MacKenzie Realty Capital Amends Articles of Association and Bylaws From Investing.com

MacKenzie Realty Capital, Inc. (NASDAQ:MKZR), a real estate investment trust with a market capitalization of approximately $40 million, announced changes to its articles of association and bylaws following a special meeting of shareholders on January 6, 2025.

According to InvestingPro data, the company experienced significant price fluctuations. The stock is currently trading at $2.70, down nearly 39% year-over-year. The changes, which include adjustments to corporate governance and shareholder meeting procedures, came into force on January 10, 2025.

Shareholders approved the amendments to the Articles of Association at the extraordinary meeting. These were then submitted to the State Department of Assessments and Taxation of Maryland. Details of the revisions can be found in the definitive proxy statement filed with the SEC in connection with the special meeting.

At the same time, the board approved the third amended and rewritten rules of procedure, which came into force on January 8, 2025. These adjustments are intended to bring the Rules into compliance with the Maryland General Corporation Law (MGCL) and to reflect the changed status of the corporation, which is no longer subject to the North American Securities Administrators Association, Inc. Real Estate Investment Trust Policy Statement.

The main changes include:

1. The removal of specific timing requirements for annual shareholder meetings

2. Adjusting the threshold for calling extraordinary meetings to a majority of eligible votes

3. Reducing the required quorum from 50% to one third of all eligible votes

In addition, the new rules of procedure specify the voting procedures and pre-registration requirements for shareholder nominations and proposals.

Three proposals for changes to the statutes were discussed at the extraordinary meeting. All broad agreement among the shareholders present:

– Proposal 1.A: over 89.2% approval

– Proposal 1.B: over 91.52% approval

– Proposal 1.C: over 90.35% agreement

Another important point of the new rules of procedure concerns the determination of the place of jurisdiction. The Circuit Court for Baltimore City, Maryland, or the United States District Court for the District of Maryland, Northern Division, will be designated as the exclusive forum for certain types of litigation with the Company, unless the Company agrees in writing to an alternative forum.

These adjustments are part of MacKenzie Realty Capital’s ongoing efforts to modernize its corporate governance practices and align them with the standards of publicly traded companies.

Despite the recent price fluctuations, the stock shows some resilience with a gain of 40.5% over the last six months. InvestingProSubscribers have access to more advanced analysis, including eight additional investment tips and comprehensive financial analysis that can help assess the impact of these corporate changes.

In other recent developments, MacKenzie Realty Capital, Inc. held its annual shareholder meeting. All four director candidates were re-elected for the coming year:

-Thomas Frame

-Timothy Dozois

-Chip Patterson

-Kjerstin Hatch

Each candidate received over 86% of the votes cast, signaling strong shareholder support. In addition, shareholders approved Moss Adams, LLP as an independent registered public accounting firm for the fiscal year ended June 30, 2025. This proposal received broad support with 97.16% approval of the shares present.

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