Frank Kavanaugh, Chairman, CEO, and President of Medalist Diversified REIT, Inc. (NASDAQ:), just lately acquired a major quantity of the corporate’s inventory, in response to a submitting with the Securities and Change Fee. On November 15, Kavanaugh bought 20,917 shares of widespread inventory at a weighted common value of $12.285 per share, amounting to a complete transaction worth of $256,965. The shares have been purchased in a number of transactions at costs starting from $12.27 to $12.30. Following this acquisition, Kavanaugh now holds 228,500 shares straight.
In different current information, Medalist Diversified REIT, Inc. has reported important developments in its operations and administration. The corporate’s CEO, Francis P. Kavanaugh, has acquired 160,000 items of partnership curiosity from Medalist Diversified Holdings, L.P. by way of a non-public placement sale, which is topic to approval from the vast majority of the corporate’s stockholders for redemption into widespread inventory.
Moreover, the corporate has introduced key selections from its annual stockholders assembly, together with the approval of a reverse inventory break up of its excellent widespread inventory at a ratio decided by the Board. This proposal acquired an amazing majority of votes in favor, indicating robust assist from shareholders.
Adjustments to the corporate’s Board of Administrators have additionally been applied, with A. Lee Finley appointed as a Class II director and the resignation of administrators Timothy O’Brien and Charles S. Pearson (LON:), Jr. This resulted in a resizing of the Board to 5 administrators and Francis Kavanaugh assuming the function of Chair of the Board.
David Lunin was elected as a Class I director for a three-year time period and Cherry Bekaert (EBR:) LLP was ratified as the corporate’s impartial registered public accounting agency for the fiscal yr ending December 31, 2024. The frequency of future advisory votes on government compensation was additionally accredited to happen yearly. These are the most recent developments for Medalist Diversified REIT, Inc.
InvestingPro Insights
Frank Kavanaugh’s current buy of Medalist Diversified REIT, Inc. (NASDAQ:MDRR) shares aligns with a number of fascinating metrics and insights from InvestingPro. The corporate’s market capitalization stands at $16.57 million, reflecting its place as a distinct segment participant in the actual property trade. That is additional supported by an InvestingPro Tip indicating that MDRR is certainly a “area of interest participant within the trade.”
Regardless of the CEO’s confidence demonstrated by his substantial inventory buy, InvestingPro knowledge reveals that MDRR’s income for the final twelve months as of Q3 2023 was $9.92 million, with a income development of -3.87% over the identical interval. This decline in income is according to one other InvestingPro Tip suggesting that “analysts don’t anticipate the corporate will likely be worthwhile this yr.”
On a constructive word, MDRR’s gross revenue margin for the final twelve months as of Q3 2023 stands at a powerful 77.19%, indicating environment friendly value administration. Moreover, an InvestingPro Tip highlights that “liquid belongings exceed brief time period obligations,” which may very well be a think about Kavanaugh’s determination to extend his stake within the firm.
It is value noting that MDRR’s inventory value has proven some resilience, with a 1-year value complete return of 20.01% as of the most recent knowledge. Nonetheless, buyers needs to be conscious that in response to one other InvestingPro Tip, the “value has carried out poorly during the last decade.”
For readers eager about a extra complete evaluation, InvestingPro affords 8 further suggestions for MDRR, offering a deeper understanding of the corporate’s monetary well being and market place.
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