RICHMOND, VA—Charles Brent Winn Jr., the Chief Financial Officer of Medalist Diversified REIT Inc. (NASDAQ:MDRR), recently acquired additional shares in the company. According to a recent SEC filing, Winn purchased 129 shares of common stock on November 19, 2024, at a price of $12.25 per share, amounting to a total transaction value of $1,580.
Following this transaction, Winn now directly owns 37,774 shares of Medalist Diversified REIT. This purchase reflects Winn's continued investment in the company, as he plays a key role in its financial management. Medalist Diversified REIT, a Maryland-based real estate investment trust, focuses on acquiring, owning, and managing commercial real estate properties.
"In other recent news, Medalist Diversified REIT has been the subject of several significant developments. The company's CEO, Francis P. Kavanaugh, has acquired 160,000 units of partnership interest from Medalist Diversified Holdings, L.P., in a private placement sale. The units, priced at $12.50 each, can be redeemed for cash or company's common stock, subject to stockholder approval.
In addition, the company has approved a reverse stock split of its outstanding common stock, with a ratio that could range from 1-for-10 to 1-for-100, as decided by the Board. This decision was strongly supported by stockholders, with 842,566 votes in favor.
Changes to the Board of Directors have also been reported, with A. Lee Finley appointed as a Class II director and David Lunin elected as a Class I director for a three-year term. Meanwhile, directors Timothy O’Brien and Charles S. Pearson (LON:PSON), Jr. have resigned, leading to a resizing of the Board to five directors and Francis Kavanaugh assuming the role of Chair.
Lastly, Cherry Bekaert (EBR:BEKB) LLP has been ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These are among the recent developments for Medalist Diversified REIT."
InvestingPro Insights
Charles Brent Winn Jr.'s recent purchase of Medalist Diversified REIT Inc. (NASDAQ:MDRR) shares comes at an interesting time for the company. According to InvestingPro data, MDRR's market capitalization stands at $16.71 million, positioning it as a niche player in the real estate industry. This aligns with one of the InvestingPro Tips, which highlights MDRR's role as a specialized entity in its sector.
The company's financial health presents a mixed picture. While MDRR's liquid assets exceed its short-term obligations, suggesting a degree of financial stability, the company has not been profitable over the last twelve months. This information is particularly relevant given Winn's position as CFO and his decision to increase his stake in the company.
InvestingPro Tips also indicate that analysts do not anticipate the company will be profitable this year, which adds context to Winn's purchase. Despite this, MDRR's stock has shown a positive trajectory, with a 20.6% price total return over the past year and a 19.45% return year-to-date.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for MDRR, providing a deeper understanding of the company's financial position and market performance.
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