Apple REIT Ten
The local real estate investment trust entered into a contract to buy a Fairfield Inn & Suites hotel in South Bend, Ind., for $17.5 million. The deal is pending.
Apple REIT Ten also revealed that it closed a $58.5 million deal for the purchase of a Hilton Garden Inn hotel in Denver.
The Brink’s Co.
Brink’s filed its preliminary proxy statement, announcing the fancy digs for its 2011 shareholders meeting. The meeting will be May 6 at the Waldorf Astoria on Park Avenue in New York.
The proxy also disclosed the total compensation paid to Brink’s top executives in 2010. President and CEO Michael Dan received a total of $6.43 million in 2010, up about $977,000 from 2009, but down about $1.1 million from 2008. That includes a $1.1 million base salary, a $950,000 bonus and millions in other forms of compensation. Dan also received $81,000 in perks, including $30,000 worth of use on the company’s private jet, $8,500 toward club dues, $2,600 for a security system, $6,500 for tax preparation and financial planning and $2,900 for executive physicals.
The total compensation for Brink’s other top executives: $1.26 million for CFO Joseph Dziedzic; $1.68 million for Chief Administrative Officer Frank Lennon; $934,191 for General Counsel McAlister Marshall II; and $542,604 to Matthew Schumacher, the company’s controller.
Director Mitchell Steenrod bought 250 shares for $33.33 per share.
The company is looking to raise almost $80 million in fresh capital through an offering of 8 million shares at $10.35 per share. After expenses, Dynex expects net proceeds of $78 million from the offering. It said it intends to use money to acquire additional investments and for the repayment of debt, capital expenditures and working capital.
Chief Risk Officer Michel Perreault bought 1,500 shares for $12.82 per share.
The local drug maker said it received a positive opinion from the Pediatric Committee of the European Medicines Agency related to Insmed’s pediatric investigation plan for its Arikace drug. The opinion is a step toward potential approval for the new drug to be sold to the European market.
James River Coal
Steelhead Partners, an investment firm in Washington, sold 309,700 shares of James River Coal stock for $6.57 million. It still owns more than 4.2 million shares of JRC stock.
Steelhead Navigator Master LP, another investment fund, sold 300,409 shares for $6.37 million. It still owns more than 4 million JRC shares.
General Counsel M. Shane Harvey exercised options to acquire 14,222 shares for $343,024. He then sold those shares at market price for $924,430.
David Owings, Massey’s controller, sold 1,000 shares for $66 per share.
About a dozen of company’s senior vice presidents exercised options for thousands of shares each with an exercise price of $29.55.
The company released its proxy statement announcing that its annual meeting will be April 21 at the Virginia Historical Society at 10 a.m.
The proxy also listed the total compensation paid to NewMarket’s top executives during 2010. President and CEO Thomas Gottwald received $1.76 million in pay in 2010, up from $1.57 million. That included a $725,000 base salary and a $650,000 bonus. Principal Financial Officer David Fiorenza received $777,769 in total pay, up from $725,844. Warren Huang, president of NewMarket subsidiary Afton Chemical, was paid a total of $1.89 million in 2010, up from $1.72 million in 2009. Steven Edmonds, the company’s general counsel, received $726,497, up from $607,150; and $743,090 to Bruce Hazelgrove, vice president of corporate resources, up about $90,000.
Owens & Minor
President and CEO Craig Smith exercised options for 18,000 shares for $19.72 per share or $354,960. He then sold those shares at market price for $31.51 each or a total of $567,180.
The company raised $9 million through the sale of 4.85 million shares for $1.84 per share. The shares were purchased by various accredited investors, including the company’s CEO, Jonnie Williams.
Union First Market Bankshares
The region’s biggest bank holding company filed its proxy announcing that its annual meeting will be April 26 at 4 p.m. at its corporate operations center at 24010 Partnership Blvd. in Ruther Glen, Va.
The proxy also listed the total compensation paid to Union’s top executives in 2010. CEO Billy Beale saw his total compensation jump to $774,867 from $487,482. That increase included a $48,000 bump in his base salary.
President David Fairchild, who came over from the former First Market Bank when the companies merged in 2010, received $404,840 in total compensation. CFO Anthony Peay received $403,211, up from $260,253. John Neal, president of the company’s bank subsidiary, received $433,938, up from 334,914. Elizabeth Bentley, an executive vice president, received $296,141 in total pay, up $101,000 from the previous year. Rex Hokemeyer, an executive vice president, received $222,885, up from $184,995.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]