Gyrodyne Confirms Receipt of Star Equity’s Notice of Intent to Nominate Two Director Candidates at the 2023 Annual Meeting
28 Avril 2023 - 11:16PM
Gyrodyne, LLC (NASDAQ: GYRO) (the “Company”), an owner and manager
of a diversified portfolio of real estate properties, today
confirmed receipt of a notice (the “Notice”) from Star Equity Fund,
LP ( “Star Equity”) of its intent to nominate two individuals to
stand for election to the Company’s Board of Directors (the
“Board”) at the 2023 annual meeting of shareholders (the “Annual
Meeting”).
The Board, consistent with its fiduciary duties,
will review Star Equity’s proposed nominees and will present its
recommendations for director candidates in the Company’s definitive
proxy statement, which will be filed with the U.S. Securities and
Exchange Commission (the “SEC”). The Board will also review Star
Equity’s notice for compliance with the Company’s established
procedures under its Amended and Restated Limited Liability Company
Agreement and applicable law.
The date of the Annual Meeting has not yet been
announced. Shareholders are not required to take any action at this
time.
About Gyrodyne, LLC
Gyrodyne, LLC owns and manages a diversified
portfolio of real estate properties comprising office, industrial
and service-oriented properties in the New York metropolitan area.
The Company owns a 63 acre site approximately 50 miles east of New
York City on the north shore of Long Island, which includes
industrial and office buildings and undeveloped property, and a
medical office park in Cortlandt Manor, New York, both of which are
the subject of plans to seek value-enhancing entitlements. The
Company's common shares are traded on the NASDAQ Stock Market under
the symbol GYRO. Additional information about the Company may be
found on its web site at www.gyrodyne.com.
Forward-Looking Statement Safe
Harbor
The statements made in this press release that
are not historical facts constitute "forward-looking information"
within the meaning of the Private Securities Litigation Reform Act
of 1995, and Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, both as amended, which
can be identified by the use of forward-looking terminology such as
"may," "will," "anticipates," "expects," "projects," "estimates,"
"believes," "seeks," "could," "should," or "continue," the negative
thereof, other variations or comparable terminology as well as
statements regarding the evaluation of strategic alternatives.
Important factors, including certain risks and uncertainties, with
respect to such forward-looking statements that could cause actual
results to differ materially from those reflected in such
forward-looking statements include, but are not limited to, risks
and uncertainties relating to the Company's efforts to enhance the
values of its remaining properties and seek the orderly, strategic
sale of such properties as soon as reasonably practicable, risks
associated with the Article 78 Proceeding against the Company and
any other litigation that may develop in connection with our
efforts to enhance the value of and sell our properties, ongoing
community activism, risks related to the recent banking crisis and
closure of two major banks (including one with whom the Company
indirectly has a mortgage loan), regulatory enforcement, risks
inherent in the real estate markets of Suffolk and Westchester
Counties in New York, the ability to obtain additional capital in
order to enhance the value of the Flowerfield and Cortlandt Manor
properties, the potential effects of the COVID-19 pandemic, the
risk of inflation, rising interest rates, recession and supply
chain constraints or disruptions, and other risks detailed from
time to time in the Company's SEC reports.
Important Additional
Information
The Company intends to file a proxy statement
and BLUE proxy card with the SEC in connection
with its upcoming Annual Meeting and, in connection therewith, the
Company, its directors and certain of its executive officers will
be participants in the solicitation of proxies from the Company’s
shareholders in connection with such meeting. SHAREHOLDERS
OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY
STATEMENT, ACCOMPANYING BLUE
PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL
MEETING. The Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed on March 30, 2023, contains
information regarding the direct and indirect interests, by
security holdings or otherwise, of the Company’s directors and
executive officers in the Company’s securities. Information
regarding subsequent changes to their holdings of the Company’s
securities can be found in the SEC filings on Forms 3, 4, and 5,
and on the Company’s website at
http://www.gyrodyne.com/insidertransactions.php or through the
SEC’s website at www.sec.gov. Updated information regarding the
identity of potential participants, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the definitive proxy statement and other materials to be filed with
the SEC in connection with the Annual Meeting. Shareholders will be
able to obtain the definitive proxy statement, any amendments or
supplements to the proxy statement and other documents filed by the
Company with the SEC at no charge at the SEC’s website at
www.sec.gov. Copies will also be available at no charge at the
Company’s website at http://www.gyrodyne.com/proxy.php.
Contact:
Longacre Square Partners
Joe Germani / Aaron Rabinovich
jgermani@longacresquare.com / arabinovich@longacresquare.com
Mackenzie Partners
Bob Marese
bmarese@mackenziepartners.com
Gyrodyne (NASDAQ:GYRO)
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