Lester Brafman, Chief Executive Officer of IFMI, said, "We are pleased with the performance of our US Capital Markets business in the first quarter, and remain focused on the execution of our strategic initiatives, including growing our mortgage and SBA groups.
On March 21, 2016, pursuant to IFMI's previously announced repurchase program, IFMI (i) repurchased 650,000 shares of its common stock from an unrelated third-party in a privately negotiated transaction for an aggregate purchase price of $0.8 million, which represented a per share price of $1.25, and (ii) repurchased an aggregate of 1,044,000 shares of its common stock from an investment manager representing certain stockholders that are unrelated to IFMI in a separate privately negotiated transaction for an aggregate purchase price of $1.3 million,
IFMI repurchased all of these shares of its common stock using cash on hand.
Cohen, who serves as president and CEO of IFMI's European business and is also IFMI board vice-chairman.
IFMI's special committee was advised by Houlihan Lokey Inc, Jones Day and Venable LLP.
Brafman, who has served as president of IFMI since June 2013, succeeds Daniel G.
Financial Llc immediately after IFMI's 2013 annual meeting of stockholders, scheduled for September 24, 2013.
Since July 2003, when the first MFI working with the USAID began operation, some 200,000 loans worth more than $370.7 million have been made (IFMI, 2009).
have made a real difference in the lives of dozens of women, myself included." (IFMI, 2009).
Lester Brafman, Chief Executive Officer of IFMI
, said, "During the fourth quarter, some of the recent success in our US Capital Markets business was offset by the underperformance of certain principal investments as the sell-off in the equity and credit markets had a negative impact on our CLO portfolio.