Archive for 'U.S. Securities and Exchange Commission'

Federal Regulators OK New Sovereign Bank Charter

Federal Regulators OK New Sovereign Bank Charter

Federal Regulators OK New Sovereign Bank Charter-Image by afagen via Flickr

Sovereign Bank, a wholly-owned indirect subsidiary of Banco Santander, S.A. announced today that it has received formal approval from federal regulators to convert from a savings bank to a national bank. Additionally, Santander Holdings USA, Inc., which directly owns Sovereign Bank, has received approval to become a bank holding company. The respective conversions will take effect in early 2012.

The conversion to a National Bank charter is just one of several major initiatives underway to strengthen Sovereign and Santander’s position in the United States.

The shift to a National Bank provides Sovereign with greater flexibility to meet the financial needs of more clients and customer segments, including in particular, large corporations. To support the Bank’s continued growth, Sovereign has been making significant investments to implement Santander’s state-of-the-art information technology platform.

“We are very pleased to have received approval to convert to a National Bank,” said Jorge Moran, Sovereign Bank President and CEO and Santander U.S. Country Head.  “This is a significant step in our strategic growth plans and will allow us to provide more and better services to our customers and clients.”

About Santander Holdings USA, Sovereign and Banco Santander

Santander Holdings USA, Inc. (SAN.MC, STD.N) is a wholly owned subsidiary of Banco Santander, S.A., and wholly owns Sovereign Bank and Santander Consumer USA. Banco Santander is a retail and commercial bank, headquartered in Spain, with a presence in 10 main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and the U.S. Founded in 1857, Santander more than 100 million customers, 14,709 branches – more than any other international bank – and more than 190,000 employees. For more information on Santander, visit

Sovereign Bank is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, nearly 2,300 ATMs, and approximately 8,000 team members. For more information on Sovereign Bank, visit or call 877-SOV-BANK.

Cautionary Statement Regarding Forward-Looking Information

Santander Holdings USA, Inc., Banco Santander, S.A. and Sovereign Bank caution that this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements concerning our future business development and the impact of Sovereign Bank’s charter conversion. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors indicated in our past and future filings and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect the development of our business. Other unknown or unpredictable factors could cause actual developments to differ materially from those in the forward-looking statements. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation.

CONTACT: Bryan Hurst, Office: +1-617-346-7438, Mobile: +1-857-207-2086,

Web Site:

Medical Group Institutes $10 Million Buy-Back

The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, assisted living, home health and hospice care companies, announced today that its board of directors has authorized the company to repurchase up to $10 million of its common stock over the next 12 months.

“This program reaffirms our continued confidence in the Company’s near and long-term financial and operating performance, and our commitment to enhancing shareholder value,” said Christopher Christensen, Ensign’s President and CEO.

Mr. Christensen confirmed that the company intends to continue paying quarterly dividends, and growing and diversifying its business. Pointing to the company’s strong cash flow and existing credit facilities, He noted that Ensign is well-positioned to continue acquiring not only well-performing and struggling long-term care skilled nursing and assisted living operations, but also existing and start-up or early-stage hospice and home health agencies. “While we will continue to invest in our current operations and the acquisition of additional operational assets, we are pleased that our strong balance sheet, significant credit relationships and the untapped equity in our real estate portfolio provide us with the flexibility to opportunistically repurchase Ensign shares,” he added.

Under the stock repurchase program, the Company is authorized to repurchase its issued and outstanding common shares from time to time in open-market and privately negotiated transactions and block trades in accordance with federal securities laws, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934 as amended.

The number of shares repurchased by the company will depend entirely upon the levels of cash available, the attractiveness of alternate investment and business opportunities either at hand or on the horizon, and Management’s perception of value relative to market price, as well as other legal, regulatory and contractual requirements. The repurchase program does not obligate Ensign to repurchase any dollar amount or number of shares of common stock.

About Ensign™

The Ensign Group, Inc.’s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 100 facilities, three hospice companies and three home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa and Nebraska. More information about Ensign is available at

Safe Harbor Statement

This release may include forward-looking statements including, but not limited to, statements as to the Company’s plans, objectives, expectations and business strategy. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects and future operating and financial performance. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Ensign with the Securities and Exchange Commission. Ensign undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

CONTACT: Robert East of Westwicke Partners LLC, +1-443-213-0500,, or Suzanne Snapper of The Ensign Group, Inc., +1-949-487-9500,

Web Site:

Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) announced today that the underwriters of its recent follow-on public offering have fully exercised their over-allotment option and expect to purchase 450,000 additional shares of common stock at the offering price of $17.50 per share. The underwriters of Main Street’s offering elected to exercise the full amount of the over-allotment option prior to the expiration of the 30-day option period. The net proceeds from the exercise of the over-allotment option will be approximately $7.5 million, after deducting the applicable underwriting discounts. Including the net proceeds from exercise of the over-allotment option, the total net proceeds from Main Street’s offering, after deducting the applicable underwriting discounts and estimated expenses payable by Main Street, will amount to approximately $57.5 million. The closing of the over-allotment option is subject to customary closing conditions and is expected to occur on October 28, 2011.

Main Street intends to use all of the net proceeds from this offering to make portfolio investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, which may include investments in secured intermediate term bank debt, rated debt securities and other income producing investments, to repay outstanding debt borrowed under its $155 million credit facility, to pay operating expenses and other cash obligations, and for general corporate purposes.

The underwriters of this offering were Morgan Keegan & Company, Inc., BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Robert W. Baird & Co. Incorporated, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., Sanders Morris Harris Inc., D.A. Davidson & Co. and Wunderlich Securities, Inc. The shares are being sold pursuant to an effective shelf registration statement on Form N-2 that has been filed with, and has been declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares referred to in this press release.


Main Street ( is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies. Main Street’s lower middle market investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million.  Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market portfolio. Main Street also maintains a portfolio of privately placed, interest-bearing debt investments in middle market businesses that are generally larger in size than its lower middle market portfolio companies.


This press release may contain certain forward-looking statements which are based upon Main Street management’s current expectations and are inherently uncertain. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street’s control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.

Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director

Dennard Rupp Gray & Lascar, LLC
Ken Dennard  |
Ben Burnham |

Web Site:

Top Traded Penny Stocks Released (PSI) has issued Equity Research for top traded penny stocks: Clearwire (NASDAQ: CLWR), ON Semiconductor (NASDAQ: ONNN), RF Micro Devices (NASDAQ: RFMD). More reports for NetApp (NASDAQ: NTAP), Nuance (NASDAQ: NUAN), Entropic (NASDAQ: ENTR).

All penny stocks companies have one thing in common, the lack of information transparency. No one knows better than penny stock insiders like CEOs, CFOs, and Directors about company’s future business development; follow the insider trade may be the only way to reduce risk in trading penny stocks as short term investments.

(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)

Research Report Highlights:

Clearwire Corporation (NASDAQ: CLWR): Do You Believe Money Loser

Insider Trade Signals: Clearwire Corp. (CLWR), the money-losing wireless broadband provider, plunged 32 percent after Sprint Nextel Corp. (S) signaled it may end the companies’ partnership after the current accord ends in 2012. Want to find out if insiders are trading at the same time and same direction?

Read Full Report:

ON Semiconductor Corp. (NASDAQ: ONNN): Big Price Mover

Insider Trade Signals: ON Semiconductor Corporation (ON Semiconductor) is a supplier of silicon solutions for energy electronics. The Company designs, manufactures and markets a portfolio of semiconductor components. In the past 52 weeks, ON Semiconductor share prices have been bracketed by a low of $6.53 and a high of $11.95 and are now at $7.07, 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.2% while the 200-day MA has slid 0.4%. This company’s stock price is building strong momentum so why insiders are selling now?

Read Full Report:

RF Micro Devices, Inc. (NASDAQ: RFMD): Could RFMD Be Leader

Insider Trade Signals: RF Micro Devices, Inc. (Nasdaq: RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today announced a strategic initiative to extend RFMD’s industry leadership in compound semiconductor technologies into a broad array of adjacent non-RF growth markets. The strategic initiative includes the formation of a new business group, the Compound Semiconductor Group (CSG), which will operate alongside RFMD’s Cellular Products Group (CPG) and RFMD’s Multi-Market Products Group (MPG). RFMD forecasts the total available market (TAM) for non-RF applications addressed by CSG will exceed $1.5 billion in calendar 2015. Do you want to know if any institutional investors are buying/selling the stocks you are holding?

Read Full Report:

Today we released other research report for:

NetApp Inc. (NASDAQ: NTAP)
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Nuance Communications Inc. (NASDAQ: NUAN)
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Entropic Communications, Inc. (NASDAQ: ENTR)
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More Individual Stock Reports & Sector Reports:

Insider Filing Source Reference: All observations, analysis and reports are based on public information released by the U.S. Securities and Exchange Commission.

About features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:
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Top Picks for Penny Stocks Released (PSI) has issued Equity Research for top traded penny stocks: VirnetX (AMEX: VHC), General Moly (AMEX: GMO), Vista Gold (AMEX: VGZ). More reports for QUALCOMM (NASDAQ: QCOM), Chesapeake (NYSE: CHK) & Starbucks (NASDAQ: SBUX).

Many investors like to invest in good penny stocks, but it is hard to find a penny stocks that may double its stock price in a week as there are over 9,000 penny stocks listed in the exchanges.  It is easier to start searching penny stocks with huge insider trade in the past few weeks.

Research Report Highlights:

VirnetX Holding Corporation (AMEX: VHC): Company Struggled with Litigation

Insider Trade Signals: “We went into litigation against Apple and Cisco fully expecting reexamination requests,” said Kendall Larsen, VirnetX CEO and President. “These reexamination decisions are no surprise as the majority of reexamination requests made to the USPTO are granted. We welcome these reexamination proceedings as we believe the outcome will only further validate our patent that was already examined by the USPTO in 2010 when all of its claims were found valid and patentable. We are optimistic and remain confident that we will prevail at the conclusion of these reexamination proceedings.” PSI found company insiders sold stock shares by the end of month. Do you want to know who they are? Want to find out how they do it?

Read Full Report:

General Moly, Inc. (AMEX: GMO): Smart Money Seems No Worries about Stock Price

Insider Trade Signals: General Moly announced an 18% increase in molybdenum and a 47% increase in copper contained at the liberty project. Since insiders such as CEOs, CFOs and Directors have better access to company non-public information; investors would be wise to pay close attention to their stock trading behavior. Are they being overly optimistic?

Read Full Report:

Vista Gold Corp. (AMEX: VGZ): Company Directors Sold Their Shares

Insider Trade Signals: Vista Gold (AMEX: VGZ) is one of today’s worst performing low-priced stocks, down 2.5% to $3.08 on 0.2x average daily volume. Thus far today, Vista Gold has traded 309,000 shares, vs. average volume of 1.4 million shares per day. Want to find out if insiders are trading at the same time and same direction?

Read Full Report:

Today we released other research reports for:


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Chesapeake Energy Corporation (NYSE: CHK)

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Starbucks Corporation (NASDAQ: SBUX)

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More Individual Stock Reports & Sector Reports:

Insider Filing Source Reference: All observations, analysis and reports are based on public information released by the U.S. Securities and Exchange Commission.

About features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:

Please visit for details.

Financial Planners Want Congress to Back Off

The Financial Planning Coalition (the Coalition) told Congress today that the concept of creating a new self-regulatory organization (SRO) for investment advisers, as provided in the discussion draft released by House Financial Services Committee Chairman Spencer Bachus (R-Ala.), is unneeded; would add a layer of regulation and impose costs that could be particularly burdensome for small business owners; and may not significantly improve protection for investors.

At a time when the Administration and Congress are working to find ways to create jobs, stimulate economic growth, and cut red tape, the creation of a new SRO is an overly broad approach to correcting the narrow problem of the inadequate frequency of examinations of SEC-registered investment advisers.

In a prepared statement for the record before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, the Coalition stated: “The proposed investment adviser SRO goes far beyond the targeted approach needed to increase investment adviser examinations.”

“Whereas Congress and the SEC have recognized a narrow problem facing oversight of investment advisers,” the Coalition stated, “the proposed SRO would have jurisdiction over state-registered investment advisers; have broad rulemaking and enforcement authority; and implement an additional layer of regulation and costs for investment advisers, which could particularly burden small businesses, without the benefit of a thorough cost-benefit analysis.”

The Coalition raised additional concerns with the proposed SRO legislation, including:

  • The SRO would have jurisdiction over state-registered investment advisers. This would create an anomalous situation in which the SEC, which does not regulate state-registered advisers, would have oversight authority over an SRO that oversees state-registered advisers. This would impose an additional layer of regulation on state-registered advisers, with potentially conflicting rules and enforcement mechanisms between federal and state regulators.
  • The SRO would have broad rulemaking and enforcement authority, yet neither Congress nor the SEC has recognized problems related to the SEC’s ability to establish and enforce rules under the Advisers Act.
  • The proposed rules of the SRO would not be subject to cost-benefit analysis or requirements under the Administrative Procedures Act.
  • The SRO would not be required to be a transparent body, subject to the Freedom of Information Act (FOIA), the Sunshine Act, or other open government laws.
  • The SRO is not required to provide its members with basic constitutional protections, such as due process rights.
  • While the SEC has approval authority over the SRO’s fees, there are no clear limits or restrictions on the structure or amount of fees, potentially creating an unlimited tax on investment advisers.

The Coalition believes that supporting enhanced SEC oversight is the most appropriate solution.

“We strongly believe the SEC (and the states) is the appropriate regulator of investment advisers,” the Coalition stressed.  “We do not believe there is sufficient reason for a change in the policy of direct federal regulation that has largely been effective for such an extended period of time in favor of a costly outsourcing of investment adviser oversight.”

The SEC has overseen investment advisers for more than 70 years and has the infrastructure and the specialized expertise in place to do the job.

“As the existing SEC oversight of investment advisers generally has been effective, we strongly urge Congress to provide the SEC with the resources necessary to enhance examinations of SEC-registered investment advisers rather than shift oversight to an SRO.”

FINRA has suggested that it is capable of overseeing investment advisers. The Coalition noted that FINRA, at its core, is a membership organization for broker-dealers. The Coalition expressed serious concerns regarding the possibility of FINRA being designated as the SRO for advisers.

“We question whether a governance structure that is affiliated with FINRA would allow for the type of truly independent governance that will be critical to ensuring oversight that is not subject to conflicts of interest.”

The Coalition also urged support for the Securities and Exchange Commission (SEC) as it moves forward to establish a strong and uniform fiduciary standard of conduct for broker-dealers and investment advisers.

“We believe the SEC, which has extensive experience and knowledge of broker-dealer and investment adviser business models, will establish a fiduciary standard of conduct that enhances investor protection while maintaining access to current products and services that are consistent with investors’ best interests.”

The Coalition argued that the over 75,000 financial planning professionals it represents “provide strong evidence that the fiduciary standard is a practical, flexible, and workable standard no matter if the financial professional providing investment advice is a broker, insurance agent, investment adviser, or financial planner.”

Rather than being a burden on businesses, financial planners have recognized the benefits of providing investment advice at a fiduciary standard of care.

“Contrary to some who suggest that requiring the fiduciary standard will hurt investors by increasing costs and reducing services, our experience is just the opposite: providing services with fiduciary accountability is good for investors and good for business.”

About the Financial Planning Coalition: The Financial Planning Coalition, a group representing nearly 75,000 financial planners, is a collaboration of Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) formed to advise legislators and regulators on how to best protect consumers by ensuring financial planning services are delivered with fiduciary accountability and transparency.

To learn more, please visit

New S&P 500 Index Options Product Begins Trading

CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that it will begin trading SPXpm, its new S&P 500 Index options product, on Tuesday, October 4.  SPXpm options will be traded on the Company’s all-electronic C2 Options Exchange (C2).

C2’s SPXpm product is a cash-settled index option based on the S&P 500 Index, the premier benchmark of the broader U.S. market.  SPXpm is similar in structure to the Chicago Board Options Exchange’s (CBOE) flagship S&P 500 SPX contract, the most-actively-traded U.S. index option product, except it has “p.m.” settlement.

“We are pleased to announce a launch date for what we believe will be another major product for CBOE Holdings,” said CBOE Holdings Chairman and Chief Executive Officer William J. Brodsky.  “In designing an electronic compliment to our flagship SPX option, we worked closely with customers to create the “best in class” among electronically traded S&P 500 products. The result is a product tailored to provide point-and-click access to the S&P 500 Index, with greater efficiency, greater control and lower costs.”

One SPXpm option contract is ten times larger than one SPDR ETF options contract (SPY), significantly lowering the cost of accessing a p.m.-settled S&P 500 contract.  The new contract also features the ease of cash settlement, as opposed to physical settlement in ETF options.  Finally, SPXpm uses European exercise, which eliminates the risk of early assignment.

SPXpm should appeal to a diverse group of customers including active traders, high-net-worth investors, retail online users and high frequency traders.  OTC participants may use SPXpm as an exchange-traded alternative that eliminates counterparty risk.

With SPXpm’s launch on C2, trading alongside SPX on CBOE, customers will have two very deep pools of liquidity in which to trade S&P 500 cash index options – one that favors the convenience of screen trading, and one that provides the flexibility afforded by floor trading to negotiate large, complex orders.

SPXpm Contract Specifications:
Symbol SPXpm
Settlement PM-settled, European style exercise
Multiplier $100
Premium Quote Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05 ($5.00) and for all other series, 0.10 ($10.00).
Strike Price Intervals The minimum interval for SPXpm options shall be no less than five points.
Expiration Months Up to twelve near-term contracts.  LEAPS may also be listed.
Expiration Date Saturday following the third Friday of the expiration month.
Last Trading Day Trading in SPXpm options will ordinarily cease on the business day (usually a Friday) preceding the expiration date.
Trading Hours 8:30 a.m. to 3:15 p.m. (CT)

A complete overview of SPXpm can be found at:

CBOE Holdings, Inc. is the holding company for Chicago Board Options Exchange (CBOE), C2 Options Exchange and other subsidiaries.  CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options on the CBOE Volatility Index (VIX). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE’s Hybrid Trading System incorporates electronic and open-outcry trading, enabling customers to choose their trading method. CBOE’s Hybrid is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports C2 Options Exchange (C2), the CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and, named “Best of the Web” for options information and education.

CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.



CBOE®, Chicago Board Options Exchange®, CBSX®, CBOE Stock Exchange®, CFE®, CBOEdirect®, FLEX®, Hybrid®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWrite(SM), BXM(SM), SPX(SM), CBOE Futures Exchange(SM) and The Options Institute are servicemarks of Chicago Board Options Exchange, Incorporated (CBOE).  SPXpm(SM), C2(SM), and C2 Options Exchange(SM) are service marks of C2 Options Exchange, Incorporated (C2).  Standard & Poor’s®, S&P®, S&P 500® and SPDR® are registered trademarks of Standard & Poor’s Financial Services, LLC and have been licensed for use by CBOE and C2.  SPXpm is not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in SPXpm.

This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are those statements that reflect our expectations, assumptions or projections about the future and involve a number of risks and uncertainties.  These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause actual results to differ materially from that expressed or implied by the forward-looking statements, including: legislative or regulatory changes; changes in law or government policy; increasing competition; loss of our exclusive licenses; decrease in trading volumes; an inability to introduce competitive new products and services; competitive pressures on our existing products, services and trading access fees; changes in price levels and volatility in the derivatives and equity markets; economic, political and market conditions; increases in our fixed costs and expenses; loss of existing customers; difficulty developing strategic relationships and attracting new customers; increased costs related to, or the loss of, intellectual property; rapid technological developments; increases in trading volume and order transaction traffic that we cannot accommodate; our ability to maintain our growth effectively; damage to our reputation and brand name; loss of market data revenue; detrimental changes to our fee structure; failure to effectively monitor and manage our risks; customer consolidation; and changes to the tax treatment for options trading.

More detailed information about factors that may affect our performance may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2010 and other filings made from time to time with the SEC.

Lorillard, Inc. (NYSE: LO), the third largest manufacturer of cigarettes in the United States, announced today the declaration of a quarterly dividend on its common stock in the amount of $1.30 per share, payable on September 12, 2011 to stockholders of record as of September 1, 2011.

The Company’s Board of Directors also approved a new share repurchase program, authorizing the Company to repurchase in the aggregate up to $750 million of its outstanding common stock. On August 9, 2011, the Company completed repurchases under its $1.4 billion share repurchase program, which was announced on August 20, 2010 and amended on May 19, 2011. Purchases by the Company under the new program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company’s management. The purchases will be funded from existing cash balances.

“Last week’s successful $750 million debt financing represented another significant step toward our objective of more effectively utilizing our balance sheet, a process that began more than two years ago,” stated David H. Taylor, Executive Vice President, Finance and Planning, and Chief Financial Officer. “Today’s announcement that the Board has authorized a new share repurchase program, combined with the declaration of the Company’s regular quarterly dividend, reinforces the Company’s intent to return cash to shareholders.”

This program does not obligate the Company to acquire any particular amount of its common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the Company’s business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.

About Lorillard, Inc.

Lorillard, Inc. (NYSE: LO), through its Lorillard Tobacco Company subsidiary, is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard’s flagship menthol-flavored premium cigarette brand, is the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line has four additional brand families marketed under the Kent, True, Maverick, and Old Gold brand names. These five brands include 43 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard maintains its headquarters and manufactures all of its products in Greensboro, North Carolina.

Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “may,” “will be,” “will continue,” “will likely result” and similar expressions. In addition, any statement that may be provided by management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Lorillard, Inc. are also forward-looking statements as defined by the Reform Act.

Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected. Information describing factors that could cause actual results to differ materially from those in forward-looking statements is available in Lorillard, Inc.’s filings with the Securities and Exchange Commission (the “SEC”), including but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings are available from the SEC over the Internet or in hard copy, and are available on our website at Forward-looking statements speak only as of the time they are made, and we expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Harbinger Group Inc. (“HGI”; NYSE:  HRG) today announced the successful completion of convertible preferred stock issuances totaling $400 million.  The initial sales were consummated in May 2011 for $280 million with a conversion price of $6.50 per share. Additional sales were completed in August 2011 for $120 million with a conversion price of $7.00 per share. The net proceeds from the issuances of the preferred stock will be used for general corporate purposes, which may include acquisitions and future investments.

The issuances were led by a $205 million investment by private equity funds affiliated with Fortress Investment Group LLC.  Fortress has the right to appoint one director to HGI’s board of directors.  The additional preferred shareholders are comprised of leading investors, including: private equity funds affiliated with Providence Equity Capital Markets, L.L.C.; Wilton Re Holdings Limited; an investment fund managed by JHL Capital Group LLC; funds and/or accounts managed or advised by DDJ Capital Management, LLC; and funds affiliated with Luxor Capital Group, L.P.

As of today, the preferred stock would represent approximately 30% of HGI’s outstanding common stock on an as-converted basis.  Funds managed by Harbinger Capital Partners remain the Company’s largest stockholders. Assuming conversion of the preferred stock as of today, Harbinger Capital Partners would own approximately 65% of HGI, and Fortress Investment would own approximately 16%.

The terms of the preferred stock include a quarterly cash dividend at an annualized rate of 8%, and a cumulative quarterly pay-in-kind dividend at an annualized rate of 4% that will be reduced to 2% or 0% if HGI achieves specified rates of growth measured by net asset value.

Philip Falcone, CEO of HGI, said, “Harbinger Group has raised $900 million in the past nine months, comprised of $400 million in preferred stock and $500 million in senior debt. We are delighted with the strong endorsement of HGI’s permanent capital model we have received from this world-class group of investors. With our strong liquidity and potential to further partner with our strategic investors, we are well positioned to execute our business plan and expand in our target sectors.”

Peter Briger of Fortress Investment, said, “We are extremely excited about the future growth potential of Harbinger Group and the operating performance of its current group of businesses. We are also pleased this group of leading institutions is joining us as shareholders in Harbinger Group.”

Holders of the preferred stock will have the right to vote together with the holders of common stock on all matters upon which the holders of common stock are entitled to vote, on an as-converted basis, subject to certain New York Stock Exchange stockholder approval requirements and regulatory approval.  Please refer to the Company’s Form 8-K filed with the Securities and Exchange Commission for the complete terms of the convertible preferred stock.

The preferred stock have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the preferred stock, nor shall there be any offer, solicitation or sale of any preferred stock in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Harbinger Group Inc.

Harbinger Group Inc. is a diversified holding company. The Company’s principal operations are conducted through subsidiaries that offer life insurance and annuity products, and branded consumer products such as batteries, pet supplies, home and garden control products, personal care and small appliances. The Company focuses on opportunities in these sectors as well as financial products, telecommunications, agriculture, power generation and water and natural resources. The Company makes certain reports available free of charge on its website at as soon as reasonably practicable after each such report is electronically filed with, or furnished to, the Securities and Exchange Commission.

Forward-Looking Statements

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release and oral statements made from time to time by representatives of the Company regarding the proposed offering and the use of proceeds of the offering are forward-looking statements based upon management’s current expectations that are subject to risks, and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by forward-looking statements. These statements and other forward-looking statements made from time-to-time by the Company and its representatives are based upon certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may” or similar expressions. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the risk that the Company may not be successful in identifying any suitable future acquisition opportunities and those factors listed under the caption “Risk Factors” in the Company’s prospectus filed with the Securities and Exchange Commission on May 9, 2011 pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended. All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operation results.


APCO Worldwide
Jeff Zelkowitz, 646-218-8744


Harbinger Group Inc.
Francis T. McCarron, CFO, 212-906-8560

Perfect World Co., Ltd. (NASDAQ: PWRD) (“Perfect World” or the “Company “) , a leading online game developer and operator based in China, today announced that, as of August 7, 2011, the Company had repurchased an aggregate of 1,348,849 American Depositary Shares (“ADSs”) on the open market under the ADS repurchase program to repurchase up to USD100 million of the Company’s ADS from March 2011 to March 2012, as authorized by the Board. Perfect World expects to continue to implement its share repurchase program in a manner consistent with market condition and the interest of the shareholders, subject to the restrictions relating to volume, price and timing under applicable law.

About Perfect World Co., Ltd. (

Perfect World Co., Ltd. (NASDAQ: PWRD) is a leading online game developer and operator based in China.  Perfect World primarily develops online games based on proprietary game engines and game development platforms.  Perfect World’s strong technology and creative game design capabilities, combined with extensive knowledge and experiences in the online game market, enable it to frequently and promptly introduce popular games designed to cater changing customer preferences and market trends.  Perfect World’s current portfolio of self-developed online games includes massively multiplayer online role playing games (“MMORPGs”): “Perfect World,” “Legend of Martial Arts,” “Perfect World II,” “Zhu Xian,” “Chi Bi,” “Pocketpet Journey West,” “Battle of the Immortals,” “Fantasy Zhu Xian,” “Forsaken World,” “Dragon Excalibur,” and “Empire of the Immortals;” and an online casual game: “Hot Dance Party.”  While a substantial portion of the revenues are generated in China, Perfect World’s games have been licensed to leading game operators in a number of countries and regions in Asia, Latin America and the Russian Federation and other Russian speaking territories.  Perfect World also generates revenues from game operations in North America, Europe and Japan.  Perfect World plans to continue to explore new and innovative business models and remains deeply committed to maximizing shareholder value over time.

Safe Harbor Statements

This press release contains forward-looking statements.  These statements constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements.  Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  Potential risks and uncertainties include, but are not limited to, Perfect World’s limited operating history, its ability to develop and operate new games that are commercially successful, the growth of the online game market and the continuing market acceptance of its games and in-game items in China and elsewhere, its ability to protect intellectual property rights, its ability to respond to competitive pressure, its ability to maintain an effective system of internal control over financial reporting, changes of the regulatory environment in China, and economic slowdown in China and/or elsewhere.  Further information regarding these and other risks is included in Perfect World’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.  Perfect World does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For further information, please contact
Perfect World Co., Ltd.
Vivien Wang
Vice President, Investor Relations & Corporate Communications
Tel: +86-10-5780-5700
Fax: +86-10-5780-5713
Christensen Investor Relations
Kathy Li
Tel: +1-480-614-3036
Fax: +1-480-614-3033
Teal Willingham
Tel: +86-10-5826-4727
Fax: +86-10-5826-4838

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