Great Elm Capital (GECC) Announces $10M Dutch Tender Offer

Great Elm Capital Corp. (NASDAQ: GECC) to commence a modified “Dutch auction” self-tender offer to purchase up to $10,000,000 in cash of its common stock, at a price per share within the range of $11.50 to $12.17, less applicable withholding taxes and without interest (the “tender offer”). The tender offer is expected to commence on or about April 3, 2017. The Nasdaq closing price of GECC’s common stock on March 29, 2017 was $11.02 per share.

This announcement does not contain the full terms and conditions of the tender offer, which will be set forth in an Offer to Purchase, Letter of Transmittal and related documentation that will be distributed to holders of the Company’s shares and filed with the U.S. Securities and Exchange Commission (the “SEC”).

The tender offer is expected to expire May 5, 2017, at 5:00 p.m., New York City time, unless the tender offer is extended or withdrawn by the Company. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case in accordance with the procedures to be described in the tender offer materials that will be distributed to GECC stockholders. Tendering stockholders will receive distributions with respect to tendered shares where the record date is before the expiration date.

The Company believes that a modified “Dutch auction” tender offer mechanism is a prudent use of the Company’s financial resources and an efficient way to return capital to stockholders who wish to receive cash for all or a portion of their shares.

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