MuniMae Announces Investor Update Call

BALTIMORE, Sept. 26, 2013 /PRNewswire/ -- As previously announced, Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae", "the Company," "we", or "our") filed a Form 8-K with the Securities and Exchange Commission ("SEC") on September 19, 2013 disclosing two orders (the "Orders") issued by the SEC on September 18, 2013 regarding the registration and trading of the Company's common shares.  In addition, the Company issued a press release on September 21, 2013 that provided a discussion of the SEC Orders.  The purpose of this press release is to provide an update on the recent SEC developments and to announce a conference call to be held on Tuesday, October 1, 2013.

Under the Order Instituting Administrative Proceedings, the SEC commenced an administrative proceeding to determine whether to suspend or revoke the registration of the Company's common shares under Section 12(g) of the Securities Exchange Act of 1934.  The Company continues to work toward a favorable resolution of the Order Instituting Administrative Proceedings and expects to provide additional updates to shareholders as warranted.

Pursuant to the Order of Suspension of Trading, the suspension of trading expires on October 1, 2013 at 11:59 p.m. EDT.  Once trading is permitted to resume, the Company expects initial trading to be at a lower volume and at higher bid/ask spreads relative to historical experience.  These conditions could persist until enough broker-dealers have entered the market on behalf of clients and pre-suspension market-making activities resume at more traditional levels.  We believe that trading will return to normal over the next month, but there can be no assurances in this regard. 

Upon the resumption of trading on October 2, 2013 the Company will continue to purchase shares through its existing 10b5-1 Plan ("Buyback Plan").  Our Buyback Plan allows the Company to purchase shares at the most recent market price, not to exceed our common equity value per share as of our most recently completed quarter for which we have publicly disclosed our financial results, which currently is $1.53 per share.    On September 26, 2013, we amended our Buyback Plan as follows: 1) the aggregate total number of shares authorized to be repurchased was increased from 4,000,000 to 5,000,000 shares; and 2) beginning on Wednesday, October 9, 2013, and for each Wednesday thereafter for the duration of the Buyback Plan, our purchasing agent will be authorized to execute a block trade of no fewer than 100,000 shares at the then current market price, in lieu of the daily purchase and volume limitations under Rule 10b-18.

We do not expect the SEC Orders or the interruption of trading to have a significant impact on the Company's financial condition.  There can, of course, be no assurances as to what the resolution of the current SEC proceedings will be, but given the cash position of the Company, the current actions should have limited impact on our near-term financial health and neither the institution of the proceedings nor the suspension of trading violates any existing debt covenants.

Please refer to our Form 10-Q for the period ended June 30, 2013 and the related earnings call information included in the August 15, 2013 press release for our most recent financial information. 

The Company will host a conference call on Tuesday, October 1, 2013 at 10:00 a.m.  The purpose of the call will be to provide further updates on the SEC proceedings to the extent available and to describe the process of how we expect trading will resume on Wednesday, October 2, 2013.  Participants on the conference call will have the opportunity to ask questions of management.

The conference call will be webcast.  All interested parties are welcome to join the live webcast, which can be accessed through the Company's website at www.munimae.com, under Investor Relations. Participants may also join the conference call by dialing toll free 1-800-860-2442, 1-866-605-3852 for Canadian participants or 1-412-858-4600 for international participants.

An archived replay of the event will be available one hour after the event through 9:00 a.m. on  October 9, 2013, toll free at 1-877-344-7529, or 1-412-317-0088 for international participants (Passcode: 10034514). The conference call transcript will also be archived on our website.

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, changes in tax laws or other things beyond our control that affect the tax benefits available to us and our investors, and the outcome of certain legal proceedings, including the matters addressed in the Orders. 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.

MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
www.MuniMae.com

SOURCE Municipal Mortgage & Equity, LLC



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