Gyrodyne, LLC (GYRO)

[Enterprising Investor]

Gyrodyne Company of America, Inc. Announces Completion Of Oversubscribed Rights Offering; Sets Record And Meeting Dates For Special Meeting (6/22/15)

ST. JAMES, N.Y., June 22, 2015 /PRNewswire/ -- Gyrodyne Company of America, Inc. (NASDAQ: GYRO) ("Gyrodyne"), a self-managed and self-administered real estate investment trust, today announced the successful completion of its previously announced rights offering, which expired on June 17, 2015, at 5:00 p.m. New York City time. In the rights offering, Gyrodyne distributed to its shareholders of record as of May 6, 2015 non-transferable rights to subscribe for up to 2,224,020 shares of Gyrodyne's common stock at a price of $2.75 per share for maximum gross proceeds of $6,116,055.

Preliminary results received from Computershare Trust Company, N.A., Gyrodyne's subscription agent, indicate that a total of 7,044,894 shares were subscribed for in the rights offering, consisting of 1,009,376 shares under the basic subscription privilege and 6,035,518 shares under the oversubscription privilege. Based on these preliminary numbers, there will be 1,214,644 shares available to issue to shareholders who properly exercised their oversubscription privilege, to be allocated pro rata to such shareholders in proportion to the aggregate number of shares subscribed for under the over-subscription privilege, or approximately 20% of each oversubscriber's requested shares.

Reacting to the preliminary rights offering results, Gyrodyne CEO Frederick C. Braun stated, "We are very pleased to receive this level of support from our shareholders. We believe the substantial oversubscription reflects our shareholders' belief in the strategic course of action we are taking."

Gyrodyne expects Computershare to finish tabulating the results this week.

Gyrodyne also announced that its previously postponed special meeting of shareholders at which shareholders will be asked to authorize the previously announced merger of Gyrodyne and Gyrodyne Special Distribution, LLC with and into Gyrodyne, LLC will be held on August 20, 2015. The board of directors has established the close of business on June 29, 2015 as the record date for determining shareholders entitled to receive notice of and vote at the special meeting, which will begin at 11:00 a.m. Eastern time and take place at Flowerfield Celebrations, Mills Pond Road, Saint James, New York 11780.

Gyrodyne will make available to all shareholders of record important information about the meeting and the matters to be considered. Shareholders are urged to review that information when it becomes available.

About Gyrodyne Company of America, Inc.

Gyrodyne, a real estate investment trust, manages the business and properties of Gyrodyne Special Distribution LLC ("GSD"), pursuant to GSD's limited liability company agreement which provides that Gyrodyne has the sole and absolute discretion regarding the management and affairs of GSD in its capacity as GSD's managing member. GSD owns a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York metropolitan area, subject to related mortgage debt in favor of Flowerfield Mortgage Inc. ("FMI"), with Flowerfield Properties, Inc. ("FPI") having the contractual right to manage the business and properties of GSD. FMI and FPI are both subsidiaries of Gyrodyne. GSD 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. GSD also owns medical office buildings in Port Jefferson Station, New York, Cortlandt Manor, New York and Fairfax, Virginia. FPI 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. Gyrodyne'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-completion-of-oversubscribed-rights-offering-sets-record-and-meeting-dates-for-special-meeting-300102776.html