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Christine Elizabeth Simpson, Chief Portfolio Manager at MacKenzie Realty Capital, Inc. (OTC:MKZR), recently acquired 1,000 shares of the company’s common stock. The transaction, completed on March 18, was valued at approximately $1,780, with each share priced at $1.78. This insider purchase comes as the stock trades at a significant discount to its InvestingPro Fair Value, with shares down over 60% in the past year. The company maintains a notable 10.6% dividend yield, making it an interesting watch for income investors. Following this purchase, Simpson’s direct ownership of MacKenzie Realty Capital stock increased to 2,000 shares.
In addition to her direct holdings, Simpson is associated with MPF Successors, LP, which owns 55,692 shares of MacKenzie Realty Capital. Through her interest in MPF, she could be deemed to beneficially own 9,935.45 shares indirectly.
In other recent news, MacKenzie Realty Capital announced it raised approximately $4.8 million through a registered direct offering and a concurrent private placement. This transaction involved the sale of over 2.8 million shares of common stock to a single institutional investor, with the potential for an additional 4.2 million shares through Series A and B common warrants. The company has earmarked the proceeds for various corporate purposes, including capital expenditures and potential acquisitions. In a separate development, MacKenzie Realty secured a $10 million line of credit with Patterson Real Estate Services, LP, aimed at enhancing its financial flexibility. This credit line, approved by the Board of Directors, carries a 10% annual interest rate and is set to mature on June 1, 2026.
Furthermore, MacKenzie Realty is preparing to update its stockholders via letters that will cover dividend payments and other company affairs. These letters are part of the company’s effort to maintain transparency and communication with its investors. Additionally, MacKenzie Realty recently amended its charter and bylaws following a Special Meeting of Stockholders. The amendments, which include changes to corporate governance and stockholder meeting procedures, align with Maryland General Corporation Law and reflect the company’s updated status. These developments indicate MacKenzie Realty’s ongoing efforts to strengthen its financial position and governance practices.
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