DALLAS, Feb. 8, 2016 /PRNewswire/ -- NexPoint Advisors,
L.P. ("NexPoint") today announced that it has nominated
Ethan Powell, a highly qualified
candidate with considerable Investment Company Act fund management
and board experience, for election as a director at the Annual
Meeting of TICC Capital Corp. ("TICC" or the "Company"; Nasdaq:
TICC), which is expected to be scheduled by TICC for this June.
NexPoint has taken this step in order to protect the stockholders
and prevent the further destruction of value by the TICC Board of
Directors (the "Board") and management team ("Management").
"The stockholders of TICC deserve directors who not only
understand their fiduciary duties and are focused on creating value
for investors, but who also understand the intricacies of managing
registered Investment Company Act vehicles" stated Thomas Surgent,
Partner and Deputy General Counsel at NexPoint. "Change is direly
needed as TICC has continued to underperform following the
Company's deeply flawed and widely criticized attempt to sell
itself to an affiliate of Benefit Street Partners in a transaction
that would have enriched the departing management team at the
expense of stockholders."
NexPoint remains willing to implement its superior investment
advisory proposal, which was designed to support and buttress
TICC's stockholder distribution and offers the following benefits
for stockholders:
- stockholder savings of $85-90
million in management fees over the next 10 years (based
on the Company's AUM as of September 30,
2015);
- preservation of the Company's current investment strategy,
which is the strategy elected by stockholders (although NexPoint
will consider revising such strategy should stockholders so
desire);
- an industry-leading stockholder loyalty program where NexPoint
will provide an additional 2% investment incentive to stockholders
that invest through the program and hold the related shares for at
least a year;
- NexPoint's superior expertise in managing the Company's
investment strategy; and
- If appointed, an investment of at least $20 million in the Company's common stock in open
market transactions in the first 12 months following
appointment.
We remain willing to discuss any terms that the Board believes
may be important to the Company and its stockholders. We
continue to be committed to advancing the interests of the Company
and its stockholders and urge the Board to act
accordingly.
Mr. Powell's qualifications are discussed more fully below.
Ethan Powell's Qualifications
as a Director
Mr. Powell is currently President and Founder of Impact Shares
LLC, a registered investment advisor dedicated to building a
platform to create better socially responsible investment
solutions. Prior to joining Impact Shares LLC, Mr. Powell was Chief
Product Strategist at Highland Capital Management Fund Advisors,
L.P. ("HCFMA"). In his role with HCMFA he was responsible for
evaluating and optimizing the registered product lineup offered by
HCMFA and its affiliate, Highland Capital Management, L.P.
("Highland"). Additionally, Mr. Powell worked with portfolio
managers and wholesalers on appropriate positioning of strategies
in the market place. Prior to his position as Chief Product
Strategist, Mr. Powell was a senior fund analyst responsible for
working with portfolio management teams and service providers in
the operation and marketing of the funds. Prior to joining Highland
in April 2007, Mr. Powell spent most
of his career with Ernst and Young providing audit and merger and
acquisition services within the firm's Transaction Advisory
Services Group in Houston, Texas.
Mr. Powell's primary focus was acquisitions in the Energy industry.
Mr. Powell received an MS in Management Information Systems and a
BS in Accounting from Texas A&M
University. Mr. Powell is a holder of the right to use the
Chartered Financial Analyst designation and is a licensed Certified
Public Accountant. He serves on the Board of Directors of NexPoint
and HCMFA's affiliated registered investment funds.
About NexPoint Advisors, L.P.
NexPoint, together with its affiliates, currently manages
approximately $18.3 billion in net assets and believes
that its core competences are squarely within the Company's
investment strategy. NexPoint is indirectly wholly owned by a
trust that is beneficially owned and controlled by James Dondero. Highland is ultimately
controlled by Mr. Dondero and is therefore an affiliate of, and
under common control with, NexPoint, which shares personnel and
other resources with Highland. Highland (together with its
affiliates) is one of the world's most experienced alternative
credit managers, tested by numerous credit cycles, specializing in
credit strategies, such as a broad range of leveraged loans, high
yield bonds, direct lending, public and private equities and
CLOs. Highland also offers alternative investment-oriented
strategies, including asset allocation, long/short equities, real
estate and natural resources.
Important Additional Information and Where to Find It
NexPoint intends to file a proxy statement with the U.S.
Securities and Exchange Commission (the "SEC") in connection
with the solicitation of proxies from the stockholders of the
Company in connection with the election of Ethan Powell as NexPoint's nominee for director
(the "Nominee") at the Company's Annual Meeting of
Stockholders, expected to be held in June 2016.
STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH
PROXY STATEMENT AND THE ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS
FILED BY NEXPOINT WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT
INFORMATION. The NexPoint proxy statement and other relevant
materials (when they become available), and any other documents
filed by NexPoint with the SEC, may be obtained free of charge at
the SEC's website at www.sec.gov. Free copies of the NexPoint
proxy statement and other relevant materials (when they become
available) can be obtained from NexPoint on its website at
www.nexpointadvisors.com or by contacting NexPoint by telephone at
(972) 628-4100.
Participants in the Solicitation
NexPoint and the Nominee are deemed to be participants in
NexPoint's solicitation of proxies from the Company's stockholders
in connection with the election of Ethan
Powell as NexPoint's nominee for director at the Company's
Special Meeting of Stockholders, expected to be held in June
2016. NexPoint is the beneficial owner of 100 shares of
common stock of the Company. Information regarding
NexPoint and the Nominee, and their direct or indirect interests in
the Company, by security holdings or otherwise, will be disclosed
in the proxy statement to be filed with the SEC by NexPoint.
Cautionary Statement Regarding Forward-Looking
Statements
These materials may contain forward-looking statements.
All statements contained herein that are not clearly historical in
nature or that necessarily depend on future events are
forward-looking, and the words "anticipate," "believe," "expect,"
"potential," "opportunity," "estimate," "plan" and similar
expressions are generally intended to identify forward-looking
statements. The projected results and statements contained in
these materials that are not historical facts are based on current
expectations and speak only as of the date of such materials, and
involve risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such projected results and
statements. Assumptions relating to the foregoing involve
judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond the control of NexPoint. Although
NexPoint believes that the assumptions underlying the projected
results or forward-looking statements included in these materials
are reasonable as of the date of such materials, any of the
assumptions could be inaccurate and therefore, there can be no
assurance that the projected results or
forward-looking statements included herein will prove to be
accurate. In light of the significant uncertainties inherent
in the projected results and forward-looking statements included
herein, the inclusion of such information should not be regarded as
a representation as to future results or that the objectives and
strategic initiatives expressed or implied by such projected
results and forward-looking statements will be achieved.
NexPoint will not undertake and specifically declines any
obligation to disclose the results of any revisions that may be
made to any projected results or forward-looking statements herein
to reflect events or circumstances after the date of such projected
results or statements or to reflect the occurrence of anticipated
or unanticipated events.
NexPoint reserves the right to change any of its opinions
expressed herein at any time as it deems appropriate and disclaims
any obligation to notify the market or any other party of any such
changes. NexPoint disclaims any obligation to update the
information or opinions contained herein.
Media Contact
Prosek Partners
Brian H. Schaffer
212-279-3115 ext. 229
bschaffer@prosek.com
Josh Clarkson
212-279-3115 ext. 259
jclarkson@prosek.com
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SOURCE NexPoint Advisors, L.P.