-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VkJQrBgxGf1EV5zZlzD6OoMYPtQ81UywjEGubpTIdaZMnjD5sDtEsfO7CckQE3fQ 8F/j03Vel9oP/7TloellSA== 0000791963-03-000001.txt : 20030106 0000791963-03-000001.hdr.sgml : 20030106 20030106150825 ACCESSION NUMBER: 0000791963-03-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030102 ITEM INFORMATION: Other events FILED AS OF DATE: 20030106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FAHNESTOCK VINER HOLDINGS INC CENTRAL INDEX KEY: 0000791963 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 980080034 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12043 FILM NUMBER: 03504875 BUSINESS ADDRESS: STREET 1: SUITE 1110, P.O. BOX 2015 STREET 2: 20 EGLINTON AVE. WEST CITY: TORONTO ONTARIO CANADA STATE: A0 ZIP: M4R 1K8 BUSINESS PHONE: (416)322-1515 MAIL ADDRESS: STREET 1: PO BOX 2015 SUITE 1110 STREET 2: 20 EGLINTON AVENUE WEST CITY: TORONTO ONTARIO CANADA STATE: A6 ZIP: M4R 1K8 FORMER COMPANY: FORMER CONFORMED NAME: GOLDALE INVESTMENTS LTD DATE OF NAME CHANGE: 19861030 FORMER COMPANY: FORMER CONFORMED NAME: VINER E A HOLDINGS LTD DATE OF NAME CHANGE: 19880622 8-K 1 f8k1603.htm

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________

 

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

_______________________

Date of report (Date of earliest event reported):
JANUARY 2, 2003

 

 

FAHNESTOCK VINER HOLDINGS INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Ontario, Canada

(STATE OR OTHER JURISDICTION

OF INCORPORATION OR ORGANIZATION)

1-12043

(COMMISSION FILE NO.)

98-0080034

(I.R.S. EMPLOYER IDENTIFICATION NUMBER)

     

P.O. Box 2015, Suite 1110
20 Eglinton Avenue West
Toronto, Ontario, Canada

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)

 

M4R 1K8

(ZIP CODE)

 

 

(416) 322-1515

(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

NONE

(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF APPLICABLE)

 

==========================================================================================

 

 

ITEM 5. OTHER EVENTS.

Fahnestock Viner Holdings Inc., an Ontario corporation (the "Company"), has completed the acquisition of the U.S. Oppenheimer Private Client Division of CIBC World Markets Corp. and has agreed to complete the acquisition of the U.S. Oppenheimer Asset Management Division at a later date. On January 6, 2003, the Company and CIBC issued a press release announcing details of the acquisitions. Such press release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

ITEM 7. EXHIBITS.

 

(c) Exhibits.

 

Exhibit No. Description
99 Press Release dated January 6, 2003

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

FAHNESTOCK VINER HOLDINGS INC.

 

By: "E.K. Roberts

Name: E.K. Roberts
Title: President

January 6, 2003

 

FAHNESTOCK VINER HOLDINGS INC.
CURRENT REPORT ON FORM 8-K
REPORT DATED January 6, 2003

EXHIBIT INDEX

Exhibit No. Description
99 Press Release dated January 6, 2003

 

EX-99 3 ex991603.htm PRESS RELEASE

EXHIBIT 99

FAHNESTOCK VINER HOLDINGS INC. ACQUIRES CIBC’S U.S. PRIVATE CLIENT AND U.S. ASSET MANAGEMENT BUSINESSES

New York and Toronto, January 6, 2003 – Fahnestock Viner Holdings Inc. (FVH on NYSE; FHV.A on TSX) and CIBC (BCM on NYSE; CM on TSX) today announced that the previously announced acquisition by Fahnestock of the U.S. Oppenheimer Private Client Division of CIBC World Markets Corp. was completed on January 3, 2003 and that they have agreed, at a later date, to complete the acquisition of the U.S. Oppenheimer Asset Management Division, for an aggregate consideration of approximately U.S. $241 million (C $380 million).

As part of the agreement, CIBC may acquire, upon exchange of the exchangeable debentures issued as part of the purchase price, up to 35% of the issued shares (on a fully diluted basis) of Fahnestock.

The Oppenheimer Private Client Division operates a high net worth retail business, which consists of 620 financial consultants in 18 branches in major financial centers across the United States. Additionally, Oppenheimer operates a highly regarded asset management business in a variety of products, including growth funds, value funds, sector funds and specialty funds.

The business of the Private Client Division will operate effective today as the Oppenheimer & Co. Division of Fahnestock. The Asset Management Division will be rolled into the Fahnestock organization in accordance with regulatory requirements. It is expected that all of the segments of the Asset Management Division will be operating as part of the Oppenheimer & Co. Division of Fahnestock by April 30, 2003. The client accounts of both the retail business and the asset management business will continue to be cleared through CIBC World Markets until the spring of 2003. In addition, the account executives of the combined firm will have access to CIBC World Markets research.

Fahnestock’s principal subsidiary, Fahnestock & Co. Inc., is a full-service, self-clearing broker-dealer headquartered in New York City and has been in operation since 1881. Fahnestock now employs over 1,700 financial consultants in over 100 branch offices throughout the United States as well as in South America and Canada. Fahnestock & Co. Inc. is a member firm of the New York Stock Exchange and all principal U.S. exchanges.

"We welcome Oppenheimer to the Fahnestock family," said Fahnestock Chairman, Albert G. Lowenthal. "The tradition of both organizations has been honesty, integrity and an understanding of the value and importance of strong relationships with clients, account executives and employees. We are confident that we can build on these personal relationships to make the combined organization the best it can be."

"We are pleased to have the potential opportunity to participate in the future growth of these combined companies," said CIBC Vice Chair Gerry McCaughey.

CIBC, headquartered in Toronto, is a leading North American financial institution with more than eight million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, the United States and around the world. Additional news releases and information about CIBC is available in its Media Center on the Internet at www.cibc.com.

Fahnestock Viner Holdings Inc. is a diversified financial services firm that provides investment and financial services to individuals as well as institutions. These services include securities brokerage, investment banking and advisory services. Additional information on Fahnestock is available on the Internet at www.fahnestock.com.

 

This news release contains forward-looking statements which are made pursuant to the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the plans of Canadian Imperial Bank of Commerce ("CIBC") and Fahnestock Viner Holdings Inc. relating to CIBC Oppenheimer and the operations of CIBC Oppenheimer. A forward-looking statement is subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond the control of CIBC, Fahnestock Viner Holdings Inc. and CIBC Oppenheimer, including the receipt of regulatory approval for the transaction described in this release, could cause actual results to differ materially from the expectations expressed in any of CIBC's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking statements by CIBC, CIBC Oppenheimer and Fahnestock Viner Holdings Inc. These parties do not undertake to update any forward-looking statement that is contained in this news release.

 

CONTACT INFORMATION:

Fahnestock Viner Holdings Inc.
A.G. Lowenthal (212) 668-5782
E.K. Roberts (416) 322-1515

CIBC
Rob McLeod (416) 980-3714

 

 

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