Shareholders of Oppenheimer Holdings Inc. have approved a proposition to move the domicile of the corporation from Canada to the United States, Oppenheimer said Monday.

Oppenheimer, through its principal subsidiaries, Oppenheimer & Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide range of investment banking, securities, investment management and wealth management services from over 94 offices in 26 U.S. states and through local broker-dealers in four foreign jurisdictions. The company employs over 3,500 people.

As previously disclosed, the Oppenheimer had requested that the holders of its Class A non-voting and Class B voting shares, voting as single class, approve the move. The proposition was approved by a wide margin (85.8% for and 5.8% against). There were no dissenting shareholders.

As a result of the approval, the company will incur a tax payable to the Canadian government arising from the continuance in the amount of approximately US$2 million. The requirement to pay the tax was previously disclosed.

:We are gratified with our shareholders overwhelming support to move Oppenheimer to the United States. We are confident that this move will have a long-term positive impact on the Company,” stated Albert Lowenthal, Chairman & CEO stated.

IE