2012 Annual Meeting
On June 29, 2012, Vestin Realty Mortgage I, Inc., a Maryland corporation (the “Company”), held its 2012 annual meeting of stockholders at Venable LLP, 750 E. Pratt Street, Suite 900, Baltimore, Maryland 21202. Stockholders were asked to vote with respect to the following two proposals:
- To elect two directors to serve until the 2015 Annual Meeting of Stockholders and until their successors are duly elected and qualify;
- To consider and vote upon the ratification of the appointment of JLK Partners, LLP as the independent registered public accountants of the Company for the fiscal year ending December 31, 2012;
- To transact such other business as may properly come before the meeting or any postponement or adjournment thereof.
There were outstanding, as of the close of business on May 4, 2012 (the record date for the annual meeting), 6,340,859 shares of Common Stock of the Company, each entitled to one vote per share, constituting the only class of shares entitled to vote at the meeting.
There were present at the meeting, either in person or by valid proxy, the holders of 4,487,441 shares of the Company, constituting a quorum.
A majority of the stockholders voted “For” the two proposals. See Table below for the results:
Proposal 1–Election of two (2) directors
|Daryl C. Idler, Jr.
|Michael V. Shustek
Proposal 2-Appointment of JLK Partners, LLP as independent registered public accountants of the Company
Vestin Realty Mortgage I
Vestin Realty Mortgage I (NASDAQ: VRTA), previously Vestin Fund I, commenced operations in
August 2000 and currently has assets of approximately $21 million. Our core business is investing in
commercial real estate loans.
We invest approximately 97% of our assets in commercial real estate loans and maintain a working
capital reserve of approximately 3%.
We currently have investments in commercial real estate loans in five states. The majority of our
loans are made to real estate developers.
Our principal investment objectives are to:
- produce revenues from the interest income on our real estate loans;
- provide cash dividends from the net income generated by our real estate loans; and
reinvest, to the extent permissible, payments of principal and net proceeds from sales of foreclosed properties.