Oppenheimer Capital, L.P. Declares Distribution of $1.51 Per Unit -- Consisting of a Regular Distribution of $.95 Per Unit and a Special Distribution of $.56 Per Unit.NEW YORK--(BUSINESS WIRE)--Oct. 16, 1997--Oppenheimer Capital, L.P. (the "Partnership") (NYSE NYSE See: New York Stock Exchange : OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) today declared a distribution of $1.51 per unit, payable Nov. 28, 1997, to holders of units of limited partnership interest at the close of business on Oct. 31, 1997. This distribution consists of the regular quarterly distribution of $.95 per unit plus a special distribution of $.56 per unit which represents previously undistributed Adj. 1. undistributed - (of investments) not distributed among a variety of securities undiversified - not diversified cash flow. This special distribution includes $.19 per unit of undistributed earnings from the current fiscal year, $.18 per unit from the sale by Oppenheimer Capital (the "Operating Partnership") of its investment advisory contracts and other business relationships for the Quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the Value Dual Purpose Fund Dual Purpose Fund A fund created by a closed-ended investment company that offers two classes of stock. Each class offers entitlements to either income or capital appreciation. Notes: The two types of stock offered by a dual purpose fund are capital and income. Inc. and $.19 per unit of amortization and other cash flow amounts. The Partnership's sole business is the ownership of a 67.6% general partner interest in the Operating Partnership, a leading investment management firm with $60.9 billion in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. at Sept. 30, 1997. This special distribution has been declared to provide for an equitable distribution of the Partnership's earnings and cash flow to its current partners. It is anticipated that the previously announced agreement for Oppenheimer Group Inc. and its subsidiary, Oppenheimer Financial Corp., to sell their 32.4% managing general partner interest in the Operating Partnership and 1% general partner interest in the Partnership to PIMCO PIMCO Pacific Investment Management Company Advisors and its affiliate, Thompson Advisory Group Inc., will be completed during the fourth quarter of calendar 1997. The transaction covers only the private interests Oppenheimer Group holds in the Operating Partnership and the Partnership and does not include the publicly-traded units of the Partnership. PIMCO has indicated that after the closing of the transaction, Oppenheimer Capital will function as an indirect subsidiary of PIMCO Advisors with the same investment personnel and process it now employs. The Partnership currently reports its financial results on the basis of a fiscal year ended April 30. It is anticipated that the Partnership will adopt a calendar year end subsequent to the consummation of the PIMCO transaction. The Partnership will also adopt a new distribution schedule providing for distributions to be paid approximately 45 days after each calendar quarter, beginning with the quarter ended Dec. 31, 1997. Therefore, the next distribution will cover a two month period from Nov. 1 through Dec. 31, 1997. CONTACT: Oppenheimer Capital, L.P. Sheldon Siegel Sheldon Siegel (born July 14, 1958) is an American novelist and author best known for his works of modern legal drama. Siegel graduated with a Juris Doctor from the Boalt Hall School of Law at the University of California, Berkeley in 1983. , 212/504-1610 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion