Gyrodyne shareholders vote on company matters

ST. JAMES, NY – Gyrodyne, LLC, an operator of nonresidential buildings, held its 2024 annual meeting of shareholders on October 7, where a series of proposals were voted upon. The meeting saw a high turnout, with 88.24% of the eligible common stock represented.

At the meeting, shareholders elected Ronald J. Macklin as a director for a three-year term with 1,030,041 votes in favor and 325,673 withheld. A significant number of broker non-votes were recorded at 585,051.

The second proposal sought a non-binding advisory approval of the compensation of the company's named executive officers. This received 1,061,249 votes for, 283,493 against, and 10,972 abstentions, alongside the same number of broker non-votes as the first proposal.

The third and final proposal was the ratification of the engagement of Baker Tilly US, LLP as the independent public accounting firm for the fiscal year 2024. This proposal passed with substantial support, garnering 1,816,419 votes for, 119,241 against, and 5,105 abstentions.

The results of the annual meeting reflect the shareholders' perspectives on the company's governance and executive compensation practices. The re-election of a director and the approval of the accounting firm are part of the regular oversight and governance processes that publicly traded companies like Gyrodyne, which trades under the symbol NASDAQ:GYRO, undergo on an annual basis.

This information is based on a press release statement from Gyrodyne, LLC filed with the SEC on October 11, 2024.

In other recent news, Gyrodyne provided a pro forma reconciliation to net asset value in the filing. This measure, which estimates a company's net value after accounting for liabilities, could offer shareholders and potential investors a clearer understanding of Gyrodyne's financial health.

These recent developments underscore Gyrodyne's ongoing operations and its strategic direction, providing valuable information for those interested in the company's affairs.

InvestingPro Insights

As Gyrodyne, LLC navigates its governance processes, InvestingPro data offers additional context for investors. The company's market capitalization stands at a modest $17.04 million, reflecting its small-cap status. Gyrodyne's stock is currently trading at $7.75, which is 73.25% of its 52-week high, aligning with an InvestingPro Tip that the stock is trading near its 52-week low. This could be of interest to value investors looking for potential entry points.

The company's financial health presents some challenges, as indicated by InvestingPro Tips. Gyrodyne suffers from weak gross profit margins and does not pay a dividend to shareholders, which may concern income-focused investors. The valuation also implies a poor free cash flow yield, suggesting potential difficulties in generating cash relative to its market value.

For a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into Gyrodyne's financial position and market performance. Investors interested in a fuller picture can explore these additional data points on the InvestingPro platform.

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