|Over a month ago|
BBX Capital announces record date for proposed spin-off of BBX Capital Florida » 06:0309/1109/11/20
BBX Capital announced…
BBX Capital announced that its Board of Directors has set a record date of September 22 for determining shareholders entitled to receive the distribution of shares in connection with the company's proposed spin-off of its subsidiary, BBX Capital Florida. If the spin-off is completed, the company's shareholders will continue to own their shares of the company's Common Stock and will also receive one share of New BBX Capital's Class A Common Stock for each share of the company's Class A Common Stock held as of the close of business on September 22, 2020 and one share of New BBX Capital's Class B Common Stock for each share of the company's Class B Common Stock held as of the close of business on September 22, in each case, subject to any trading of the company's shares between the record date and distribution date with an entitlement to shares of New BBX Capital. The company currently anticipates that the distribution of New BBX Capital's shares will occur on September 30. Information regarding any change in the distribution date for the spin-off will be disclosed in a subsequent press release by the company. Trading of New BBX Capital's Class A Common Stock and Class B Common Stock will commence on the OTCQX upon approval and announcement by FINRA of the commencement of trading on the date established by FINRA. There is no assurance when trading of New BBX Capital's Class A Common Stock and Class B Common Stock will begin. The company will provide a subsequent press release with updated information regarding the trading of New BBX Capital's Class A Common Stock and Class B Common Stock following the company's receipt of such information from FINRA.
|Over a quarter ago|
Bluegreen Vacations declares special cash dividend of $1.19 per share » 10:4807/2307/23/20
Bluegreen Vacations (BXG)…
Bluegreen Vacations (BXG) announced that its board declared a special cash dividend on its common stock of $1.19 per share. The dividend is payable August 21, to shareholders of record as of the close of trading on August 6. In connection with the special dividend, the Company obtained an undertaking from BBX Capital (BBX), which owns approximately 93% of Bluegreen Vacations, to utilize the proceeds of the special dividend to repay BBX Capital's outstanding $80M debt owed to the company.
BBX Capital rises -5.1% » 09:4707/2307/23/20
BBX Capital is up -5.1%,…
BBX Capital is up -5.1%, or -72c to $13.33.
BBX Capital announces Bluegreen Vacations update » 09:3206/2206/22/20
BBX Capital (BBX)…
BBX Capital (BBX) announced that Bluegreen Vacations (BXG), which is approximately 93% owned by BBX Capital, issued the following press release. Bluegreen Vacations provided an update on its business operations. As of June 15, 65 of the Company's 68 resorts were welcoming guests and the Company expects average occupancies for June 1 through July 31 to be approximately 69% at all resorts and 65% at resorts with on-site sales offices. Further, as of June 15, the company had commenced sales to Bluegreen Vacations' existing owners at 20 of its 26 sales offices and had commenced sales to new customers at one sales office. The company currently anticipates it will commence sales to new owners at additional sales offices on or about July 1. In addition, the company has restarted the marketing of vacation packages at 28 Bass Pro and Cabela's locations and reactivated its call transfer marketing program with Choice Hotels. The company currently anticipates that it will have reopened at least 70 Bass Pro and Cabela's locations by July 31 and the remaining during Q3. The company said, "While there is no assurance that the trend will continue, the performance of our retail marketing of our vacation packages in the locations we have opened and our VOI sales at the sales offices reopened to date have exceeded its expectations. The Company expects such reopening efforts for the remaining resorts and sales and marketing operations to continue over the next several weeks as more jurisdictions lift or ease these restrictions and allow businesses to return to operation, subject to complying with certain mandatory precautionary measures to address the pandemic. However, any reopening activities of the Company's may be delayed or interrupted depending on federal, state, and local government orders or recommendations or based on assessments of the state of the COVID-19 pandemic or any other business interruptions." In addition, as of May 31, the company had $246M of unrestricted cash and only $21 million of debt maturities due thru March 31, 2021.
BBX Capital adopts rights plan, approves reverse stock split » 16:3406/1706/17/20
The company's board…
The company's board adopted the rights plan in light of the COVID-19 pandemic, the significant market volatility and uncertainties associated with the pandemic, and the impact on the company and the market price of its Class A Common Stock and Class B Common Stock. In an effort to protect against investors seeking short-term gains by taking advantage of current market conditions at the expense of the company and its long-term investors, the board determined that adopting the rights plan was in the best interest of the company and its shareholders. The rights plan is similar to plans recently adopted by other public companies in light of the current environment. In addition to its adoption of the rights plan, the company also announced that its board has approved a one-for-five reverse split of the company's Class A Common Stock and Class B Common Stock. The Board made such determination in light of, among other factors, the impact of the COVID-19 pandemic on the company and the market price of its Class A common stock.
BBX Capital reports Q1 EPS 0c, consensus (1c) » 06:0705/1205/12/20
Reports Q1 revenue…
Reports Q1 revenue $156.9M, consensus $204.47M.
BBX Capital trading resumes 12:1804/2204/22/20
BBX Capital suspends regular quarterly cash dividends » 12:0104/2204/22/20
BBX Capital Corporation…
BBX Capital Corporation announced today that the company's Board of Directors has determined to suspend the company's regular quarterly cash dividends on its Class A and Class B Common Stock citing the impact of the COVID-19 pandemic.
BBX Capital trading halted, news pending 11:5004/2204/22/20
BBX Capital provides update and announces workforce reduction in subsidiary » 06:0503/3103/31/20
BBX Capital (BBX)…
BBX Capital (BBX) provided information on the impact of the COVID-19 pandemic on certain of its businesses and certain actions that have been taken in response to the pandemic. While BBX Capital and its subsidiaries have each been impacted by the COVID-19 pandemic, Bluegreen Vacations (BXG) IT'SUGAR have to date been most significantly impacted by the pandemic. As recently announced by Bluegreen, as a result of the pandemic, including current and anticipated travel restrictions and restrictions on business operations. In addition, several of Bluegreen's resorts have been or are expected to be closed based on various governmental mandates and advisories. Although Bluegreen started the year off strong, with system-side sales of vacation ownership interests up 16.5% through February 29, Bluegreen has since experienced significant declines in occupancy, sales tours, and system-side sales of VOIs due to the COVID-19 pandemic. As a result, in addition to the aforementioned actions, Bluegreen has taken a number of additional actions, including a reduction in workforce, temporary furloughs, and reduced work hours. As a precautionary measure aimed towards ensuring adequate liquidity for a sustained period, Bluegreen drew down $60.0M under its $125.0M revolving credit facility on March 19, 2020 and pledged/sold receivables under its various receivable-backed debt/purchase facilities to increase its cash position, bringing Bluegreen's unrestricted cash balance as of March 30 to approximately $240M. In addition, Bluegreen has only $20.3M of debt maturities due during 2020. As of March 30 BBX Capital, excluding its subsidiaries, had unrestricted cash and cash equivalents of approximately $140M.