RICHMOND, Va.—Benjamin Ore, the Controller at Medalist Diversified REIT, Inc. (NASDAQ:MDRR), recently purchased 1,000 shares of the company's common stock. The transaction, which took place on November 25, 2024, was executed at a price of $12.31 per share, totaling $12,310. Following this acquisition, Ore's direct ownership in the company increased to 4,500 shares. Medalist Diversified REIT is a real estate investment trust based in Richmond, Virginia.
In other recent news, Medalist Diversified REIT, Inc. has made significant strides in its internal operations. The company's CEO, Francis P. Kavanaugh, has acquired 160,000 units of partnership interest through a private placement sale, with the units priced at $12.50 each. The agreement restricts Mr. Kavanaugh from redeeming the units for common stock unless approved by a majority of the company's stockholders.
In addition, Medalist Diversified REIT has approved a reverse stock split of its outstanding common stock, with the ratio ranging from 1-for-10 to 1-for-100, as decided by the Board. This decision was backed by a strong majority of 842,566 votes in favor.
The company also saw changes in its Board of Directors, with A. Lee Finley appointed as a Class II director, and the resignations of directors Timothy O’Brien and Charles S. Pearson (LON:PSON), Jr. This led to the Board resizing to five directors and Francis Kavanaugh assuming the role of Chair of the Board.
David Lunin was elected as a Class I director for a three-year term, and Cherry Bekaert (EBR:BEKB) LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These recent developments reflect the ongoing evolution within Medalist Diversified REIT.
InvestingPro Insights
Benjamin Ore's recent purchase of Medalist Diversified REIT (NASDAQ:MDRR) shares aligns with some interesting financial metrics and insights from InvestingPro. The company's stock, priced at $12.31 at the time of Ore's transaction, has shown resilience with a 21.7% total return over the past year, outperforming its longer-term trends.
InvestingPro data reveals that MDRR has a market capitalization of $13.76 million, positioning it as a niche player in the real estate investment trust sector. The company's price-to-book ratio of 1.1 suggests that the stock is trading close to its book value, which could be attractive to value-oriented investors.
One of the InvestingPro Tips highlights that MDRR has a perfect Piotroski Score of 9, indicating strong financial health across various metrics. This could be a factor in Ore's decision to increase his stake in the company. Additionally, the company's liquid assets exceed its short-term obligations, providing a measure of financial stability.
It's worth noting that while the company has faced some challenges, including a 3.87% revenue decline in the last twelve months, it maintains a robust gross profit margin of 77.19%. This demonstrates MDRR's ability to manage costs effectively despite revenue pressures.
Investors considering MDRR might be interested to know that InvestingPro offers 8 additional tips for this stock, providing a more comprehensive analysis for those looking to delve deeper into the company's prospects.
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