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."
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12/27/2022 04:14:56 am
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