CharterMac to Activate Share Repurchase Plan.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CharterMac (the "Company") (NYSE NYSE See: New York 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) ) today announced that it plans to repurchase its common shares under its previously adopted share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and (the "Plan"), which enables the Company to repurchase, from time to time, up to 1,500,000 common shares. The repurchases will be made in the open market and the timing will be dependant on the availability of shares and other market conditions. Based upon the Company's prior repurchases, there are 1,491,600 common shares available for repurchase under the Plan. "In light of the decline in our share price, we believe that CharterMac is trading at a significant discount," said Marc D. Schnitzer, Chief Executive Officer and President of CharterMac. "Our Company continues to perform well and we continue to have adequate coverage of our dividend. As long as we believe that our common shares are trading at a discount, we intend to repurchase some shares. While there is no timetable for the repurchases, we believe that repurchasing shares at the current price will enable us to provide additional value to our shareholders." About the Company CharterMac, through its subsidiaries, is one of the nation's leading full-service real estate finance companies, with a strong core focus on the multifamily industry. CharterMac offers capital solutions to developers and owners of multifamily rental housing throughout the country and quality investment products to institutional and retail investors. For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Investor Relations Investor relations The process by which the corporation communicates with its investors. Department directly at 800-831-4826. Certain statements in this document may constitute forward-looking statements 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. These risks and uncertainties are detailed in CharterMac's most recent Annual Report on 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. and in its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this document. 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. |
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