Actionable news
0
All posts from Actionable news
Actionable news in TICC: TICC Capital Corp.,

NexPoint Details Superior Investment Track Record within TICC Capital Corp.’s Investment Strategy

DALLAS--(BUSINESS WIRE)--NexPoint Advisors, L.P. (together with its affiliates, “NexPoint”) today released data detailing NexPoint’s superior past investment performance that clearly demonstrates its outperformance within the asset classes primarily underlying the investment portfolio of TICC Capital Corp. (NASDAQ: TICC) (“TICC” or the “Company”). This track record further substantiates why NexPoint is best positioned to serve TICC’s stockholders, and why TICC stockholders should protect their interests and investment by voting on the BLUE proxy card ahead of the October 27 special meeting of stockholders (the "Special Meeting").

NexPoint has developed a presentation detailing these returns, a complete copy of which is attached. This presentation, along with other important materials for TICC stockholders, can also be found on NexPoint’s website at www.timetochangeticc.com&index=1&md5=c80b1a2202b0a966addc7b7...">www.timetochangeticc.com.

The presentation highlights the following:

  • NexPoint’s deep experience and expertise across the credit spectrum, with a focus on CLOs and leveraged loans, which are the assets primarily composing TICC’s portfolio (see slide 2).
  • The track record of the NexPoint Credit Strategies Fund (NYSE:NHF), which has outperformed the Credit Suisse Hedge Fund Index by 80.5 and 91.6 percentage points over three and five year periods, respectively (see slides 5 and 6).
  • NexPoint’s track record of investing in CLO debt and equity, where it has outperformed the Credit Suisse Leveraged Loan Index by 39.5 and 149 percentage points over three and five year periods, respectively (see slides 3 and 6).
  • NexPoint’s track record investing in leveraged loans, where the firm has beat the Credit Suisse Leveraged Loan Index by 3.4 and 11 percentage points over three and five year periods, respectively (see slides 4 and 6).

NexPoint’s strong performance figures stand in stark contrast to TICC’s history of underperformance. Glass Lewis & Co., an independent proxy advisor, has recommended that TICC shareholders vote on NexPoint’s BLUE Proxy Card due in part to the fact that TICC “has largely failed to generate compelling value for investors relative to comparable investment opportunities.1

Additionally, NexPoint’s leading investment expertise in CLO and leveraged loan strategies is being made available to TICC stockholders for a lower management fee than either what is contemplated by the BSP transaction or what TSLX offered in their non-binding proposal. ISS, another independent proxy advisor, found that NexPoint would be able to “consistently provide a lower fee payout to the advisor.2

In stark contrast to NexPoint’s proposal, the BSP Investment Advisory Agreement only serves to enrich the departing management team at stockholders’ expense in the amount of $60 million, which NexPoint believes was as much as $132 million prior to NexPoint’s involvement.3 Notably, neither TICC nor BSP has ever refuted these numbers to the best of NexPoint’s knowledge.

NexPoint remains fully committed to defending the interests of, and maximizing value for, TICC's stockholders, and urges stockholders to protect their interests and the value of their shares by voting on NexPoint’s BLUE proxy card:

-- "AGAINST" the new investment advisory agreement between the Company and TICC Management, LLC;

-- "FOR" each of NexPoint's six director nominees; and

-- "AGAINST" the Company's proposal to adjourn the Special Meeting in the event that a quorum is present and the Company's proposals do not receive sufficient votes.

Please visit NexPoint's website at www.timetochangeticc.com&index=2&md5=bbd6c7c6d2b832bbd119ee2...">www.timetochangeticc.com for further information regarding our proposals, including press releases, board nominees, questions and answers, SEC filings...


More