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Blackwells Welcomes Monmouth’s Announced Strategic Review of Alternatives
Blackwells Capital LLCJanuary 15, 2021 GMT
Urges Board to Create a Special Committee to Ensure Objectivity
Announces Intention to Nominate Four Exceptional Director Candidates to the Board
NEW YORK, Jan. 15, 2021 (GLOBE NEWSWIRE) Blackwells Capital LLC (together with its affiliates “Blackwells”), an alternative investment management firm that owns approximately 4% of the outstanding shares of common stock of Monmouth Real Estate Investment Corporation (NYSE: MNR) (“Monmouth” or the “Company”), today announced its support for the strategic alternatives process announced by Monmouth, while demanding the Board of Directors (the “Board”) create a Special Committee of independent directors, unaffiliated with the Landy family.
Our Income Portfolio was drastically changed last year in response to the pandemic. Let’s assess how much good those changes have done us.
The biggest shake-up was in April, when we sold the five individual shares that had cut their dividends in response to the virus, or seemed likely to, and replaced them with five investment trusts.
In terms of missed opportunity for capital gains the changes were disastrous: the share prices of all five of the holdings sold have soared (Ten Entertainment by 14.4pc, ULS Technology by 82.7pc, Renew Holdings by 28.6pc, OneSavings Bank by 101pc and Crest Nicholson by 32.8pc).