Westwood Holdings Group, Inc. (NYSE: WHG) today announced that its Board of Directors has authorized a share repurchase of up to $10 million of its outstanding common stock. The repurchases will occur at such times and at such prices as management of the Company determines, and may be effected through transactions in the open market, block trades, or privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory and other considerations. This authorization supersedes a share repurchase authorized in August 2011 that was scheduled to expire on August 9, 2012. Under the prior repurchase authorization, the Company repurchased approximately $3.5 million of its outstanding common stock. The new repurchase authorization does not have an expiration date and may be discontinued at any time by the Board of Directors. The Company had approximately 8 million shares of common stock outstanding as of July 19, 2012.
Westwood Holdings Group, Inc. provides investment management services to institutional investors, private wealth clients and financial intermediaries. Westwood manages a variety of investment strategies including U.S., Global and Emerging Markets equities as well as income-oriented portfolios. Access to these strategies is available through separate accounts, commingled funds and the Westwood Funds TM family of mutual funds. Westwood has significant, broad-based employee ownership and trades on the New York Stock Exchange under the symbol “WHG.” Based in Dallas, Westwood also maintains offices in Omaha and Toronto.
For more information on Westwood, please visit www.westwoodgroup.com.For more information on the Westwood Funds TM, please visit www.westwoodfunds.com. Note on Forward-looking Statements Statements in this press release that are not purely historical facts, including statements about our intention to repurchase shares of our common stock from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of events could differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, the market price of the our stock prevailing from time to time and the other risks detailed from time to time in Westwood’s SEC filings, including but not limited to, its annual report on Form 10-K for the year ended December 31, 2011 and its quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2012. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Westwood is not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.