Apple REIT Seven
MacKenzie Capital Management, a California investment, has once again made an offer to Apple REIT shareholders to try to purchase their shares. Its latest offer is $5 per share for up to 4.54 million shares, a potential purchase of $22.7 million. The company has previously made offers to purchase shares of several of the Apple REIT funds, with limited success.
Bank of Virginia (BOVA)
Vera Primm has been named the new CFO at Bank of Virginia. She previously was CFO at locally-based Peoples Bank of Virginia, until it was acquired by First Community Bank earlier this year. Primm, 58, was with Peoples Bank from its opening in 2002 until the acquisition in July. Her annual base salary is $120,000.
The company received approval from its board for a share repurchase program for up to $300 million of its outstanding common stock. The program expires on Dec. 31, 2013. The company also said it plans to open 10 new superstores in fiscal 2013 and 10 to 15 superstores in each of the following three fiscal years.
The utility giant said it plans to close and decommission its Kewaunee Power Station in Carlton, Wisc. The decision comes after the company was unable to find a buyer for the 556-megawatt nuclear facility. It disclosed last year that it would try to sell the plant. It said the station is expected to be shut down in the second quarter of 2013. President and CEO Thomas Farrell the decision was “based purely on economics.” Dominion has owned the facility since 2005.
MWV announced last week that it entered into an agreement to acquire Ruby Macons Ltd., India’s top producer of corrugated packaging materials.
Owens & Minor (OMI)
O&M elected Martha H. Marsh as a its newest director. Marsh, 63, is the retired president and CEO of Stanford Hospital & Clinics, which is affiliated with Stanford University. She’ll receive a cash retainer of $15,000 and $40,000 in restricted stock, as is the typical compensation for the company’s directors. She attended the University of Rochester, and earned graduate degrees from Columbia University.
Star Scientific (CIGX)
Burton Haynes, a director, received options for 50,000 shares with an exercise price of $3.20 per share. The options expire in 2022.