to a range of 50% to 70% of operating earnings from the most recent 30% to 35% targeted level. If our board gives its final approval upon the completion of our due diligence, we hope to move as rapidly as is practical to execute the Reorganization Transaction, with a targeted consummation date of January 1, 2015, to correspond with the taxable year.”
News For JMP From The Last 14 Days
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July 24, 2015
08:02 EDTJMPJMP reports Q2 EPS ex-items 22c, consensus 20c
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July 20, 2015
09:04 EDTJMPJMP declares Q3 monthly distributions, special distribution
JMP Group announced its board has declared regular cash distributions of 4c per share for the months of July, August and September 2015, as well as a special cash distribution of 3c per share. In total, the three monthly distributions equal 12c per share for the third quarter of the year, an increase of 8.1% from 11.1c per share for the prior quarter and an increase of 100.0% from the cash dividend of 6c per share paid during the third quarter of 2014, when the company was structured as a C-corporation. The July and special distributions are payable on or before August 15, 2015, to shareholders of record as of July 31, 2015. The August distribution is payable on or before September 15, 2015, to shareholders of record as of August 31, 2015. The September distribution is payable on or before October 15, 2015, to shareholders of record as of September 30, 2015.

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