Apple REIT
The boards of Apple REIT Seven and Eight argued that shareholders should vote against an offer from MacKenzie Capital Management, a California investment firm, to purchase 1 million shares of Apple REIT Eight at $4 per share, and 1 million shares of Apple REIT Seven at $5.50 each. The company said the offer is not in the best interests of its stockholders.
CarMax (KMX)
The company opened two new stores during its most recent quarter ending Aug. 31, including one in Katy, Texas, and one in Fairfield, Calif. It sold 134,854 used vehicles during the quarter. Net sales and operating revenues were $3.25 billion for the quarter, up 18 from the same period a year ago. Net earnings for the quarter were $140.3 million, an increase of 26 percent. CarMax said it plans to open 17 new stores in 15 states in the next 11 months, including one in Lynchburg
Cordia Bancorp (BOVA)
The parent of Bank of Virginia named Mark Severson as its new chief financial officer. His resume includes working CFO of six other financial institutions. Severson received his bachelor’s degree in accounting from University of Northern Iowa. His appointment became effective, Sept. 16, the same day CFO David Bushnell ceased serving in that role. Severson will receive an annual base salary of $230,000. The company will provide him with an interim housing allowance of $1,500 per month for his first 12 months of employment. He also was granted 12,500 restricted shares, and options for 10,000 shares at $4.41 per share as an inducement for his employment. His contract is expected to run three years.
Southpeak Interactive
The Midlothian video game firm that said “given its current financial condition and the current state of the economic environment within the industry in which it operates, the benefits of having publicly registered shares and filing periodic reports under the federal securities laws are outweighed by the associated costs.” It said to file with the SEC a notice to delist its securities and suspend its reporting obligations for the foreseeable future. It may re-evaluate that position.
Star Scientific (STSI)
Christopher Chapman Jr., a director, received stock options for 50,000 shares of Star Scientific’s stock with an exercised value of $1.90.
Apple REIT
The boards of Apple REIT Seven and Eight argued that shareholders should vote against an offer from MacKenzie Capital Management, a California investment firm, to purchase 1 million shares of Apple REIT Eight at $4 per share, and 1 million shares of Apple REIT Seven at $5.50 each. The company said the offer is not in the best interests of its stockholders.
CarMax (KMX)
The company opened two new stores during its most recent quarter ending Aug. 31, including one in Katy, Texas, and one in Fairfield, Calif. It sold 134,854 used vehicles during the quarter. Net sales and operating revenues were $3.25 billion for the quarter, up 18 from the same period a year ago. Net earnings for the quarter were $140.3 million, an increase of 26 percent. CarMax said it plans to open 17 new stores in 15 states in the next 11 months, including one in Lynchburg
Cordia Bancorp (BOVA)
The parent of Bank of Virginia named Mark Severson as its new chief financial officer. His resume includes working CFO of six other financial institutions. Severson received his bachelor’s degree in accounting from University of Northern Iowa. His appointment became effective, Sept. 16, the same day CFO David Bushnell ceased serving in that role. Severson will receive an annual base salary of $230,000. The company will provide him with an interim housing allowance of $1,500 per month for his first 12 months of employment. He also was granted 12,500 restricted shares, and options for 10,000 shares at $4.41 per share as an inducement for his employment. His contract is expected to run three years.
Southpeak Interactive
The Midlothian video game firm that said “given its current financial condition and the current state of the economic environment within the industry in which it operates, the benefits of having publicly registered shares and filing periodic reports under the federal securities laws are outweighed by the associated costs.” It said to file with the SEC a notice to delist its securities and suspend its reporting obligations for the foreseeable future. It may re-evaluate that position.
Star Scientific (STSI)
Christopher Chapman Jr., a director, received stock options for 50,000 shares of Star Scientific’s stock with an exercised value of $1.90.