The BDC Reporter annotates Medley Capital’s fourth quarter 2018 earnings press release at a critical juncture and finds little joy in the numbers.
Medley Capital and Sierra Income have rejected NexPoint Capital’s offer to serve as their Investment Advisor, along with several other proffered benefits. The sometime-in-March shareholder vote on the three way Medley merger now looms larger than ever.
The week ahead promises to be jam packed, with the challenge to the Medley merger center stage. But not let’s forget the flurry of earnings releases from ten BDCs and week seven of the market rally.
Hours after NexPoint offered to become Medley Capital and Sierra Income external manager comes a response…The plot thickens and the possible outcomes ever more complex and with major implications for managers and shareholders at three companies.
A last minute challenger arrives for Medley Capital and Sierra Income. We annotate the shocking offer made to shareholders a week before the vote on a three way merger is to be held.
Medley Capital’s activist punches back in another letter to shareholders. Who is right and who is wrong ? More importantly: who will win ? We answer both questions as best we can.
Medley Capital claims a thumbs up from a shareholder advisory group, which is a snub to one of the foremost opponents of a proposed three-way merger. Is this now a done deal and what happens to Medley’s stock price ?
A dissident Medley Capital shareholder shakes the tree again. We review the arguments and provide our own view and explain why this is likely to be much ado about nothing when shareholders get to the ballot box.
A dissident shareholder of Medley Capital steps up late in the day. We annotate their open letter to MCC shareholders with analysis and to the point commentary.
The BDC Reporter annotates the Medley Capital FY 2018 Conference Call transcript and discusses multiple items discussed and some of those omitted.
BDC Fixed Income crawls up in price even as the segment shrinks in size. The BDC Reporter remains optimistic.