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Stock Market & Financial Investment News

News Breaks
February 6, 2013
09:14 EDTTICCTICC Capital 5.5M share Spot Secondary priced at $10.63
The deal size was increased to 5.5M shares from 3M shares. Barclays acted as lead book running manager for the offering.
News For TICC From The Last 14 Days
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September 3, 2015
17:05 EDTTICCTICC Capital announces revision to proposed agreement with Benefit Street
TICC Capital announced that the previously announced proposed new investment advisory agreement with Benefit Street Partners has been revised to include a permanent annual base management fee reduction to 1.50% from 2%, and a commitment by various members and affiliates of BSP and TICC management to purchase a minimum of $20M of TICC's common stock within twelve months after entry into the agreement. As previously noted, BSP intends to transition TICC's investment strategy to primarily focus on private debt investments. Following the formation of a special committee of TICC's board of directors to review the proposed agreement with BSP and to consider a proposed alternative, the special committee and the company's full board of directors each unanimously concluded that the investment advisory agreement with BSP as revised "continues to be in the best long-term interests of the company and its shareholders." Steve Novak, chairman of both the TICC audit committee and special committee stated that "we note that TICC's overall fees and expenses are now expected to be among the lowest in the BDC industry. The change will have an immediate and ongoing benefit to our distributable earnings and dividends. It is worth noting that the permanent reduction in the annual base management fee will provide the company with an immediate and substantial benefit on a net present value basis."

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