NEWPORT BEACH, Calif., April 20, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced that its March 31, 2000 "revenue run rate", as defined in the "Implementation and Merger Agreement," was 101.17% of the revenue run rate base set on September 30, 1999.
Under the terms of the merger agreement, the per unit purchase price of $38.75 could be adjusted if the revenue run rate goes below 85% of the September 30, 1999 revenue run rate base.
In the five months since the merger was announced, the revenue run rate has not gone below 99.42% of the September 30, 1999 base. The formula for calculating revenue run rate is based on cash flows and not on market conditions. A unitholder meeting to consider the previously announced Allianz transaction, including the related merger agreement, the merger and other transactions contemplated by the merger agreement is scheduled for April 28, 2000, with closing expected to occur on or about May 5, 2000.
PIMCO Advisors is one of the largest investment management companies in the United States with more than $260 billion of assets under management. Led by its Pacific Investment Management and Oppenheimer Capital units, it is widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including more than one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 55 stock and bond mutual funds available to both retail and institutional investors.
Except for the historical information and discussions contained herein, statements contained in this news release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the pending acquisition by Allianz A.G., the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.