8-K
filed July 18, 2023, 7:59 PM ET
ticker MDRR
CIK 0001654595
leadership
confidence high
sentiment positive
materiality 0.75
Medalist Diversified REIT internalizes management; founders exit in $1.6M settlement
Medalist Diversified, Inc.
- Termination of external management agreement; $1,602,717 paid to settle all amounts.
- William Elliott and Thomas Messier resign as directors and officers effective immediately.
- Francis Kavanaugh appointed interim CEO and President; Timothy O'Brien named non-executive Chairman.
- Colin Elliott, VP, also resigning; effective date and terms under negotiation.
- Company expects streamlined operations, reduced costs, and increased agility post-internalization.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.9
Colin M. Elliott resigned as Vice President at Medalist Diversified, Inc..
- Action
- resigned
- Role
- Vice President
Exact text from the filing
Colin M. Elliott, Vice President of the Company, notified the Company of his intent to resign as an employee of Gunston Consulting, LLC and consequently as Vice President of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
William Elliott resigned as Chairman & Chief Executive Officer at Medalist Diversified, Inc..
- Action
- resigned
- Role
- Chairman & Chief Executive Officer
Exact text from the filing
each of Messrs. W. Elliott and Messier provided notice of their respective resignations as director, Chairman & Chief Executive Officer and director, Vice Chairman, President & Chief Operating Officer, effectively immediately upon the Internalization.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas Messier resigned as Vice Chairman, President & Chief Operating Officer at Medalist Diversified, Inc..
- Action
- resigned
- Role
- Vice Chairman, President & Chief Operating Officer
Exact text from the filing
each of Messrs. W. Elliott and Messier provided notice of their respective resignations as director, Chairman & Chief Executive Officer and director, Vice Chairman, President & Chief Operating Officer, effectively immediately upon the Internalization.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Francis P. Kavanaugh was appointed as interim Chief Executive Officer and President at Medalist Diversified, Inc..
- Action
- appointed
- Role
- interim Chief Executive Officer and President
Exact text from the filing
Effective upon the Internalization, the Board appointed Francis P. Kavanaugh as the Company’s interim Chief Executive Officer and President.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Medalist Diversified, Inc. terminated Termination Agreement with Medalist Diversified Holdings, L.P. valued at $1,602,717 (effective 2023-07-18).
- Action
- termination
- Agreement
- settlement
- Counterparty
- Medalist Diversified Holdings, L.P.
- Value
- $1,602,717
- Effective
- 2023-07-18
Exact text from the filing
On July 18, 2023, the Company and Medalist Diversified Holdings, L.P., a Delaware limited partnership (the “Operating Partnership”), entered into a Termination Agreement (the “Termination Agreement”) with the Manager, William R. Elliott and Thomas E. Messier, which provides for the immediate termination of the Management Agreement.
View on SEC.gov
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