Malaga Financial Corporation (OTCBB:MLGF) today reported that, through February 28, 2011, it had repurchased 11,859 shares of its Common Stock for a total of $209,481.27.
The stock repurchase program commenced in January 2011. Malaga’s Board of Directors adopted the program because of the limited trading in Malaga Common Stock, which can result in a substantial disparity between the bid and ask prices of Malaga Common Stock. This, in turn, can make it difficult for Malaga shareholders to sell their Common Stock in the market, particularly without disruption to the market price or for the full value of their shares.
The program permits Malaga to spend an additional $578,000 to repurchase shares from its shareholders. Shareholders wishing further information about the program should contact Alison Warren, Administrative Officer of Malaga, at (310) 375-9000.