MVC Capital: Glass Lewis, Egan-Jones against proposal to cease new investments
MVC Capital announced that leading independent proxy advisory firms Glass Lewis and Egan-Jones Rating Company have recommended that MVC shareholders vote "AGAINST" the shareholder proposal to cease new investments at the company's upcoming 2017 Annual Meeting of Stockholders on October 31, 2017. "We are pleased that both Glass Lewis and Egan Jones recognize the active steps the Company is taking to execute on our long-term investment strategy and increase shareholder distributions," said Michael Tokarz, Chairman and Portfolio Manager of MVC. "MVC has a strong and consistent track record of returning value to our shareholders, totaling $221.4 million since 2003 including open market repurchases totaling $22 million. As we continue to redeploy capital from equity to yield investments, through our recently announced unanimously approved Board plan, and increase our shareholder distributions, we are confident that we will be able to further reduce our discount to NAV, which has already been narrowed this past year to 22% from 30%. We firmly believe we are well positioned to build on the positive momentum we have created this year, and look forward to continuing to drive value for all of our shareholders."