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News Breaks
November 7, 2012
08:23 EDTTICCTICC Capital reports Q3 total investment income $15.6M
Reports Q3 net investment income $4.6M, or 12c; core investment income $9.3M, or 24c.
News For TICC From The Last 14 Days
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October 12, 2015
07:32 EDTTICCTPG Specialty Lending urges TICC investors to vote against management proposals
TPG Specialty Lending (TSLX) sent a letter to stockholders of TICC Capital encouraging them to vote the GOLD proxy card AGAINST management's proposals at the upcoming special meeting of stockholders on October 27, 2015 to show TICC's board of directors that they prefer TSLX's proposal. TPG Specialty Lending told TICC shareholders to not "pay TICC for its failures." "The facts are undeniable: in the hands of TICC Capital Corp.'s manager and its current board of directors, your investment has underperformed EVERY SIGNIFICANT MEASURE - one- and three-year stock price performance, net asset value and performance compared to the BDC Composite- over the past 12 years," the letter reads. "For this complete lack of performance, you have already paid $127M in fees to TICC's manager over the past 12 years. Now TICC's board of directors proposes to award this manager an estimated $60M more. Why should it be PAID an estimated $60M to be replaced when they deserve to be replaced at NO COST? TICC has not even disclosed specific details of how the external manager will be paid, leaving stockholders to only wonder if it is higher."
October 9, 2015
07:03 EDTTICCNexPoint Advisors commences litigation against TICC Capital
NexPoint Advisors announced that it has commenced litigation in the United States District Court in Connecticut against TICC Capital Corp., its board and the President of the company based on what it believes are clear violations of Maryland law and federal securities law to ensure that stockholders will not be stripped of their voting rights and denied the opportunity to vote on NexPoint's director nominees at the October 27 special meeting of stockholders. In addition, NexPoint is further increasing its proposal to assume management of TICC to include support for a tender offer or share repurchase program of between $50 million and $100 million in the event NexPoint's management proposal is implemented by the company and its stockholders. NexPoint Advisors said, "We view BSP's recent press release as a desperate attempt to divert stockholder attention from the key issue at hand, which is that, under BSP's management proposal, initially as much as $132 million and now at least $60 million, in our estimation, is being paid to current management of the Company, rather than to the proper beneficiaries: the Company's stockholders. In contrast, our proposal offers stockholders $45-50 million in savings over the next 10 years1 compared to the BSP proposal and does not involve any payments to the current management, which we believe is the source of their enmity towards our proposal and refusal to meaningfully engage us in discussions. We continue to be gravely concerned with the ongoing deception and misconduct of the Company and the Board in our view. On September 11, we validly nominated a competing slate of six highly qualified director candidates for election at the Company's Special Meeting. We previously reported how the Secretary of the Company attempted to evade service of our nominations in an apparent effort to disenfranchise stockholders. Finally, on October 5, 2015, the Company outrageously informed stockholders that our director nominees were ineligible and that voting for our slate would be "wasting their votes."
October 8, 2015
18:56 EDTTICCTICC Capital urges holders to vote in favor of BSP agreement
TICC Capital sent a letter to stockholders in connection with the company's Special Meeting on October 27. The letter highlights the benefits TICC stockholders will see under the agreement with Benefit Street Partners, or BSP, including details on BSP's support for conducting a tender offer or share repurchase program for TICC shares. The letter also clears up misconceptions about the Company's rejection of proposals from both TPG Specialty Lending and NexPoint Advisors, and urges stockholders to vote with the WHITE proxy card.
09:17 EDTTICCTPG Specialty Lending urges shareholders to vote against TICC proposals
TPG Specialty Lending (TSLX) commented on statements made by TICC Capital (TICC) in its October 7 letter to stockholders regarding TSLX's offer to acquire TICC in a stock-for-stock transaction valuing TICC at $7.50 per share. TSLX urges stockholders to vote the GOLD proxy card AGAINST management proposals at the upcoming special meeting of TICC stockholders on October 27, 2015. "We remind TICC stockholders that TSLX committed to returning capital to stockholders when we first made our proposal public on September 16. TICC and BSP announced their agreement on August 4, and yet neither company mentioned share repurchases as part of the transaction until well after our proposal was made public," the company told stockholders. "Further, TICC has never before utilized meaningful value-creating strategies such as stockholder buybacks, even when the stock was trading at a significant discount to reported net asset value. We believe TICC's consistent failure to act for stockholders speaks for itself." TPG Specialty Lending said that TICC is aiming to micharacterize TPG's intentions and is sending conflicting messages about the value of TSLX shares. TPG Specialty Lending added that TICC does not answer four simple questions. "Are management or interested board members of TICC receiving compensation, remuneration, or other payments related to the proposed change of control of the TICC external manager? As compared to other business development companies and asset classes, what results has management's leadership produced for TICC stockholders in the past three years? What about since TICC's initial public offering under this management team and board supervision? Why should the TICC external manager that oversaw massive underperformance now be paid a premium to leave? Why can't the board simply replace the manager in a way that pays TICC stockholders instead? Who is the TICC board looking out for here? Is TICC's dividend sustainable? Is TICC currently earning enough to deliver its dividend? Does TICC disagree with five respected independent analysts who believe the TICC dividend will be cut?"
October 5, 2015
07:56 EDTTICCTPG files proxy materials to solicit TICC investors to vote against BSP proposal
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October 2, 2015
08:05 EDTTICCTICC tells shareholders to support Benefit Street as new adviser
TICC Capital sent stockholders a letter urging them to support the previously announced agreement under which an affiliate of Benefit Street Partners, LLC would become the company's new investment adviser. The agreement has been recommended by TICC's independent Special Committee as being in the best interests of TICC stockholders. The letter below highlights the reasons for the Special Committee's recommendation and corrects a number of inaccurate statements from TSLX and NexPoint.
September 30, 2015
13:34 EDTTICCTPG Specialty Lending comments on 'misleading' statements from TICC Capital
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