UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
May 11, 2020
MACKENZIE REALTY CAPITAL INC.
(Exact name of registrant as specified in its charter)
|
Maryland
|
|
000-55006
|
|
45-4355424
|
|
(State of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
|
|
89 Davis Road, Suite 100
Orinda, California
|
|
94563
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(925) 631-9100
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
◻
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
◻
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
◻
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
◻
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 8.01 Other Events.
On May 11, 2020, the Company’s board of directors (the “Board”) unanimously approved the suspension of the Company’s Share Repurchase Program, effective
immediately.
The Board discussed the COVID-19 pandemic and measures taken by government agencies and issuers in response to COVID-19. The virus and countermeasures have
disrupted markets for assets owned and sought by the Company, prompting a decline in the value of such assets. Under these circumstances, the Board determined that the Company and its stockholders are best served by retention of cash, thereby
allowing the Company to capitalize on opportunities to acquire assets at attractive prices. In assessing the Company’s cash position, the Board assessed the Company’s share repurchase program, and it has decided to temporarily suspend the share
repurchase program, effective immediately.
In assessing the Company’s cash position, the Board also assessed the Company’s dividend reinvestment program. The Board made no charges to the dividend
reinvestment program.
Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to items such as the timing of payment of
dividends are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations and
assumptions with respect to, among other things, future economic, competitive and market conditions and future business decisions that may prove incorrect or inaccurate. Important factors that could cause actual results to differ materially from
those in the forward-looking statements include the risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, as amended, and its other filings with the Securities and Exchange
Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
MACKENZIE REALTY CAPITAL, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Date: May 14, 2020
|
By:
|
/s/ Robert Dixon
|
|
|
|
|
Robert Dixon
|
|
|
|
|
President
|
|