Quarterly report pursuant to Section 13 or 15(d)

Common Stock And Redeemable 5% Cumulative Preferred Stock

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Common Stock And Redeemable 5% Cumulative Preferred Stock
6 Months Ended
Jun. 30, 2018
Common Stock And Redeemable 5% Cumulative Preferred Stock [Abstract]  
Common Stock And Redeemable 5% Cumulative Preferred Stock

12.    Common Stock and Redeemable 5% Cumulative Preferred Stock



In April 2018, BBX Capital completed a cash tender offer pursuant to which it purchased and retired 6,486,486 shares of its Class A Common Stock at a purchase price of $9.25 per share for an aggregate purchase price of approximately $60.1 million inclusive of acquisition costs. As of April 19, 2018, the shares purchased in the tender offer represented approximately 7.6% of the total number of outstanding shares of BBX Capital’s Class A Common Stock and 6.3% of BBX Capital’s total issued and outstanding equity (which includes the issued and outstanding shares of BBX Capital’s Class B Common Stock).    



As of December 31, 2017, the Company had outstanding 15,000 shares of 5% Cumulative Preferred Stock with a stated value of $1,000 per share. During December 2013, the Company made a $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. The loan was secured by 5,000 shares of the 5% Cumulative Preferred Stock, had a term of five years, accrued interest at a rate of 5% per annum, and provided for payments of interest on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity in December 2018.



On March 31, 2018, the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $5.0 million loan to the holders of the 5% Cumulative Preferred Stock.



As of June 30, 2018, the Company had outstanding 10,000 shares of 5% Cumulative Preferred Stock.