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Robert E. Dixon, CEO and President of MacKenzie Realty Capital, Inc. (OTC:MKZR), recently acquired a significant number of shares in the company. According to a recent SEC filing, Dixon purchased a total of 25,000 shares over two days, with the transactions valued at approximately $66,750. The shares were bought at prices ranging from $2.55 to $2.85 each. The $37 million market cap company, currently trading at $2.49, appears slightly undervalued according to InvestingPro analysis.
The purchases were made on January 16 and January 17, 2025. Following these transactions, Dixon's direct ownership in the company increased, with a total of 34,935.45 shares now held in his name. Additionally, Dixon may be deemed to beneficially own an interest in 9,935.45 shares held by MPF Successors, LP, as noted in a footnote of the filing. The insider buying comes as the stock trades at just 0.41 times book value and offers a 7.33% dividend yield. InvestingPro subscribers can access 8 additional key insights about MKZR's valuation and financial health metrics.
In other recent news, MacKenzie Realty Capital, Inc. has been involved in several significant developments. The company recently announced that it would be updating its stockholders through separate letters, addressing matters such as dividend payments and other company affairs. This move is part of the company's efforts to maintain transparency and open communication with its investors.
In addition, MacKenzie Realty Capital has made amendments to its Articles of Amendment and Restatement and its bylaws. These changes, which were approved by a majority of shares present at a Special Meeting of Stockholders, include modifications to corporate governance and stockholder meeting procedures. The company has also adjusted the threshold for calling special meetings to a majority of votes entitled to be cast, and reduced the quorum requirement from 50% to one-third of all votes entitled to be cast.
The company also recently held its annual stockholders' meeting. All four director nominees, Thomas Frame, Timothy Dozois, Chip Patterson, and Kjerstin Hatch, were re-elected for the upcoming fiscal year, each receiving over 86% of the votes cast in favor. Additionally, Moss Adams, LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, with 97.16% of shares present supporting the ratification. These are the latest steps in MacKenzie Realty Capital's ongoing efforts to update its corporate governance practices and align with the standards of publicly listed companies.
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