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Tuesday, July 07, 2015 5:15:34 PM
ST. JAMES, N.Y., May 19, 2015 /PRNewswire/ -- Gyrodyne Company of America, Inc. (NASDAQ: GYRO), a self-managed and self-administered real estate investment trust ("Gyrodyne" or the "Company"), today announced that it has commenced its previously announced rights offering pursuant to an effective registration statement.
In the rights offering, shareholders will receive three non-transferable subscription rights for every two shares of common stock owned as of May 6, 2015, which is the record date for the rights offering. Each subscription right will entitle shareholders to purchase one share of common stock at a subscription price of $2.75 per share. For example, a shareholder who owns 100 shares of common stock on May 6, 2015 will be granted 150 subscription rights entitling the shareholder to purchase 150 shares of common stock for an aggregate purchase price of $412.50. Shareholders who exercise their basic subscription privilege in full may also exercise an over-subscription privilege to purchase additional shares that remain unsubscribed at the expiration of the rights offering, subject to availability and proration. Gyrodyne is offering an aggregate of 2,224,020 shares of common stock in the rights offering and, if fully subscribed, aggregate gross proceeds to Gyrodyne will be $6,116,055.
Gyrodyne is conducting the rights offering to facilitate the vote of two-thirds of the outstanding shares needed under New York law to approve the previously announced proposed merger of Gyrodyne and Gyrodyne Special Distribution, LLC ("GSD") with and into Gyrodyne, LLC (the "Merger"), as well as to raise equity capital in a timely and cost-effective manner while providing all Gyrodyne shareholders the opportunity to participate. If the Merger is effected, all Gyrodyne shares, all 5% dividend notes of Gyrodyne and all limited liability company interests of GSD will be converted into limited liability company interests in Gyrodyne LLC.
The subscription rights are exercisable until 5:00 p.m., New York City time, on June 17, 2015. Gyrodyne may extend the rights offering period for additional periods ending no later than July 17, 2015 or cancel the rights offering at any time for any reason.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 18, 2015.
Each shareholder of record as of May 6, 2015 will receive by mail an information packet that explains the rights offering. Shareholders with specific questions or who need additional copies of the rights offering documents are urged to contact MacKenzie Partners, Inc., the information agent for the rights offering, at (800) 322-2885 (toll free).
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities laws of such state. The rights offering will be made only by means of a prospectus, copies of which are being mailed to all shareholders as of the record date.
About Gyrodyne Company of America, Inc.
Gyrodyne, a real estate investment trust, manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York metropolitan area. Gyrodyne owns a 68 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 which is the subject of development plans. Gyrodyne also owns medical office buildings in Port Jefferson Station, New York, Cortlandt Manor, New York and Fairfax, Virginia. Gyrodyne is also a limited partner in Callery Judge Grove, L.P., the only assets of which consist of potential future payments upon the achievement of certain development benchmarks by the purchaser in the 2013 sale by the partnership of an undeveloped 3,700 plus acre property in Palm Beach County, Florida. The Company's common stock is traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne may be found on its web site at www.gyrodyne.com.
http://www.prnewswire.com/news-releases/gyrodyne-company-of-america-inc-announces-commencement-of-rights-offering-to-shareholders-300085881.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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