BALTIMORE, Dec. 2, 2016 /PRNewswire/ -- MMA Capital
Management, LLC (NASDAQ: MMAC) ("MMA Capital" or
"the Company") today announced that it has adopted a new
share repurchase authorization of 580,000 shares to begin
January 1, 2017 ("2017 Plan").
The 2017 authorization is set to replace the expiring 2016
authorization ("2016 Plan"), which has 7,578 shares remaining to be
purchased before December 31,
2016. To date, we have purchased 592,422 shares under the
2016 Plan at an average price of $16.74, a significant discount to our common
shareholders' equity per share as of September 30, 2016 of $21.34.
Michael Falcone, MMA Capital
Management's Chief Executive Officer stated, "We are pleased to
announce both the near completion of our 2016 buyback
authorization, as well as the continuation of our capital return
program through a new buyback program for 2017. Even with the
continued opportunity to invest in new platforms, such as our
Energy Capital lending platforms, we remain committed to returning
capital to our shareholders as long as it continues to be a prudent
use of capital. Given the current discount of our trading
price versus our book value per share, the implementation of a new
buyback for 2017 should continue to create significant value for
our shareholders. Meanwhile, we expect to retain enough
capital to maintain our operational flexibility, grow our
investments in the energy capital and LIHTC business lines and
opportunistically make additional investments that arise during the
year."
Additional information on the 2017 Plan can be found in the
Company's Current Report on Form 8-K filed today.
About MMA Capital Management
MMA Capital Management partners with institutional capital to
create and manage investments in affordable housing and renewable
energy. We invest for our own account and co-invest with our
institutional capital partners. We derive revenue from
returns on our investments as well as asset management, performance
and other fees from the investments as well as funds and ventures
we manage.
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION.
SERVICE.
www.mmacapitalmanagement.com
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SOURCE MMA Capital Management, LLC