Current Report Filing (8-k)

 

 

UNITED STATES

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) October 29, 2014

 

 

SWS GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		000-19483		75-2040825
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1201 Elm Street, Suite 3500

Dallas, Texas 75270

(Address of principal executive offices and zip code)

[phone]

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

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)).

 

 

 

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Item 8.01 Other Events.

On October 29, 2014, SWS Group, Inc. (“SWS”) issued a press release indicating that SWS will not be hosting an earnings conference call or webcast for the first quarter ended September 30, 2014. The press release is attached hereto as Exhibit 99.1.

Item 9.01(d). Exhibits.

 

Exhibit 99.1		Press Release issued by SWS on October 30, 2014.

Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Hilltop has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (Registration No. 333-196367) containing a definitive proxy statement of SWS that also constitutes a prospectus of Hilltop, and SWS and Hilltop will each file other documents with respect to the proposed transaction and the definitive proxy statement/prospectus will be mailed to shareholders of SWS. Investors and security holders of SWS are urged to read the definitive proxy statement/prospectus and other documents filed with the SEC carefully and in their entirety because they contain important information. Investors and security holders of SWS may obtain free copies of the registration statement and the definitive proxy statement/prospectus and other documents filed with the SEC by SWS or Hilltop through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by SWS are available free of charge on SWS’s internet website at www.swst.com or by contacting SWS’s Investor Relations Department at [phone]. Copies of the documents filed with the SEC by Hilltop are available free of charge on Hilltop’s internet website at www.hilltop-holdings.com or by contacting Hilltop’s Investor Relations Department at [phone].

SWS, Hilltop, their respective directors and certain of their executive officers and other members of management and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of SWS is set forth in Amendment No. 1 to its Annual Report on Form 10-K for the year ended June 30, 2014, which was filed with the SEC on September 26, 2014. Information about the directors and executive officers of Hilltop is set forth in its most recent proxy statement, which was filed with the SEC on May 2, 2014. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Cautionary Statement Regarding Forward-Looking Statements

From time to time we make statements (including some contained in this report) that predict or forecast future events, depend on future events for their accuracy, or otherwise contain “forward-looking” information and constitute “forward-looking statements” within the meaning of

 

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applicable U.S. securities laws. Such statements are generally identifiable by terminology such as “plans,” “expects,” “estimates,” “budgets,” “intends,” “anticipates,” “believes,” “projects,” “indicates,” “targets,” “objective,” “could,” “should,” “may” or other similar words. By their very nature, forward-looking statements require us to make assumptions that may not materialize or that may not be accurate. Readers should not place undue reliance on forward-looking statements and should recognize that such statements are predictions of future results, which may not occur as anticipated. Actual results may differ materially as a result of various factors, some of which are outside of our control, including:

 

•

failure to obtain the approval of shareholders of SWS in connection with the proposed transaction;

 

•

the failure to consummate or delay in consummating the proposed transaction for other reasons;

 

•

the timing to consummate the proposed transaction;

 

•

the risk that a condition to closing of the proposed transaction may not be satisfied;

 

•

the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated;

 

•

Hilltop’s ability to achieve the synergies and value creation contemplated by the proposed transaction;

 

•

Hilltop’s ability to promptly and effectively integrate its and SWS’s businesses;

 

•

the diversion of management time on transaction-related issues;

 

•

the interest rate environment;

 

•

the volume of trading in securities;

 

•

the liquidity in capital markets;

 

•

the volatility and general level of securities prices and interest rates;

 

•

the ability to meet regulatory capital requirements administered by federal agencies;

 

•

the level of customer margin loan activity and the size of customer account balances;

 

•

the demand for real estate in Texas, New Mexico and the national market;

 

•

the credit-worthiness of our correspondents, trading counterparties and of our banking and margin customers;

 

•

the demand for investment banking services;

 

•

general economic conditions, especially in Texas and New Mexico, and investor sentiment and confidence;

 

•

the value of collateral securing the loans we hold;

 

•

competitive conditions in each of our business segments;

 

•

changes in accounting, tax and regulatory compliance requirements;

 

•

changes in federal, state and local tax rates;

 

•

the ability to attract and retain key personnel;

 

•

the availability of borrowings under credit lines, credit agreements and credit facilities;

 

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the potential misconduct or errors by our employees or by entities with whom we conduct business;

 

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the ability of borrowers to meet their contractual obligations and the adequacy of our allowance for loan losses; and

 

•

the potential misconduct for litigation and other regulatory liability.

Our future operating results also depend on our operating expenses, which are subject to fluctuation due to:

 

•

variations in the level of compensation expense incurred as a result of changes in the number of total employees, competitive factors or other market variables;

 

•

variations in expenses and capital costs, including depreciation, amortization and other non-cash charges incurred to maintain our infrastructure; and

 

•

unanticipated costs which may be incurred from time to time in connection with litigation, regulation and compliance, loan analyses and modifications or other contingencies.

Other factors, risks and uncertainties that could cause actual conditions, events or results to differ materially from our expectations discussed in this report include those factors described in SWS’s Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended June 30, 2014, under the heading “Risk Factors,” and our other reports filed with and available from the SEC. Our forward-looking statements are based on current beliefs, assumptions and expectations. No assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our actual results, levels of activity, performance, or achievements. All forward-looking statements speak only as of the date on which they are made and, except as required by law, we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

 

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SIGNATURES

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.

 

				SWS GROUP, INC.
Date: October 30, 2014				By:		/s/ Laura Leventhal
				Laura Leventhal
				Chief Accounting Officer

 

5

Exhibit 99.1

 

SWS Group, Inc. Announces First Quarter Fiscal 2015

Earnings Date

DALLAS, October 30, 2014—SWS Group, Inc. (NYSE: SWS) (“SWS Group” or the “Company”) announced today that it will release financial results for its first quarter of fiscal year 2015 at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, November 5, 2014.

Given the timing relative to the date of the special meeting of stockholders to consider and vote on the merger of the Company with and into Hilltop Holdings Inc., SWS Group will not be hosting an earnings conference call or webcast, and will instead be speaking to stockholders directly in individual meetings and calls regarding the transaction. Interested stockholders are asked to contact J. Michael Edge, SWS Interim Chief Financial Officer, at 214-859-9343 or [e-mail].

Financial and operational information related to the Company’s first quarter of fiscal 2015 results will be available in the Company’s earnings press release and on the Company’s Form 10-Q for the quarter ended September 30, 2014, which will be posted on the SWS Group Investor Relations page at www.swst.com and filed with the SEC at www.sec.gov.

SWS Group, Inc. is a Dallas-based company offering a broad range of investment and financial services through its subsidiaries. The Company’s common stock is listed and traded on the New York Stock Exchange under the symbol SWS. SWS Group, Inc. subsidiaries include Southwest Securities, Inc., a full-service registered broker-dealer and registered investment adviser providing retail brokerage, institutional brokerage and securities clearing services; SWS Financial Services, Inc., a registered investment adviser and a registered broker-dealer serving independent securities brokers and their clients; and Southwest Securities, FSB, one of the largest banks headquartered in the Dallas-Fort Worth metropolitan area.

Contact:

J. Michael Edge

Interim Chief Financial Officer

214-859-9343

[e-mail]

Ben Brooks

Director of Corporate Communications

214-859-6351

[e-mail]

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