Month: March 2017 (page 2 of 5)

Regenxbio raises $75 million in stock offering

REGENX FINAL

ROCKVILLE, MDRegenxbio Inc. has raised $75 million in a public stock offering that began Tuesday, according to a filing with the Securities and Exchange Commission.

The company sold 3.7 million shares of common stock priced at $20.50 per share.

Regenxbio entered into an underwriting agreement with Morgan Stanley & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc. The company granted the underwriters a 30-day option to purchase up to an additional 555,000 shares of common stock.

Pursuant to the initial offering, Regenxbio’s net proceeds are expected to be approximately $70.8 million, after deducting discounts, commissions and offering expenses.

Regenxbio, founded in 2008, is a clinical-stage biotechnology company that develops gene therapy products. The company intends to use a portion of the net proceeds to grow the pipeline of new product candidates through in-licenses or potential acquisitions.

The company trades on Nasdaq under the ticker RGNX. Shares closed Friday at $20.15, up 0.5 percent.

The offering is expected to close on March 27.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

LaSalle increases CEO compensation by 5 percent

lasalleBETHESDA, MD — LaSalle Hotel Properties’ chief executive officer saw a 5 percent increase in total compensation in the company’s 2016 fiscal year due to an increase in base salary and share awards, according to a Securities and Exchange Commission filing.

Michael D. Barnello’s total compensation for the fiscal year totaled $5 million, up from $4.75 million in the company’s 2015 fiscal year. His stock awards grew from $2.08 million in 2015 to $2.16 million.

Barnello’s base salary is $831,000, up $16,000 from fiscal year 2015. The increase was credited to the company’s financial and business performance.

Kenneth G. Fuller, who was hired April 25, 2016 as the company’s executive vice president and chief financial officer, received total compensation of $1.28 million during the 2016 fiscal year. This includes a $200,000 bonus and $536,973 in stock options. Fuller’s base salary is $274,359.

Bethesda-based LaSalle Hotel Properties is real estate investment trust that owns 45 hotels. The properties total approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia.

LaSalle grew net income by 90.1 percent to $234.6 million in its 2016 fiscal year, due in part to a $104.8 million gain relating to the sale of the Indianapolis Marriott Downtown. The company’s adjusted earnings was $396.8 million, an increase of 2.7 percent over 2015.

LaSalle’s annual meeting will be Thursday, May 4, at 9 a.m. eastern time, at the Sofitel Washington.

The company’s shares were trading at $28.51, up 7 cents, or 0.23 percent, Friday afternoon.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

 

Gaithersburg-based medical cannabis company raises $1.6 million

GAITHERSBURG, MD — A medical cannabis company raised $1.6 million from 42 investors, according to a filing Thursday with the Securities and Exchange Commission.

Green Leaf Medical filed the Form D on March 23. The minimum investment accepted from any outside investor is $25,000, with the first sale occurring June 25.

Of the proceeds, $170,000 will be used for payments to executive officers, directors, or promoters of the company.  The offering is not being made in connection with a business combination transaction, and is not intended to last more than one year.

Green Leaf Medical was founded in 2014, when cannabis was legalized in Maryland for medical purposes. The company is currently building its facility to produce flower, trim and whole plants for dispensaries and processors throughout Maryland.

Philip Goldberg, chief executive officer of Green Leaf Medical, signed the Form D, which can be found here. He serves as the president-elect of the Maryland Cannabis Industry Association and is a founding member.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Nature’s Care and Wellness raises $840,000 after securing medical cannabis license

NOTTINGHAM, MD –  A Maryland-based medical cannabis dispensary company raised $840,000 in equity, according to a Securities and Exchange Commission filing.Maryland Biz News Wire

Nature’s Care and Wellness LLC filed the Form D on March 23. It did not disclose what it intended to with the proceeds.

The company listed eight investors on the form, and it was filed by executive officer Robert Windsor.

Nature’s Care and Wellness was granted stage one pre-approval by the Maryland Medical Cannabis Commission on Dec. 9, 2016. The selection made them one of 102 companies able to apply for state licenses. The company has a year from the approval date to commence operations and apply for a full license.

Patrick Jameson, executive director of the Maryland Medical Cannabis Commission, stated, “These dispensaries will be the new face of the medial cannabis industry in Maryland once final licenses are issued.”

Cannabis was legalized in Maryland for medical purposes in 2014. There is a legal possession limit of a 30-day supply.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

RLJ Entertainment reports lower fourth-quarter loss

rlje-logoSILVER SPRING, MD — RLJ Entertainment, a Maryland-based entertainment company that owns streaming services for African-Americans and fans of British programming, reported a fourth-quarter loss that was less than the quarterly loss in 2015, according to a filing with the Securities and Exchange Commission on Thursday.

The company reported a net loss of $4.8 million, or 90 cents per share, in the fourth quarter, compared to a net loss of $37.7 million, or $8.87 per share, in the fourth quarter of 2015. In the fourth quarter of 2015, the company took a $30.3 million goodwill impairment charge.

Revenue for the quarter fell 12.8 percent to $28.4 million from $32.5 million in the same quarter of 2015.

In 2016, revenue for the company’s digital channel business increased 115.6 percent to $16.3 million. The services, Acorn TV and Urban Movie Channel, contributed $6.3 million of income from continuing operations for 2016 compared to a loss of $1.5 million in 2015.

Acorn TV launched in 2011 and has more than 370,000 subscribers. RLJ’s paying subscriber base increased by 125 percent from 203,000 to 457,000 in 2016. The company crossed half a million subscribers in February 2017.

“We see the one million subscriber target to be achievable in the next 24 months,” said Miguel Penella, chief executive officer.

The company’s chairman is Robert Johnson, the U.S.’s first black billionaire and the founder of Black Entertainment Television.

In other news, RLJ refinanced its debt in October 2016 and January 2017 and received net proceeds of $7.4 million. The company said it will expand one of its loans from $5 million to $13 million and extend the maturity date of the loan to June 30, 2019.

Part of the debt was issued with AMC Networks in 2012. AMC invested $65 million in RLJ last year in order to create a partnership aimed at reaching two niche audiences — African-American viewers and fans of British programming — with online video services.

AMC, best known for the U.S. cable channel that airs “The Walking Dead,” also operates BBC America through a joint venture with BBC Worldwide, and owns WE tv, a network popular with black viewers.

RLJ also cited increased earnings from its affiliate Agatha Christie Ltd. ACL manages the media and literary rights to British crime author Christie’s works. RLJ owns 64 percent of the company.

The Guardian valued ACL at $125 million in 2010. The bestselling author of all time, according to Guinness World Records, Christie’s work has produced a huge fortune since her death in 1976, and her books continue to fill shelves around the world, particularly those featuring detectives Hercule Poirot and Miss Marple. Christie’s “The Mousetrap” is the longest-running stage play in the world and a fixture in London’s West End since 1952.

Christie’s family owns the other 36 percent of ACL.

Shares of RLJ were trading at $2.44, up 1 cent, in midday trading on Thursday.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Federal Realty Investment Trust CEO Wood’s compensation skyrockets

FederalRealtyInvestment-Trust-logoROCKVILLE, MD — Federal Realty Investment Trust’s chief executive officer received a 73 percent increase in total compensation from the previous fiscal year, according to a Securities and Exchange Commission filing.

Donald C. Wood, president and chief executive officer of the Rockville-based real estate investment trust, received a total compensation of $9.5 million for the 2016 fiscal year, up from total compensation of $5.5 million in 2015.

He received a salary of $950,000, a 12 percent increase from 2015. His stocks awarded increased 115 percent from 2015 to $7.5 million from $3.5 million. In addition, Wood received an annual bonus of $1.4 million.

Wood collected 75 percent of his annual bonus in cash, totaling $1.06 million.

The real estate investment trust, which owns, manages, and develops retail and mix-use properties, reported increases in revenue and net income for the 2016 fiscal year. The company reported a $800 million in revenue, a 7.7 percent increase, and $249 million in net income, a 19 percent increase.

The company hired Daniel Guglielmore as chief financial officer in the 2016 fiscal year. Guglielmore received a total compensation of $2.02 million for his first year at Federal Realty Investment Trust.

The real estate investment trust’s stock price is currently $134.91, up $1.80 in Thursday morning trading.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

 

Marriott executive Rodriguez sells over $1 million in shares

marriottBETHESDA, MD – The chief human resources officer of Marriott International Inc. sold more than $1 million worth of stock in the company, according to a Securities and Exchange Commission filing..

David Rodriguez sold the 11,112 shares at a price of $90, according to a Form 4 filed with the SEC.

Rodriguez has been a part of the human resource senior leadership team since 1998 and was appointed to the board of directors of the Committee for Excellence that focuses on advancing employee well-being and inclusion in 2005.

He now directly own 31,325 shares in the company worth more than $2.8 million.

Marriott was founded in 1927, and Marriott International was founded in 1993 when the parent company split into Marriott International and Host Marriott Corp. Marriott International manages and franchises more than 5,700 properties in over 110 countries.

The company’s shares on Wednesday afternoon were $91.44, up $2.17, or 2.37 percent.

The filing can be found here.

This story is from the Maryland Business Newswire, a service of UNC-Chapel HiIl’s School of Media and Journalism

Marriott International plans to add up to 300,000 rooms in next three years

searchBETHESDA, MD — Marriott International announced a growth plan that would add up to 300,000 rooms in the next three years, the company reported Tuesday in a filing with the Securities and Exchange Commission that will be presented at its investor meeting.

The company plans to open one hotel around the world every 14 hours and add up to 300,000 rooms by 2019. This opens up the possibility of $675 million in annualized fees from these rooms alone.

Marriott has over 6,000 properties in 122 countries with over 30 brands such as Bulgari, the Ritz-Carlton, Edition, The Luxury Collection and Westin.

The September 2016 acquisition of Starwood Hotels and Resorts for $12.4 billion has also helped the company. Marriott took a significant market share lead with over 8 percent of worldwide hotel rooms.

The company expects net room growth to grow to an annual compound rate of 6.5 percent, up from 5 percent.

“Marriott has made a significant leap forward in distribution and scale with its once-in-a-generation acquisition of Starwood,” said President and CEO Arne Sorenson in a statement. “With global travel estimated to increase at a 7 percent compounded rate over the next 10 years and international trips expected to top 1.8 billion by 2030, Marriott is well positioned to benefit given its strong global footprint now in 122 countries and territories and an unmatched portfolio of 30 lodging brands.”

In addition to the $675 million from the new rooms, the company also expects non-property related franchise fees, such as credit card branding fees, to increase about $100 million over the three years.

The new growth plan also assumes a revenue per available room growth of 1 to 3 percent, compounded annually, through 2019.

The company expects earnings per share of $5.25 to $5.80 by 2019, a compound growth rate of 17 percent to 21 percent from 2016. Adjusted EBITDA should increase 7 to 10 percent, and net income should increase 11 to 14 percent.

Shareholders can expect to see $1.4 billion to $1.5 billion in dividends, and $6.9 billion to $7.8 billion in repurchases over the next three years.

Marriott’s shares rose $2.43, or 2.7 percent, to $91.11 in early Tuesday trading.

This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Money manager buys 8.3 percent stake in Radio One

SILVER SPRING, MD – A New York-based money manager has acquired an 8.3 percent stake in broadcasting company Radio One Inc., according to a Friday filing with the Securities and Exchange Commission.

The New York-based investment fund Brigade Capital Management purchased 3,415,721 shares on March 8, out of nearly 41 million outstanding shares.

Radio_one_logo

On that day Radio One’s stock closed at $2.45, and since climbed to a closing price on Friday of $3.20.

Radio One is a broadcasting company founded in 1980 which has holdings in radio, cable television and digital media.

In 2014, the company reported a loss per share of $1.32, which in 2016 shrunk to a loss of only 1 cent per share with revenue over $450 million.

On March 16, the company announced in an 8-k filing with the SEC that it was seeking to refinance the $345 million in borrowings which were scheduled to mature in Dec. 2018.

Brigade Capital Management is a New York-based hedge fund that specializes in credit investment strategies. It has $18 billion of assets spread over five hedge fund vehicles that specialize in certain types of investments.

Radio One’s founder, Cathy Hughes, built the company initially by purchasing small, under-performing radio stations in urban markets and changing the content to better suit an African American audience.

It is the largest African American-owned broadcasting company in the U.S.

Her son, Alfred Liggins III, took over as CEO in 1997 and still maintains the position. As of Dec. 31, 2016, the mother and son collectively own 95 percent of Class A voting shares.

This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

T. Rowe Price CEO Stromberg gets 7.5 percent rise in compensation

Screen Shot 2017-03-17 at 5.34.30 PMBALTIMORE, MD — The chief executive officer of money manager T. Rowe Price Group Inc. received a 7.5 percent increase in total compensation last year, according to a filing Friday with the Securities and Exchange Commission.

William Stromberg received $9.1 million in total compensation in 2016, up from $8.4 million in 2015.

Stromberg’s base salary remained the same at $350,000, but his stock awards rose to $1.8 million in 2016 from $807,923 in 2015.

Stromberg also received $6.85 million in nonequity incentive plan compensation in 2016, up from $6.6 million in 2015.

He has been with the company for 29 years. Stromberg served as the head of equity from 2009 to 2015 and the head of U.S. equity from 2006 to 2009.

He also served as a director of equity research from 1996 to 2006, as a portfolio manager of the Capital Opportunity Fund  from 2000 to 2007 and the Dividend Growth Fund 1992 to 2000, and as an equity investment analyst from 1987 to 1992.

Chief Financial Officer Kenneth Moreland also saw an increase in total compensation in 2016. He received $1.9 million last year, up from $1.8 million in 2015.

At the end of 2016, T. Rowe Price had more than $810 billion in assets under management and served clients in 45 countries.

T. Rowe Price fell $2.58, or 3.6 percent, to $69.36 on Friday.

The company’s annual meeting will be held April 26 at 10 a.m. at the company’s offices in Owings Mill, Maryland.

This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

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