TICC Sends Letter to Stockholders Urging Them to Vote White Proxy Card Today
August 29 2016 - 8:30AM
Business Wire
TICC Capital Corp. (NASDAQ:TICC) (the "Company," "TICC," "we,"
or "our") today sent a letter to stockholders urging them to
protect the current distribution policy and their investment by
voting "FOR" the Company's proposals on the WHITE proxy card.
The full text of the letter is as follows:
August 29, 2016
LAST CALL: ACT NOW TO PRESERVE TICC’S
CURRENT DISTRIBUTION POLICY
Vote WHITE proxy card
VOTE FOR
PROPOSAL 1: RE-ELECTION OF TONIA L. PANKOPF
VOTE AGAINST PROPOSAL 4: TERMINATION OF THE
INVESTMENT ADVISORY AGREEMENT
WHAT IS AT STAKE?
- DISTRIBUTION: TICC's
distributions have increased from $0.60/share in 2009 to
$1.14/share in 2015 – a 92% increase. TICC has consistently
maintained its distribution policy despite market volatility.
- RESULTS: TICC has generated
323% total shareholder return since the current strategy was
adopted in 2009 – significantly higher than the 147% total
shareholder return generated by TICC's BDC peers – and TICC has
generated a 17.9% total shareholder return year to date. (1)
- SUCCESS: TICC’s current strategy
is working. In 2Q2016, NAV/share increased by 11%, and GAAP
Net Investment Income rose by 62% compared to 1Q2016.
RISK OF SUPPORTING TSLX
- DISTRIBUTION POLICY THREATENED:
TSLX has publicly criticized TICC's distribution policy. What will
happen to TICC’s distributions if TSLX’s agenda is adopted?
- MANAGEMENT VACUUM: TSLX wants to
terminate TICC’s investment advisory agreement. Who will manage
TICC if the current advisor is terminated? A leading independent
research analyst agrees that terminating the current advisor is a
bad idea, calling it a “major risk”.(2)
- NO TRANSPARENCY: TSLX has no
clear plan – or worse, they just won’t disclose it. Their proposals
may destroy stockholder value.
- HIGHER ADVISORY FEES: TSLX pays
higher advisory fees than TICC.
VOTE WHITE PROXY CARD
(1) Peers include externally-managed BDCs with >$100MM
market capitalization and pre-2009 IPOs, and externally-managed
BDCs with $250-750MM market capitalization; peers include AINV,
ARCC, BKCC, FSC, GAIN, GLAD, GSBD. Total shareholder return through
August 24, 2016. (2) Source: National Securities Research
report August 23, 2016
If you have already voted the gold card, you
can still change your vote today by simply voting the enclosed
WHITE proxy card.
If you have any questions or need assistance
in voting your shares, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160829005487/en/
TICCMediaSard Verbinnen & CoEmily
Deissler/Nikki Ritchie/Ben
Spicehandler212-687-8080orStockholdersAlliance Advisors,
LLC855-601-2247
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