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

Judge Rules For Ticc Capital

The following excerpt is from the company's SEC filing.

Court Finds that NexPoint Directors Not Eligible for Election at the Special Meeting; Company Delays Meeting to Provide Additional Disclosure


– October 23, 2015 – TICC Capital Corp. (NASDAQ: TICC) (the "Company," "TICC," "we," or "our") announced today that the United States District Court for the District of Connecticut has denied NexPoint Advisors, L.P.’s (“NexPoint”) motion for preliminary injunction seeking to have its director nominees recognized on the ballot for TICC’s previously announced special meeting of stockholders. The Court recognized that, as disclosed in TICC’s proxy m aterials, TICC’s board would only be expanded if TICC’s stockholders voted in favor of the new investment advisory agreement with an affiliate of Benefit Street Partners, LLC (“BSP”). The Court rejected NexPoint’s claim that it had the right to put six directors up for election at the special meeting.

The Court recognized that NexPoint’s purported director nominations were a “quasi-takeover attempt” precipitated solely by TICC’s efforts to comply with the Investment Company Act of 1940.

The Court further ruled that TICC was required to provide certain additional disclosures concerning the BSP transaction, including the consideration that may be paid to TICC Management’s owners, and the process the special committee of TICC’s board followed in rejecting NexPoint’s alternative proposal. As a result, the October 27 meeting has been postponed so that TICC may provide these additional disclosures.

Steve Novak, the Chairman of a Special Committee of TICC's Board of Directors stated, “We are pleased with the Court’s ruling rejecting NexPoint’s attempt to take over the company. We look forward to providing our stockholders with the additional information the court required.”

Morgan Stanley &...