Thursday, April 27, 2017

Alan B. Levan, Chairman and CEO of BBX Capital Corporation, Comments on the Completed Merger of BFC Financial Corporation and BBX Capital, The Name Change and Listing on the OTCQX

SOURCE: BBX Capital Corporation

BFC Financial Corporation ("BFC") and BBX Capital Corporation ("BBX Capital") announced on December 15, 2016 that the companies' previously announced merger had been completed. On February 2, 2017, BFC announced that it had changed its name to BBX Capital Corporation and, beginning February 3, 2017, our stock commenced trading on the OTCQX® Best Market under the new ticker symbol "BBXT".

Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital Corporation, commented, "In summary, the anticipated benefits of the merger were to consolidate and streamline the combined companies and simplify our corporate structure as one company rather than two with overlapping assets, unlocking the visibility and potential valuation of Bluegreen Vacations® to a single owner, increase liquidity for shareholders of the combined company by providing the clarity of one name and one ticker, and to concentrate Investor Relations to a single company.

From December 15, 2016 through February 21, 2017, the trading price of our Class A Common Stock increased 62%, from $3.95 to $6.40, hit new 52 week highs 21 days out of the 43 trading days, and the average 30 Day trading volume rose approximately 100%, from 109,752 to 217,584 shares.
"We are pleased that the early response to our activities has been so positive and we will be providing more information about BBX Capital's activities and performance during 2016 in the upcoming Report on Form 10-K, investor road tours and conferences," Levan concluded.

About BBX Capital Corporation:
BBX Capital Corporation (OTCQX: BBXT) (OTCQX: BBXTB), formerly BFC Financial Corporation, is a holding company whose principal activities are its ownership of Bluegreen Corporation and, through its Real Estate and Middle Markets Divisions, the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects and middle market operating businesses.

Bluegreen, founded in 1966 and headquartered in Boca Raton, Florida, is a sales, marketing and resort management company, focused on the vacation ownership industry. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 200,000 owners, 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties.


No comments:

Post a Comment