Charter Municipal Mortgage Acceptance Company Increases First Quarter Dividend Per Share For 2003.Business Editors NEW YORK--(BUSINESS WIRE)--March 14, 2003 The Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of Charter Municipal Mortgage Acceptance Company ("CharterMac" or the "Company") (AMEX AMEX See: American Stock Exchange :CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) has declared a dividend of $0.325 per share for the first quarter of 2003, payable on May 15, 2003, to shareholders of record as of March 31, 2003. The 1.6% increase in per share dividend distribution represents CharterMac's ninth distribution increase since the Company's initial listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. in October 1997. CharterMac's present quarterly dividend on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis is $1.30 per share, representing a 7.5% dividend yield on the $17.43 per share closing price on March 13, 2003. Assuming the Company's income during the year is approximately 96% exempt from Federal income tax, and assuming a shareholder is in the 38.6% tax bracket Tax Bracket The rate at which an individual is taxed due to a particular income level. Notes: Each income class is taxed at a different level. Generally, the more you make the more you are taxed. , the taxable equivalent yield Taxable equivalent yield The return from a higher-paying but taxable investment that would equal the return from a tax-free investment. This depends on the investor's tax bracket. would be approximately 12.0%. CharterMac also reported that the Board of Trustees of CharterMac Equity Issuer Trust, a wholly-owned subsidiary of CharterMac, has declared a dividend of $33,125 per share on its 6 5/8% Series A Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but Shares ("Series A Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. "). The liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy amount per share for the Series A Preferred Shares is $2,000,000, and there are 45 shares outstanding. The dividend, which represents the payment for the quarter ended March 31, 2003, will be paid on April 30, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $8,875 per share and $9,500 per share on its 7.10% Series A-1 Cumulative Preferred Shares ("Series A-1 Preferred Shares") and 7.60% Series B Subordinate Cumulative Preferred Shares ("Series B Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-1 Preferred Shares and the Series B Subordinate Preferred Shares is $500,000, and there are 48 shares and 110 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended March 31, 2003, will be paid on April 30, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $7,875 per share and $8,500 per share on its 6.30% Series A-2 Cumulative Preferred Shares ("Series A-2 Preferred Shares") and 6.80% Series B-1 Subordinate Cumulative Preferred Shares ("Series B-1 Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-2 Preferred Shares and the Series B-1 Subordinate Preferred Shares is $500,000, and there are 62 shares and 37 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended March 31, 2003, will be paid on April 30, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $8,500 per share and $9,000 per share on its 6.80% Series A-3 Cumulative Preferred Shares ("Series A-3 Preferred Shares") and 7.20% Series B-2 Subordinate Cumulative Preferred Shares ("Series B-2 Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-3 Preferred Shares and the Series B-2 Subordinate Preferred Shares is $500,000, and there are 60 shares and 50 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended March 31, 2003, will be paid on April 30, 2003. Annual Meeting CharterMac also announced today that it anticipates that it will hold a combined Annual Meeting and special meeting at which shareholders will vote on both the election of trustees whose terms will expire this year and CharterMac's proposed acquisition of Related Capital Company. The record date and meeting date for the combined meeting will be announced and scheduled upon completion of regulatory review of the proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. describing the proposed acquisition, which was filed with the SEC on February 28, 2003. Depending upon the timing of regulatory review, the combined meeting may occur after June, which is the month in which CharterMac has historically held its Annual Meeting. About the Company CharterMac is one of the nation's leading full-service multifamily finance companies, providing capital solutions to developers and owners of multifamily rental housing throughout the country. CharterMac's current revenue bond portfolio includes direct and indirect interests in revenue bonds secured by approximately 35,000 units of multifamily housing properties in 25 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Shareholder Services Department directly at (800) 831-4826. Certain statements in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. CharterMac expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in CharterMac's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. With respect to the proposed transaction described above under the heading "Annual Meeting", you should review the risk factors contained in CharterMac's public filings and in the proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other that will be filed and distributed to shareholders in connection with the approval of the proposed acquisition for a discussion of the risks related to the proposed acquisition and the ownership of CharterMac's common shares. Important additional information will be filed with the SEC CharterMac will be filing with the SEC and mailing to shareholders a proxy statement in connection with the proposed transaction described above under the heading "Annual Meeting". Investors and security holders are urged to read the proxy statement because it will contain important information. The proxy statement and other documents filed by CharterMac with the SEC may be obtained when they become available free of charge at the SEC's website (http://www.sec.gov), or from CharterMac by contacting the Shareholder Services Department directly at (800) 831-4826. CharterMac, and its trustees and officers, and Related Capital Company, and its principals and officers, may be deemed to be "participants" in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of proxies from CharterMac shareholders in connection with the acquisition. These potential participants have interests in the acquisition, some of which could differ from those of CharterMac's shareholders generally. Information about the executive trustees and officers of CharterMac and Related Capital Company, including such individuals' ownership of CharterMac, is contained in CharterMac's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, and in the proxy statement for CharterMac's 2002 Annual Meeting of shareholders, each of which is available at the SEC website listed above. Investors and security holders may obtain additional information regarding the interests of such potential participants by reading the proxy statement. |
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