MCLEAN, Va., July 18, 2011 /PRNewswire/ -- Gladstone
Investment Corporation (Nasdaq: GAIN) (the "Company") announced
today that the industry's two leading independent proxy advisory
firms -- ISS Corporate Services, Inc. ("ISS"), a wholly-owned
subsidiary of Institutional Shareholder Services Inc., and Glass
Lewis & Co. ("Glass Lewis") -- each recently issued a report
recommending that stockholders of the Company vote "For" the
proposal included in the proxy statement for the Company's 2011
Annual Meeting of Stockholders (the "Annual Meeting"), which would
allow the Company to issue and sell shares of its common stock
below its then current net asset value per share ("NAV"), subject
to certain limitations described in the proxy statement.
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The Annual Meeting is scheduled for Thursday, August 4, 2011 at 11:00 a.m. local time at the Sheraton Premiere
Tysons Corner, located at 8661 Leesburg Pike, Vienna, Virginia.
ISS stated in its report:
"The proposal grants significant discretion to management to
offer securities at below NAV -- either publicly or privately --
with limits on the amount of shares to be offered. The sale of
shares at a price below NAV will initially dilute outstanding
shares. However, approval of this proposal may allow the board to
invest in attractive opportunities as they arise, and may give the
company flexibility to forestall the potential forced sale of
assets at unfavorable prices. While shareholders may be concerned
that the sale of shares at a price below NAV will initially dilute
outstanding shares, certain safeguards are in place, including that
shareholder approval of the proposal would only be valid for one
year, and that any sale of shares at a price below NAV must be
approved by a majority of the company's disinterested
directors."*
The Company reminds stockholders that their vote is important
and urges all stockholders to take a moment to vote their shares.
Stockholders with questions related to the Annual Meeting or the
voting of their shares, or who need to request additional proxy
materials, are strongly encouraged to contact the Company's proxy
solicitor, Georgeson Inc. at (800) 932-9864 or the Company at (866)
366-5745.
The Company also conducted an informational call with
stockholders on June 29, 2011
regarding all proposals delineated in the proxy statement.
Stockholders who were unable to listen to the call at that time may
access a recording of the call by calling (877) 344-7529 and using
conference code 450883. The webcast replay of the conference call
will also be available online, through the date of the Annual
Meeting, at www.GladstoneInvestment.com.
Important Information
On June 17, 2011, the Company
filed a definitive proxy statement with the Securities and Exchange
Commission ("SEC") in connection with the Annual Meeting. The
Company's stockholders are strongly advised to read the definitive
proxy statement carefully before making any voting or investment
decision because the definitive proxy statement contains important
information. The Company's proxy statement and any other materials
filed by the Company with the SEC can be obtained free of charge at
the SEC's website at http://www.sec.gov or from the Company at
http://www.gladstoneinvestment.com.
*Permission to use quote neither sought nor obtained from
ISS.
Gladstone Investment Corporation is a publicly traded business
development company that seeks to make debt and equity investments
in small and mid-sized businesses in the
United States in connection with acquisitions, changes in
control and recapitalizations. Information on the business
activities of all the Gladstone
funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds,
please visit www.gladstone.com.
SOURCE Gladstone Investment Corporation