MMA Capital Management, LLC (NASDAQ: MMAC) today announced the election of James C. Hunt to its Board of Directors and the completion of a share purchase by affiliates of Hunt Companies, Inc. The Company and Hunt previously entered into a Master Transaction Agreement, dated January 8, 2018, by and among the Company, Hunt and certain of their affiliates, pursuant to which, among other things, the Company agreed to issue and sell, and Hunt agreed to purchase and acquire, an aggregate of 250,000 shares of the Company's common shares in two private placement issuances at an average purchase price of $33.50 per share. The initial purchase of 125,000 common shares occurred on March 9, 2018 at a purchase price of $33.00 per share, generating $4,125,000 of proceeds for the Company. Today, Hunt purchased the remaining 125,000 common shares of its share purchase obligation at $34.00 per share, generating $4,250,000 of proceeds for the Company. In addition, with the completion of the second share purchase by Hunt, the Company approved the election of Mr. Hunt to the Board effective immediately. Mr. Hunt was previously nominated as an observer to the Board on January 8, 2018 in connection with the execution of the MTA.
Michael Falcone, MMA Capital's Chief Executive Officer stated, "Today represents another in the series of events set in motion in January where we sought to generate shareholder value through simplifying our balance sheet, reducing overhead, and increasing transparency, while preserving our net operating losses and our attractively priced long-term subordinate debt. With the second share purchase completed Hunt owns greater than 4% of the shares outstanding, creating significant alignment with the shareholders as we move forward in the coming years. In addition, we officially welcome Chris Hunt to full voting status with the Board, solidifying access to the breadth of investment and operational experience that he and the Hunt team bring to the Company."
About MMA Capital
MMA Capital primarily invests in debt associated with affordable housing and renewable energy. MMA Capital is externally managed and advised by Hunt Investment Management, LLC, an affiliate of Hunt Companies, Inc. For additional information about MMA Capital Management, LLC (NASDAQ: MMAC), please visit MMA Capital's website at www.mmacapitalmanagement.com. For additional information about Hunt Investment Management, LLC, please see its Form ADV and brochure (Part 2A of Form ADV) available at https://www.adviserinfo.sec.gov.
