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BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company servicing the financial and real estate markets, today released the following statement.
On July 21, 2014, BGC and/or its affiliates completed certain transactions involving Cantor Fitzgerald, L.P. ("CFLP" or "Cantor.") A Form 4 was filed yesterday with the SEC that describes these purchases in detail. These transactions also triggered related filings on Form 4 by BGC's Chairman and Chief Executive Officer, Howard W. Lutnick and an affiliate to report beneficial ownership, although the transactions were not conducted by Mr. Lutnick personally.
The net result of the transactions described in the Forms 4 is effectively as follows:
- Certain individuals who were formerly partners of Cantor effectively sold approximately 3.1 million BGC shares and/or units.
- BGC immediately purchased approximately 3.1 million BGC shares and/or units from Cantor.
- BGC additionally purchased another approximately 1.9 million BGC shares from CFLP, the proceeds of which went to certain current partners of Cantor, excluding Mr. Lutnick.
- BGC purchased these shares and/or units at an average price of $7.74, which was the closing price on the day these transactions were completed.
- The transactions described in the Forms 4 reduced BGC's fully diluted share count by approximately 5 million shares.
- None of these sales included shares and/or units held personally by BGC's Chairman and Chief Executive Officer Howard W. Lutnick or his family.
- Mr. Lutnick did not and will not receive any proceeds from these transactions.
- Mr. Lutnick currently does not intend to sell any BGC shares and/or units held personally or in family trusts, other than dispositions related to charitable donations.
