BBX CAPITAL, INC. : Change of directors or key officers, other events, financial statements and exhibits (Form 8-K)


Item 5.02 Departure of directors or certain officers; Election of directors; Appointment of certain officers; Compensatory provisions of certain agents.

At September 21, 2021, the board of directors of BBX Capital, Inc. (the “Company”) appointed Marcia barry smith to the Board of Directors of the Company. Since 2012, Ms. Barry-Smith was President and CEO of MBS Consulting Services. Before joining MBX Consulting Services, Ms. Barry Smith has worked in the banking industry for over 30 years, including as Senior Vice President and ARC Agent of BankAtlantic and Senior Vice President of Federal Citizens Bank.

In consideration for his services on the Board of Directors of the Company, Ms. Barry Smith will receive the Company’s standard compensation for non-employee directors, which is currently an annual cash compensation of $ 100,000.

There is no arrangement or understanding between Ms. Barry Smith and the Company or any other person under which she has been appointed director.

The Board of Directors of the Company has approved an increase in the size of the board from eleven directors to twelve directors as part of the appointment of Ms. Barry Smith to the blackboard.

Item 8.01 Other Events.

Increase in the share buyback program

At September 21, 2021, the Board of Directors of the Company approved an increase in the Company’s existing share buyback program by $ 10 million of Class A and Class B ordinary shares of the Company at $ 20 million of the Company’s class A and class B ordinary shares. Taking into account this increase and the previous buybacks carried out by the Company as part of the share buyback program, approximately $ 11.7 million Class A ordinary shares and Class B ordinary shares of the Company remain available for repurchase by the Company under the program. The timing, price and number of Shares that may be redeemed under the Program in the future will be based on market conditions, applicable securities laws and other factors. Share repurchases may be made from time to time through solicited or unsolicited open market transactions, or through privately traded transactions. The share buyback program does not oblige the Company to buy back a specific number of shares and may be suspended, modified or terminated at any time without notice. A copy of the Company’s press release announcing the increase in the Company’s share buyback program is attached as Exhibit 99.1 hereof.

Recapitalization of Altis Grand Central

In September 2021, BBX Capital Real Estate LLC (“BBXRE”) Altis Grand Central joint venture, which owns Altis Grand Central, a 314-unit multi-family apartment community located in Tampa, Florida, has been recapitalized. As part of the recapitalization, BBXRE received a cash distribution of approximately $ 7.7 million of the joint venture, and BBXRE’s interest in the joint venture was reduced from approximately 11% to 1%. From June 30, 2021, the carrying amount of BBXRE’s interest in the joint venture was $ 2.1 million. BBXRE is a wholly owned subsidiary of the Company.

Article 9.01. Financial statements and supporting documents.

d) Exhibit.

                     99.1     Press Release dated September 21, 2021


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