Rights

• ST. JAMES, N.Y., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (“Gyrodyne” or the “Company”) (NASDAQ: GYRO), an owner and manager of a diversified portfolio of real estate properties, today announced the commencement of the subscription period of its rights offering.
• As previously announced, the Company intends to raise up to $5 million in aggregate gross proceeds by way of a rights offering in which its existing shareholders as of the record date of January 29, 2024 will be granted rights to purchase shares of the Company’s common stock (the “Rights Offering”).
• 333-276312) (the “Registration Statement”) with respect to the proposed Rights Offering with the Securities and Exchange Commission (the “SEC”) on December 29, 2023.
• Gyrodyne may extend the rights offering period for additional periods ending no later than April 6, 2024 or cancel the rights offering at any time for any reason.

• In the many tributes that have flowed since the announcement of Lowitja O’Donoghue’s death on February 4 at age 91, many commentators have noted her leadership and commitment to public life over many years.
• Of her many public roles, chairing the Aboriginal and Torres Strait Islander Commission (1990-2005) across the first six years of its life stands out.

An activist and trailblazer

• There she joined the Aborigines Advancement League and helped spearhead campaigns for civil rights.
• Read more:
  Indigenous trailblazer Lowitja O'Donoghue dies aged 91

  In 1967 she joined the Commonwealth Department of Aboriginal Affairs, rising to become regional director from 1975-79.

• A key recommendation of her report was the establishment of regional assemblies across Australia, a model that became central to ATSIC.

Inaugural chair of ATSIC

• O'Donoghue was regarded as the logical choice for inaugural chair of ATSIC.
• A statutory body, combining representative, advisory and administrative functions, ATSIC was unlike all previous representative bodies for Indigenous Australians.
• She steered a board of 17 regional commissioners, along with an extra two commissioners appointed by the minister.

Negotiating Mabo

• Not long after this, O'Donoghue was required to steer ATSIC’s response to the Mabo decision.
• This was no small task, as it unleashed a torrent of discontent across Australia and resistance in many quarters.
• Read more:
  Australian politics explainer: the Mabo decision and native title

  This was a highlight of her career, not least because it demonstrated that ATSIC was no “toothless tiger” and showcased the acumen of a rising Aboriginal political sector.

Taking Indigenous advocacy around the world

• In 1993, the international year of the world’s Indigenous peoples, she spoke at the World Conference on Human Rights at Vienna.
• In his PhD thesis on Indigenous engagement with the UN, Indigenous scholar Graeme La Macchia shows how in the development of the United Nations Declaration on the Rights of Indigenous Peoples, member states became anxious about words like self-determination.
• He shows how O'Donoghue held firm, arguing that nothing short of political self-determination and economic empowerment would suffice for the world’s Indigenous people.

A profound legacy

• In her farewell address, O'Donoghue described her time at ATSIC as intense, exhilarating and, at times, exhausting.
• We should know and remember her considerable contribution to this important part of our political history.

Alison Holland receives funding from the Australian Research Council (DP230100714 - Policy for Self-Determination: the Case Study of ATSIC) with Distinguished Professor Larissa Behrendt, Associate Professor Daryl Rigney, Dr Kirsten Thorpe and Lindon Coombes.

• Net income for the quarter ended December 31, 2023, was $12.7 million, compared with net income of $21.1 million for the fourth quarter of 2022.
• Total revenue for the quarter ended December 31, 2023, was $95.5 million, compared to $79.9 million during the fourth quarter of 2022.
• Total expenses for the quarter ended December 31, 2023, were $55.1 million, compared to $42.1 million in the fourth quarter of 2022.
• Total vessel operating expenses during the fourth quarter of 2023 amounted to $20.6 million, compared to $17.3 million during the fourth quarter of 2022.

• The preliminary outcome indicates that the Rights issue is subscribed to approximately 77.3 per cent with and without unit rights.
• The preliminary compilation of subscriptions shows that 26,230,295 units, corresponding to approximately 71.7 per cent of the Rights issue, were subscribed for with unit rights.
• 2,058,442 units, corresponding to approximately 5.6 per cent of the Rights issue, were subscribed for without unit rights.
• The preliminary outcome thereby indicates that the Rights issue is subscribed to approximately 77.3 per cent.