Institutional Shareholder Services and Glass Lewis Recommend "FOR" Vote on All Proposals for Gladstone Capital Corporation's 2016 Annual Meeting of Stockholders
MCLEAN, Va., Feb. 03, 2016 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (NASDAQ:GLAD) (the "Company") announced today that the industry's two leading independent proxy advisory firms – Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis") – each recently issued a report recommending that the Company's stockholders vote "FOR" all proposals included in the Company's definitive proxy statement (the "Proxy Statement") for the Company's 2016 Annual Meeting of Stockholders (the "Annual Meeting") filed with the U.S. Securities and Exchange Commission ("SEC") on Schedule 14A, on December 11, 2015.
The following proposals are scheduled for a vote at the Annual Meeting:
- To elect three directors, Paul W. Adelgren, David Gladstone and John H. Outland, to be elected by the holders of common stock and preferred stock, voting together as a single class, with each such director to serve until the 2019 Annual Meeting of Stockholders or until his successor is elected and qualified.
- To approve a proposal to authorize the Company, with the approval of its Board of Directors, to issue and sell shares of common stock (during the next 12 months) at a price below its then current net asset value (“NAV”) per share, subject to certain limitations set forth therein (including, without limitation, that the number of shares issued and sold pursuant to such authority does not exceed 25% of the Company’s then outstanding common stock immediately prior to each such sale).
The Annual Meeting is scheduled for Thursday, February 11, 2016 at 11:00 a.m. local time at the corporate headquarters of The Gladstone Companies McLean Headquarters, 1521 Westbranch Drive, Suite 100, McLean, VA 22102.
Election of Directors
Regarding the election of three incumbent directors (Paul Adelgren, David Gladstone and John H. Outland) to hold office until the 2019 Annual Meeting of Stockholders, each of ISS and Glass Lewis recommended a vote "FOR" each director.
NAV Proposal
The Company's Proxy Statement includes a proposal to authorize the Company, with the approval of its Board of Directors, to issue and sell shares of its common stock (during the next 12 months from the date of the Annual Meeting) at a price below its then-current NAV, subject to certain limitations set forth in the Proxy Statement (including, without limitation, that the number of shares issued and sold pursuant to such authority does not exceed 25% of the then outstanding common stock immediately prior to each such sale). Each of ISS and Glass Lewis recommended a vote "FOR" such proposal.
Important Information:
The Company reminds stockholders that their vote is important, and urges all stockholders to take a moment to vote their shares. Stockholders with questions related to the Annual Meeting or the voting of their shares, or who need to request additional proxy materials, are strongly encouraged to contact the Company's proxy solicitor, Georgeson Inc. at 1-(800) 790-6795, or the Company at 1-(866)-366-5745.
The Company also conducted an informational call with stockholders on January 7, 2016, regarding the aforementioned proposals. Stockholders who were unable to listen to the call may access the replay by calling 1-(855) 465-0177 (international callers must dial 1-(404) 537-3406) and using conference code 30937848. The webcast replay of the conference call will be available online through February 11, 2016, the date of the Annual Meeting at www.gladstonecapital.com.
On December 11, 2015, the Company filed the Proxy Statement on Schedule 14A with the SEC in connection with the Annual Meeting. The Company's stockholders are strongly advised to read the Proxy Statement carefully before making any voting or investment decision. The Company's Proxy Statement and any other materials filed by the Company with the SEC can be obtained free of charge at the SEC's website at www.sec.gov or from the Company's website at www.gladstonecapital.com.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt securities consisting primarily of secured first and second lien term loans to small and medium sized businesses in the United States. Including payments paid through January 2016, the Company has paid 156 consecutive monthly or quarterly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
For further information: Gladstone Capital Corporation, +1-703-287-5893
Released February 3, 2016