TICC Capital Comments on Recommendation from Proxy Advisory Firm ISS
August 18 2016 - 10:46AM
Business Wire
TICC Urges Stockholders to Vote WHITE Proxy
Card Today
TICC Capital Corp. (NASDAQ:TICC) (the "Company," "TICC," "we,"
or "our") today commented on a report issued by Institutional
Shareholder Services (“ISS”), an independent proxy voting advisory
firm, regarding the proposals at the Company’s upcoming Annual
Meeting, which will be held on September 2, 2016.
“ISS’s conclusion is based in part on TICC’s performance during
a period when there was significant dislocation in the CLO market.
We believe that the performance of investment advisors should be
evaluated over a longer period. Since the beginning of 2009, TICC
has generated Total Shareholder Returns of 323%,” said Steve Novak,
Chairman of the Board of Directors. “The Board continues to
strongly recommend that TICC stockholders vote AGAINST terminating
the investment advisory agreement and FOR TICC’s highly qualified
board nominee – Tonia Pankopf. Tonia is an outstanding nominee with
a deep understanding of the Company. Her extensive investment
management experience and corporate governance expertise have
allowed her to play a crucial role in TICC’s success.”
TICC is delivering improved performance and it is critical that
stockholders vote the white proxy card so that the Company can
continue to deliver on their behalf:
- The Company has revised its investment
strategy, which is already yielding results – as ISS recognized,
TICC’s stock price has increased by approximately 10% since the
Company reported its Q2 earnings.
- Recent earnings and the significant
increase in book value per share showed that the Company is on the
right track to deliver attractive returns to stockholders.
- TICC has further aligned its fee
structure with best-in-class practices in the BDC industry.
- The Board has committed to maintain the
current distribution policy.
TICC encourages all stockholders to carefully review its
definitive proxy filing and other materials and vote only their
WHITE proxy card. For more information, please call our proxy
advisor Alliance Advisors toll free at 855-601-2247.
About TICC Capital Corp.
TICC Capital Corp. is a publicly-traded business development
company principally engaged in providing capital to established
businesses, investing in syndicated bank loans and purchasing debt
and equity tranches of collateralized loan obligations.
Additional Information and Where to Find It
TICC has filed a definitive proxy statement on Schedule 14A and
a WHITE proxy card with the U.S. Securities and Exchange Commission
(the “SEC”) in connection with the solicitation of proxies for
TICC’s 2016 annual stockholder meeting (the “Annual Meeting”). The
Company has distributed the definitive proxy statement and a WHITE
proxy card to each stockholder entitled to vote at the Annual
Meeting. TICC STOCKHOLDERS ARE URGED TO READ THE COMPANY’S PROXY
MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND
ACCOMPANYING WHITE PROXY CARD BECAUSE THESE MATERIALS CONTAIN
IMPORTANT INFORMATION ABOUT TICC AND THE ANNUAL MEETING. These
documents, including any proxy statement (and amendments and
supplements thereto) and other documents filed by the Company with
the SEC, may be obtained free of charge at the SEC’s website
(http://www.sec.gov), at TICC’s
investor relations website (http://ir.ticc.com), or by writing to TICC at 8
Sound Shore Drive, Suite 255, Greenwich, CT 06830 (telephone number
203-983-5275).
Participants in the Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
Company's stockholders with respect to the Annual Meeting.
Information about the Company's directors and executive officers
and their ownership of the Company's common stock is set forth in
the proxy statement on Schedule 14A filed with the SEC on July 12,
2016 (the “Schedule 14A”). To the extent holdings of such
participants in TICC securities have changed since the amounts
described in the Schedule 14A, such changes have been reflected on
Initial Statements of Beneficial Ownership on Form 3 or Statements
of Change in Ownership on Form 4 filed with the SEC.
Forward Looking Statements
This press release contains forward-looking statements subject
to the inherent uncertainties in predicting future results and
conditions. Any statements that are not statements of historical
fact (including statements containing the words "believes,"
"plans," "anticipates," "expects," "estimates" and similar
expressions) should also be considered to be forward-looking
statements. Certain factors could cause actual results and
conditions to differ materially from those projected in these
forward-looking statements. These factors are identified from time
to time in our filings with the Securities and Exchange Commission.
We undertake no obligation to update such statements to reflect
subsequent events, except as may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160818005756/en/
TICCMedia:Sard Verbinnen & CoEmily
Deissler/Nikki Ritchie/Benjamin
Spicehandler212-687-8080orStockholders:Alliance Advisors,
LLC855-601-2247
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