California investment firm MacKenzie Patter Fuller purchased 74,000 shares from Apple REIT Nine shareholders at $6.25 per share. MacKenzie had tried to persuade shareholders to sell up to 9.1 million shares. It now owns 0.04 percent of Apple REIT Nine’s shares.
Apple REIT Ten
The REIT entered into a contract for the potential purchase of a 149-room Hilton Garden Inn hotel in Boca Raton, Fla., for $10.9 million.
Upon releasing its first quarter earnings, CarMax disclosed plans for 10 new stores during fiscal 2013. That’s twice the number it opened in fiscal 2012. It opened two stores during its first quarter, which ended May 31, in Lancaster, Pa., and Bakersfield, Calif. It has since opened locations in Nashville and Fort Myers, Fla. The additional planned locations include one in Harrisonburg.
Mitchell Steenrod, a director, acquired 1,000 shares at $25.28 per share. He owns more than 5,000 shares.
First Capital Bancorp (FCVA)
The holding company of First Capital Bank released its latest proxy, revealing the total compensation packages given to its top executives during 2011.
CEO John Presley received $326,000 in total compensation last year, up from $263,000. His 2011 pay included a $285,000 base salary.
Bob Watts, president of the bank subsidiary, received $233,000 in total compensation in 2011. That included a $205,000 base salary.
Gary Armstrong, the company’s commercial banking officer, received $233,000 in total compensation last year. That includes a $197,000 base salary.
First Capital’s annual shareholders meeting will be Aug. 22 at 4 p.m. at the Short Pump Hilton Hotel and Spa.
The company is asking shareholders to give it permission to consider a reverse stock split. It will then consider split ratios in a range of 1-for-3 to 1-for-10, whereby three shares would be reduced to one and so on. Such splits result in a higher price per share. The company said its primary intent for the split is to increase the market price of its common stock to make it more attractive to a broader range of institutional and other investors. It would look to conduct the split before July 31, 2013.