Apple REITs Six, Seven, Eight and Nine said their boards of directors have created committees to evaluate the potential consolidation of the four REITs. As the company previously disclosed, once combined, the entity could be taken public.
Apple REIT Nine disclosed that it has been hit with another class action lawsuit by an investor in New York. The suit, in New York Supreme Court, was also filed against the REIT’s CEO Glade Knight and its broker David Lerner Associates. The suit alleges breach of fiduciary duty and that the company’s investor prospectuses failed to disclose material information regarding the value of Apple REIT shares. The company said the claims against it and Knight are without merit.
Apple REIT Ten said it closed on the $30.5 million purchase of newly constructed Courtyard by Marriott hotel in Oceanside, Calif.
The company disclosed the details of the pay package it will give to Thomas Schievelbein who will serve as interim CEO and chairman upon the retirement of longtime company head Michael Dan in December.
Schievelbein, the former head of shipbuilding giant Northrop Grumman Newport News, will receive $65,000 per month for his service as chairman and an additional $65,000 per month for his role as president and CEO. He’ll also get a temporary housing allowance and expense reimbursements and equity compensation valued at $185,000 per month.
The parent of C&F Bank declared a dividend of $0.26 per common share, payable Jan. 1 to shareholders of record as of Dec. 15.
Central Virginia Bankshares
The parent of Central Virginia Bank said it received notice from Nasdaq that it is not in compliance with the stock market’s rule of maintaining a minimum share bid price of $1. CVB will have 180 days, or until May 21 to regain compliance by somehow increasing its stock price to at least $1 for 10 consecutive days.
Community Bankers Trust
Glenn Dozier, a director, bought 2,500 shares at $1.17. He owns more than 47,000 shares of the Essex Bank parent company.
Page Emerson Hughes, a director, bought 12,820 shares for $14,800. Hughes owns more than 62,000 shares.
Director Robin Traywick Williams bought 4,000 shares for $1.06 each.
Senior Vice President Mark Watkins exercised options for 31,000 shares at $24 per share, or $744,000. He then sold 28,358 of those shares at market value for $802,500. Watkins still owns more than 48,000 shares of MWV stock.
Warren Huang, president of the company’s Afton Chemical subsidiary, disposed of 12,000 shares as gifts.
Richard Sharp, a director, bought 100,000 shares through several purchases totaling approximately $243,891. The shares are held in a trust.
CFO David Moore exercised stock appreciation rights to acquire 12,000 shares valued at $426,000. He then sold 10,169 shares for $472,000.
Ray Paul Jr., an officer at one of Universal’s subsidiaries, sold 4,000 shares at $44.91 per share. He still owns more than 35,000 shares.
Vice President Coronado sold 237 shares for $45.91 each. He still owns more than 16,000 shares.
President and CEO Gaylon Layfield bought 900 shares for $3.59 each. He owns 119,000 shares. He then bought 4100 shares for $3.6.
Chief Credit Officer Wellington Cottrell bought 3,000 shares for $10,550. He now owns more than 32,000 shares.