BALTIMORE, Oct. 4, 2018 /PRNewswire/ -- On Friday, September 28, 2018, MMA Capital Management, LLC (NASDAQ: MMAC) ("MMA Capital" or "the Company") announced that it will hold a special investor meeting on Tuesday, November 20, 2018, at 1:00 p.m. EDT for shareholders of record as of September 24, 2018. The purpose of the special meeting will be to allow shareholders to vote on whether to convert the Company to a Delaware corporation for legal purposes. Further details can be found in the Definitive Proxy Form 14A as filed with the Securities and Exchange Commission on Friday, September 28, 2018.
Michael Falcone, MMA Capital's Chief Executive Officer stated, "Consistent with our continued efforts to increase shareholder value, the Board of Directors has determined that it is in the best interest of shareholders to convert from a Delaware limited liability company to a Delaware corporation for legal purposes, which we believe will enhance the value of the Company's stock. The primary reason for the proposed change is to enable certain institutional investors, including funds that track certain market indices, to invest in the Company that are currently prohibited from investing in companies organized as a limited liability company. If the proposal is approved, we anticipate that the Company will be eligible for inclusion in certain indices upon their next reconstitution measurements sometime in 2019, subject to meeting the qualification requirements of any individual index. The proposal will have no impact on the Company's tax treatment as we elected to be taxed as a corporation and eliminated our pass-through of income back in 2013, nor will it impact our governance since we have always had a corporate style of governance. The Company fully supports voting in favor of the proposal and encourages shareholders to vote at their earliest convenience."
MMA Capital primarily invests in debt associated with real estate and infrastructure. 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.
Cautionary Statement Regarding Forward-Looking Statements
This Release contains forward-looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or are made in connection with discussions of future operating or financial performance.
Forward-looking statements reflect our management's expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. These factors include changes in market conditions that affect the willingness of potential investors or lenders to provide us with debt or equity, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash that we may need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we have made, changes in interest rates that affect our cost of funds, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we own, and changes in tax laws or other things beyond our control that affect the tax benefits available to us and our investors. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this Release.
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION. SERVICE.
SOURCE MMA Capital Management, LLC