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InnSuites Hospitality Trust (NYSE-American:IHT), a real estate investment trust specializing in hotel properties, held its 2024 Annual Meeting of Shareholders on Wednesday, August 14, 2024. During the meeting, several key decisions were made, as disclosed in the company's recent 8-K filing with the Securities and Exchange Commission.
Shareholders voted on the election of trustees, the ratification of the company's independent registered public accountants, and the approval of limited personal liability for the trust's trustees and officers. A total of 7,505,754 shares were present in person or by proxy, which constituted a quorum.
In the election of trustees, Marc E. Berg received 7,133,931 votes in favor, 50,319 against, and there were 321,664 abstentions. Michael G. Marchi received 7,170,276 votes for, 11,224 against, and 324,524 abstentions. The ratification of the BCRG Group as the independent registered public accountants for InnSuites Hospitality Trust passed with 7,481,077 votes in favor, 13,899 against, and 10,778 abstentions.
Furthermore, the shareholders approved a proposal to limit the personal liability of trustees and officers of InnSuites Hospitality Trust, with 6,715,851 votes for, 390,321 against, and 399,582 abstentions. This measure affects all trustees and officers for current and previous years. The trustee nominees for the 2025 Annual Shareholder Meeting will be James F. Wirth and Leslie T. Kutasi.
Additionally, the Board of Trustees announced a semi-annual dividend of $0.01 per share, which was paid on July 31, 2023, to shareholders of record as of July 17, 2024. This dividend continues a 54-year tradition of annual dividends. According to the press release statement, the operations of InnSuites hotels remain strong.
In other recent news, InnSuites Hospitality Trust has declared a semi-annual dividend of $0.01 per share, maintaining a 54-year streak of uninterrupted annual dividends. The payment is scheduled for July 31, 2024, for shareholders registered as of July 17, 2024. This announcement follows the unexpected demise of long-serving trustee Jessie Ronnie Chase.
In addition to the dividend news, InnSuites confirmed its 2024 Annual Meeting of Shareholders, to be held at its Phoenix corporate offices. Shareholders recorded as of July 5, 2024, are qualified to participate in the meeting, which includes the election of trustee nominees Marc E. Berg and Michael G. Marchi, the latter temporarily serving following Mr. Chase's departure.
Despite the loss of Mr. Chase, the company's hotel operations remain strong. The outcome of the shareholder vote will be revealed in an 8-K filing soon after the meeting. These are among the recent developments at InnSuites Hospitality Trust.
InvestingPro Insights
In light of InnSuites Hospitality Trust's recent shareholder meeting and their commitment to maintaining a tradition of annual dividends, it's worth noting some key financial metrics and insights that could be valuable for shareholders and potential investors. According to real-time data from InvestingPro, InnSuites Hospitality Trust has a revenue of $7.57 million in the last twelve months as of Q1 2025, with a growth of 4.95% in the same period. Notably, the company operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing some financial stability.
Moreover, the company has experienced a strong return over the last three months, with a 19.71% price total return, which could be indicative of positive market sentiment. However, it's important to acknowledge that the company was not profitable over the last twelve months, with an operating income margin of -9.62%. This could be a point of consideration for those looking at the long-term profitability of the company.
For those interested in further insights, there are additional InvestingPro Tips available that delve into the nuances of InnSuites Hospitality Trust's financial health and market performance. These tips can be accessed by visiting the InvestingPro platform.
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