Alcentra Capital giving in to Stilwell Value - 13D ALERTS

Alcentra Capital giving in to Stilwell Value

12/11/2018

Alcentra Capital Corporation Adopts Share Repurchase Plan

Alcentra Capital Corporation (NASDAQ: ABDC), a provider of debt financing solutions to middle-market companies, announced today that the Company has adopted a share repurchasing program. This action comes after nearly a year of pressure from 13D filer Stilwell Value, an activist fund.

ABDC closed trading today at $6.61 per share, below the $7-$8 price range Stilwell began buying back in fall of 2017 (see original 13D filing price tables). Stilwell has been on a mission to get the company to narrow the discount to NAV that the company is trading at (as of the last 10Q, ABDC's NAV per share was ~$11 per share).
Stilwell stated in their last ABDC 13D/A:

"We hope to work with the Issuer to reduce its share price discount to net asset value. We informed management at a meeting on January 5, 2018, and reiterated several times throughout the year, that if the Issuer does not repurchase 10% of its shares in 2018, we will aggressively seek board representation."

Disclaimer:
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article does not at the time of writing have any positions in ABDC, but may potentially purchase shares pending further analysis and market conditions.

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12/27/2022 04:14:56 am

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