TICC Reiterates Commitment to Maintaining Its Existing Distribution Policy
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GREENWICH, Conn.--(BUSINESS WIRE)-- TICC Capital Corp. (NASDAQ: TICC) (“TICC”, the “Company”, “we”, “us” or “our”) today reiterated the Company’s commitment to maintaining its existing distribution policy and provided additional perspective on the policy.
To avoid paying federal income and excise taxes on its investment company taxable income, TICC must distribute 100% of its taxable income to its shareholders. Although the tax rules governing the timing of those distributions are complex, companies like TICC generally have some discretion over when to make those required distributions. TICC has historically made distributions to its shareholders during or shortly after the annual period in which the earnings are generated, rather than holding back distributions that, in any case, would ultimately need to be made in order for it to avoid having to pay federal income and excise taxes on the earnings. TICC shareholders can change over time, and we believe that our investors generally prefer to receive the benefit of the Company’s earnings on a timely basis, when they are produced.
From the start of the Company’s operations in 2003 through the year ending December 31, 2014 (the most recent period for which the Company has filed its tax returns), TICC made total distributions to shareholders of approximately $346.5 million, of which, approximately $16.9 million represented a tax return of capital.
About TICC Capital Corp.
TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.
Additional Information and Where to Find It
TICC has filed a definitive proxy statement on Schedule 14A and a WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for TICC’s 2016 annual stockholder meeting (the “Annual Meeting”). The Company has distributed the definitive proxy statement and a WHITE proxy card to each stockholder entitled to vote at the Annual Meeting. TICC STOCKHOLDERS ARE URGED TO READ THE COMPANY’S PROXY MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD BECAUSE THESE MATERIALS CONTAIN IMPORTANT INFORMATION ABOUT TICC AND THE ANNUAL MEETING. These documents, including any proxy statement (and amendments and supplements thereto) and other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website (http://www.sec.gov), at TICC’s investor relations website (http://ir.ticc.com), or by writing to TICC at 8 Sound Shore Drive, Suite 255, Greenwich, CT 06830 (telephone number 203-983-5275).
Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the Annual Meeting. Information about the Company's directors and executive officers and their ownership of the Company's common stock is set forth in the proxy statement on Schedule 14A filed with the SEC on July 12, 2016 (the “Schedule 14A”). To the extent holdings of such participants in TICC securities have changed since the amounts described in the Schedule 14A, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC.
Forward Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725005219/en/
TICC:
Media:
Sard Verbinnen & Co
Brandy
Bergman/Robert Rendine/Emily Deissler, 212-687-8080
or
Stockholders:
Alliance
Advisors, LLC
855-601-2247
Source: TICC Capital Corp.
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