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News Breaks
March 7, 2013
16:04 EDTNGPCNGP Captial Resources reports Q4 net investment income P/S 13c, consensus 17c
Reports revenue $6.1M, consensus $6.74M.
News For NGPC From The Last 14 Days
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September 30, 2014
17:33 EDTNGPCNGP Capital Resources holders approve appointment of Oak Hill Advisors
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September 23, 2014
09:12 EDTNGPCNGP Capital urges holders vote FOR proposed investment advisory agreement
NGP Capital Resources announced that in connection with the company's upcoming annual meeting of stockholders, the board is providing additional details regarding the unsolicited proposal received by the board from a third party also seeking to replace NGP Investment Advisor, LP as the company's investment advisor. As disclosed on page 11 of the company's definitive proxy statement, and further discussed in the company's definitive additional materials filed therewith, the Board received an unsolicited proposal from a third party seeking to replace NGP Investment Advisor, LP as the company's investment advisor. The alternative proposal, as ultimately submitted to the board after multiple discussions between the third party and the company's management, contemplated an investment advisory agreement similar to the proposed investment advisory agreement with Oak Hill Advisors, or OHA, but with a base management fee of 1.3% per annum, as opposed to a base management fee of 1.75% per annum under the proposed investment advisory agreement with OHA, each with a 0.25% reduction in the annual rate for the first year. In making its determination that the alternative proposal was not superior to the OHA Transaction, the board considered the reputation, experience and investment track record of OHA as compared to that of the third party, as well as the timing and relative certainty of closing of the OHA Transaction. The company urges stockholders to vote FOR the proposal to approve the proposed investment advisory agreement, pursuant to which OHA would be appointed as the new investment advisor of the company, FOR the director nominee and FOR each of the other proposals.
08:12 EDTNGPCIndaba Capital believes NGP Capital holders have all information needed for vote
Indaba Capital Management, the beneficial owner of 2.99% of the outstanding shares of NGP Capital Resources, issued an open letter to Kenneth A. Hersh, chairman of the board, and the shareholders of the company in advance of NGPC's 2014 annual meeting, currently scheduled for September 29, at which shareholders will vote on a proposed investment advisory agreement with a new investment advisor, Oak Hill Advisors. In its letter, Indaba, among other things: Questions the board's lack of meaningful disclosure surrounding recent developments in the ATP/Bennu litigation, which Indaba believes removes a material overhang on the company's valuation and the strategic review process conducted by the board and, therefore, merits a reconsideration of potential value-maximizing alternatives available to the company; documents the board's track record and 10-year history of value destruction, while the current investment advisor has received over $53M in management and incentive fees; questions whether the transaction with Oak Hill is in the best interests of shareholders; and calls upon the company and Oak Hill to honor management's promise to hold a joint conference call with Oak Hill management so that Oak Hill can elaborate on its strategy and plans for the company and field shareholder questions.

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