ISS-an independent proxy firm-flip flopped and recommended TICC Capital (TICC) shareholders vote FOR making Benefit Street Partners the new Investment Adviser. We provide details of the change of heart, and handicap the outcome of the Special Shareholder's vote on December 22.
After sparring with a Federal judge and contender NexPoint Advisors, TICC Capital (TICC) is back and has re-scheduled the Special Shareholder's meeting that will decide if Benefit Street Partners (BSP) will be handed the investment advisory keys, and the current manager a big-if still undisclosed- cheque. We bring the narrative at TICC up to date. First of a two parter.
The struggle over who will manage TICC Capital rages on, while 3 new BDC companies have attracted the attention of "activist" shareholders. We briefly summarize who the new targets are, and who is doing the targeting and we provide an update on what is happening at TICC. First in a series.
A brief update on a major development in the ongoing struggle over TICC Capital (TICC). A judge in Connecticut has ruled against NexPoint and demanded more disclosures from the current Board and postponed the Special Shareholder Meeting scheduled for October 27th. This is getting wild, but the stakes are high for both investors and contenders, albeit in different ways.
The seemingly endless struggle over TICC Capital (TICC) continues, with 2 of the contenders-TICC-Benefit Street Partners & TPG Specialty (TSLX) making dramatic arguments about what will happen to shareholders distributions going forward. We seek to sort fact from fiction, and end with a sobering perspective for TICC shareholders that is also relevant to most BDC investors.
The BDC Reporter offers up an in-depth review of TPG Specialty Lending's (TSLX) offer to acquire TICC Capital's (TICC) stock. We've previously looked at the proposal by Benefit Street Partners to become TICC's External Manager. TSLX just wants to buy TICC outright. We review the would-be buyer's key arguments with a jaundiced eye.
Just when we thought the battle for TICC Capital (TICC) was over, two huge developments have put the Company back in play and sent its stock price up 10%. We dissect and discuss the latest developments, and seek to handicap the battle between these asset management heavyweights. Whether TICC shareholders will fully benefit is an open question.
The opaque struggle for control of the right to be the External Manager of TICC Capital (TICC) continues. We discuss the latest offer and counter-offer; wring our hands for the Company's shareholders and make a stab at predicting how this will turn out. Spoiler Alert: the shareholder does not fare well at the end.
NexPoint, a subsidiary of Highland Capital, launches an unsolicited offer to become TICC Capital's (TICC) new External Manager instead of Benefit Street Partners. Neither contender is telling investors what they need to know, but we're hoping the tussle may shed some light on this strange changing of the guard at TICC.
With half the Business Development Companies having reported earnings for the second quarter, we have a look at the direction of the sector and highlight a number of developments underway. It's just a snapshot and not a comprehensive review. We'll have a full survey once earnings season is over.