9.70% Shareholder Frank Kavanaugh Addresses Concerns Raised by Jon S. Wheeler and Calls for Augmentation of Independent Board Members at Medalist Diversified REIT, Inc.
Medalist Diversified REIT, Inc. (MDRR)
Company Research
Source: PR Newswire
NEWPORT BEACH, Calif., May 10, 2023 /PRNewswire/ -- The following press release is distributed on behalf of Frank Kavanaugh, who owns 9.70% of Medalist Diversified REIT's (NASDAQ: MDRR), outstanding shares and supports the company's management and board -- In response to a press release from Jon S. Wheeler, 9.70% shareholder Frank Kavanaugh acknowledges the concerns raised by Wheeler and other shareholders in Medalist Diversified REIT, Inc. (NASDAQ: MDRR). These concerns stem from the company's net losses totaling over $9,000,000 in 2021 and 2022, the impairment of the Hampton Inn Property resulting in a loss of $3,494,058, the $6,885,029 compensation paid to its management team since its inception, and an additional $3,500,000 in termination & transaction fees voted in by Independent Directors who are pushing the company to sale instead of looking to enhance the position of the shareholders.He appreciates the efforts of the "Special Committee" and believes reconsideration of the curr
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MDRR
Sec Filings
- 4/8/24 - Form 8-K
- 3/29/24 - Form 8-K/A
- 3/28/24 - Form 8-K/A
- MDRR's page on the SEC website