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Stock Market & Financial Investment News

News Breaks
August 20, 2014
16:47 EDTJMPJMP Group approves restructuring transaction to become public partnership
JMP Group announced that its board of directors has approved a transaction whereby JMP Group 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 that afforded by its current structure. If the restructuring is approved by JMPís stockholders, it is expected that JMP would be able to execute its current business strategy in a manner that would minimize entity-level taxation of its net investment income. As part of the transaction, JMP has entered into an agreement and plan of merger with a newly formed, wholly owned, limited liability company subsidiary, JMP Group LLC, and a newly formed Delaware corporation and indirect wholly owned subsidiary, JMP Merger Corp. Subject to the approval of JMPís stockholders and the decision of its board of directors to complete the transaction, JMP would be merged with and into JMP Merger Corp., with JMP continuing as the surviving entity and as a direct, wholly owned subsidiary of JMP Group LLC. The Reorganization Transaction, if completed, would result in each share of currently issued and outstanding JMP stock being exchanged for a limited liability company interest in JMP Group LLC. On August 20, JMP filed a preliminary proxy statement/prospectus with the U.S. SEC on Form S-4 for the Reorganization Transaction. Following the Reorganization Transaction, JMP Group LLC would hold, through its subsidiaries, including JMP, the assets currently held by JMP. The Reorganization Transaction would have the effect of converting JMPís top-level form of organization from a corporation to a limited liability company, with such conversion treated as a tax-deferred contribution of JMP common stock to JMP Group LLC for federal and state income tax purposes. JMP expects that the Reorganization Transaction, if approved by its stockholders, will be completed by January 1, 2015, provided, however, that JMPís board of directors may elect to complete the transaction prior to January 1, 2015, or defer completion before or after the stockholder approval or may abandon the Reorganization Transaction at any time.
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.
July 15, 2015
11:09 EDTJMPJMP Group management to meet with JMP Securities
Meeting to be held in Boston on July 16 hosted by JMP Securities.

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