HOUSTON, May 25, 2012 /PRNewswire/ -- The Edelman
Financial Group Inc. (NASDAQ:EF) today announced that Ric Edelman will assume the role of Chief
Executive Officer. For the past year, both Mr. Edelman and
George L. Ball had served as
Co-Chief Executive Officers of the Company. Mr. Ball will
continue in his position as Chairman.
"As announced a year ago, our plan has been for Ric to become
the sole CEO at this time," said Mr. Ball. "He will continue
to do a superb job of leading the company and I look forward to
working actively with him as Chairman."
Mr. Edelman commented, "I am honored to become Chief Executive
Officer of The Edelman Financial Group. Our goals remain unchanged,
and I am excited about the future."
The Company further announced that the Board of Directors
declared a regular quarterly cash dividend in the amount of
$0.05 per share of common
stock. The dividend will be payable on July 19, 2012, to common shareholders of record
as of the close of business on July 5,
2012.
While The Edelman Financial Group intends to declare dividends
in subsequent quarters, any future dividends will be at the
discretion of the Board of Directors after taking into account
various factors, including general economic and business
conditions, tax considerations, its strategic plans, its financial
results and condition, its expansion plans, any contractual, legal
or regulatory restrictions on the payment of dividends, and such
other factors the Board considers relevant.
The Company continues to expect that its take-private
transaction will close in the third quarter. The proposed
transaction is subject to regulatory, shareholder and other
approvals and certain conditions as previously announced.
About The Edelman Financial Group
The Edelman Financial Group is a wealth management company
that manages approximately $17.7
billion in client assets. Client assets include the gross
value of assets under management directly or via outside managers
and assets held in brokerage accounts for clients by outside
clearing firms. The Edelman Financial Group has approximately 500
employees in 21 states. Additional information is available at
www.edelmanfinancial.com.
Cautionary Statement Regarding Forward Looking
Information
In addition to the historical information, this press
release contains certain forward-looking and non-GAAP statements
under federal securities laws. These statements concern The Edelman
Financial Group's expected future business prospects, revenue and
income. These forward-looking statements are based upon current
expectations and involve certain risks and uncertainties that could
cause actual results to differ materially from any such statement.
Non-GAAP information includes operating earnings, defined as
earnings from continuing operations, adjusted for investment
portfolio gains and losses. These risks and uncertainties, many of
which are beyond the Company's control, include but are not limited
to (1) trading volume in the securities markets; (2) volatility of
the securities markets and interest rates; (3) changes in
regulatory requirements that could affect the demand for the
Company's services or the cost of doing business; (4) general
economic conditions, both domestic and foreign, especially in the
regions where the Company does business; (5) changes in the rate of
inflation and related impact on securities markets; (6) competition
from existing financial institutions and other new participants in
the securities markets; (7) legal developments affecting the
litigation experience of the securities industry; (8) successful
implementation of technology solutions; (9) changes in valuations
of the Company's trading and warrant portfolios resulting from
mark-to-market adjustments; (10) dependence on key personnel; (11)
demand for the Company's services; and (12) litigation and
securities law liabilities. The Company does not undertake any
obligation to publicly update or revise any forward-looking
statements.
Additional Information and Where to Find It
In connection with the proposed take-private transaction,
the Company will file a proxy statement and other materials with
the Securities and Exchange Commission. The Company and its
directors, executive officers, and certain other members of its
management and employees may be deemed to be "participants" in the
solicitation of proxies from its shareholders in connection with
the proposed transaction. Information regarding the interests of
such directors and executive officers is included in the Company's
Annual Report on Form 10-K/A filed with the SEC on
April 30, 2012 and the Preliminary
Proxy Statement on Schedule 14A filed with the SEC on May 16, 2012 with respect to the proposed
take-private transaction as well as other proxy statements
and Annual Reports on Form 10-K, previously filed with the
Securities and Exchange Commission, and information concerning all
of the Company participants in the solicitation will be included in
the proxy statement and other materials to be filed with the SEC in
connection with to the proposed merger when it becomes available.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and security holders may obtain a free copy
of the proxy statement (when available) and other documents filed
by the Company at the Company's website, www.edelmanfinancial.com,
or at the Securities and Exchange Commission's website,
www.sec.gov. The proxy statement and other relevant documents may
also be obtained for free from the Company by directing such
request to Susan Bailey, Corporate
Secretary, at (713) 220-5115.
SOURCE The Edelman Financial Group Inc.