SECURITIES AND EXCHANGE
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2013 (January 29, 2013)
CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
545 Washington Boulevard, Jersey City, NJ 07310
(Address of principal executive offices) (Zip Code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
FORWARD LOOKING STATEMENTS
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not historical facts and are based on current expectations, estimates and projections about the Companys industry, managements beliefs and certain assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to
predict including, without limitation, risks associated with the August 1, 2012 technology issue at Knight that resulted in Knight sending numerous erroneous orders in NYSE-listed and NYSE Arca securities into the market and the impact to
Knights capital structure and business as well as actions taken in response thereto and consequences thereof, risks associated with Knights ability to recover all or a portion of the damages that are attributable to the manner in which
NASDAQ OMX handled the Facebook IPO, risks associated with changes in market structure, legislative, regulatory or financial reporting rules, risks associated with past or future changes to organizational structure and management and the costs,
integration, performance and operation of businesses previously acquired or developed organically, or that may be acquired or developed organically in the future. Since such statements involve risks and uncertainties, the actual results and
performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein. Readers
should carefully review the risks and uncertainties disclosed in Knights reports with the SEC, including, without limitation, those detailed under Certain Factors Affecting Results of Operations and Risk Factors in the
Companys Annual Report on Form 10-K for the year-ended December 31, 2011 and in the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, and in other reports or documents Knight or the new
Knight/GETCO holding company files with, or furnishes to, the SEC from time to time.
||Costs Associated With Exit or Disposal Activities |
On January 30, 2013, Knight Capital Group, Inc. (Knight or the Company) completed a corporate restructuring designed to lower
operating expenses and improve financial performance. As part of the restructuring, the Company will reduce its worldwide workforce by approximately 5%. The restructuring was undertaken in an effort to combine the Companys voice and electronic
sales teams and as a result of the winding-down of the Companys correspondent clearing initiative. Employees directly affected by the workforce reduction have received notification and will be provided with severance payments and specified
In connection with Knights restructuring, Knight expects that it will incur during the first quarter
of 2013 a total estimated pre-tax charge between $9 and $11 million (across all its reporting segments), broken down as follows:
Employee severance and other employee benefit costs between $8 and $10 million;
Capitalized software write-down of approximately $1 million.
Of the above amount, it is expected that cash expenditures will be between $4 and $5 million. Although Knight believes that these estimates are appropriate and reasonable based on available information,
actual results could differ from these estimates.
The Company expects that there will be additional costs related to the winding-down of its
correspondent clearing initiative but such costs cannot be determined at this time.
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 undersigneds duly authorized signatory.
Dated: February 4, 2013
|KNIGHT CAPITAL GROUP, INC.|
/s/ Andrew M. Greenstein
||Andrew M. Greenstein|
||Managing Director, Deputy General|
||Counsel and Assistant Secretary|