TICC Capital A0M86M Dividendenrendite 12,23% - 500 Beiträge pro Seite

[Daxfurz]

Dividendenrendite 12,23%, wer hat Infos zum Unternehmen. Hier scheint sich niemand für den Wert zu interessieren.

[Daxfurz]

TICC Capital Corp. (NASDAQ: TICC) is a business development company primarily engaged in the business of providing capital to technology-related companies. TICC concentrates its investments in companies having annual revenues of less than $200 million and/or a market capitalization or enterprise value of less than $300 million, with a focus on businesses in the following sectors: computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, diversified technology, medical device technology, information technology infrastructure or services, Internet, telecommunications and telecommunications equipment and media.

[Daxfurz]

TICC Announces Completion of Public Offering of Common Stock
Company Release - 03/22/2013 10:00
GREENWICH, CT -- (Marketwire) -- 03/22/13 -- TICC Capital Corp. (the "Company") (NASDAQ: TICC) announced today that it has completed a public offering of 3,450,000 shares of its common stock (including 450,000 shares of common stock that were issued pursuant to the full exercise of the option granted to the underwriters to purchase additional shares) at a public offering price of $10.20 per share for total gross proceeds of approximately $35.2 million.

Barclays Capital Inc. acted as the sole book-running manager for the offering. Keefe, Bruyette & Woods, Inc. acted as lead manager for the offering and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), JMP Securities LLC and BB&T Capital Markets, a division of BB&T Securities, LLC, acted as co-managers for the offering.

The Company expects to use the net proceeds from the offering for general corporate purposes, which may include investments in corporate debt and equity securities and investments in structured finance vehicles.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

The shares have been issued from the Company's shelf registration statement relating to these securities on file with and declared effective by the Securities and Exchange Commission. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; [e-mail] (phone: [phone]). Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The prospectus supplement, dated March 19, 2013, and accompanying prospectus, dated January 18, 2013, each of which has been filed with the Securities and Exchange Commission, contain a description of these matters and other important information about the Company and should be read carefully before investing.

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. Companies interested in learning more about financing opportunities should contact Debdeep Maji at [phone].

Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions, including statements with regard to the Company's anticipated use of the net proceeds of the offering. 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 forward-looking statements are subject to numerous factors, many of which are beyond the control of the Company, including, without limitation, market conditions, changes in interest rates, failure of customary closing conditions and other matters set forth in the Company's prospectus supplement and accompanying prospectus. 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 required by applicable law.

Contact:
Bruce Rubin
203-983-5280


Source: TICC Capital Corp.

[Daxfurz]

TICC Announces Results of Operations for the Quarter and the Year Ended December 31, 2012 and Announces Quarterly Distribution of $0.29 per Share
Company Release - 03/12/2013 08:00
GREENWICH, CT -- (Marketwire) -- 03/12/13 -- TICC Capital Corp. (NASDAQ: TICC) announced today its financial results for the quarter and year ended December 31, 2012, and a distribution of $0.29 per share for the first quarter of 2013.

HIGHLIGHTS

For the year ended December 31, 2012, we recorded approximately $71.2 million of total investment income and $37.2 million of net investment income, compared to $45.2 million of total investment income and $30.0 million of net investment income for the year ended December 31, 2011.


For the quarter ended December 31, 2012, we recorded net investment income of approximately $9.4 million, or approximately $0.23 per share. Excluding the impact of a capital gains incentive fee accrual increase of approximately $949,000, our core net investment income(1) was approximately $10.3 million, or approximately $0.25 per share. In the fourth quarter, we also recorded net realized capital gains of approximately $13.3 million and net unrealized depreciation of approximately $8.6 million (which includes the reversal of net unrealized appreciation associated with the fourth quarter realization events). In total, we had a net increase in net assets resulting from operations of approximately $14.1 million or approximately $0.34 per share for the fourth quarter.


Total investment income for the fourth quarter of 2012 amounted to approximately $20.4 million which represents an increase of approximately $4.8 million over the third quarter of 2012.


As of the end of the fourth quarter of 2012 there was one loan on non-accrual status with a par amount of approximately $1.9 million and a fair value of approximately $0.5 million.


Our weighted average credit rating on a fair value basis was 2.1 at the end of the fourth quarter of 2012 (compared to 2.2 at the end of the third quarter of 2012).


Our operating expenses before the capital gains incentive fee for the quarter ended December 31, 2012 were approximately $10.0 million, up from the third quarter of 2012 by approximately $3.7 million due largely to increased interest expense and other debt financing expenses as well as higher investment advisory fees.


The capital gains incentive fee expense was approximately $949,000 for the quarter ended December 31, 2012, and for the year ended December 31, 2012 that expense was approximately $5.5 million. The capital gains incentive fee expense, as reported under generally accepted accounting principles, is calculated on the basis of net realized and unrealized gains and losses at the end of each period. The expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end.

The amount of the capital gains incentive fee which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement (the "Agreement") and is calculated as of the end of each calendar year (or upon termination of the Agreement). The terms of the Agreement state that the capital gains incentive fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation. Based on the terms of the Agreement, a capital gains incentive fee of approximately $1.6 million was payable as of December 31, 2012.


Our Board of Directors has declared a distribution of $0.29 per share for the first quarter of 2013.


Payable Date: March 29, 2013


Record Date: March 22, 2013


During the fourth quarter of 2012, we invested approximately $247.0 million in additional investments, in addition to the prior three quarters' investment of approximately $247.6 million, for a total deployment of approximately $494.6 million for the year ended December 31, 2012.


At December 31, 2012, the weighted average yield of our debt investments was approximately 9.4%, compared with 10.3% at September 30, 2012.


At December 31, 2012, net asset value per share was $9.90 compared with the net asset value per share at September 30, 2012 of $9.85.


On February 25, 2013, we completed the sale of $60,000,000 of incremental senior debt in connection with the collateralized loan obligation transaction that originally closed on August 23, 2012. The issuance of additional notes was proportional across all existing classes of notes originally issued.


(1) Supplemental Information Regarding Core Net Investment Income

On a supplemental basis, we provide information relating to core net investment income which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Core net investment income represents net investment income excluding our capital gains incentive fee. As the capital gains incentive fee, for generally accepted accounting purposes, is based on the hypothetical liquidation of the entire portfolio (and as any capital gains incentive fee may be non-recurring), we believe that core net investment income is a useful indicator of operations exclusive of any capital gains incentive fee. However, it should be noted that for the year ended December 31, 2012, based upon the terms of the Investment Advisory Agreement, a capital gains incentive fee of approximately $1.6 million was incurred. We note that such amount is excluded from the core net investment income amount presented below.

The following table provides a reconciliation of net investment income to core net investment income for the three months and year ended December 31, 2012:



Three Months Ended Year Ended
December 31, 2012 December 31, 2012
----------------------- -----------------------
Per Share Per Share
Amount Amounts Amount Amounts
----------- ----------- ----------- -----------
Net investment income $ 9,377,784 $ 0.227 $37,177,354 $ 0.979
Capital gains incentive fee 949,104 0.023 5,509,061 0.145
----------- ----------- ----------- -----------

Core net investment income $10,326,888 $ 0.250 $42,686,415 $ 1.124
=========== =========== =========== ===========



We will host a conference call to discuss our fourth quarter and year end results today, Tuesday, March 12, 2013 at 10:00 AM ET. Please call 888-317-6016 to participate. A replay of the conference call will be available for approximately 30 days. The replay number is 877-344-7529, and the replay passcode is 10026163.

The following financial statements are unaudited and without footnotes. Readers who would like additional information should obtain our Form 10-K for the period ended December 31, 2012, and subsequent reports on Form 10-Q as they are filed.



TICC CAPITAL CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)


December 31, December 31,
2012 2011
------------ ------------

ASSETS

Non-affiliated/non-control investments (cost:
$634,081,527 @ 12/31/12; $372,091,255 @
12/31/11) $651,099,873 $375,793,839
Control investments (cost: $17,256,179 @
12/31/12; $17,434,371 @ 12/31/11) 16,450,000 15,675,000
------------ ------------
Total investments at fair value 667,549,873 391,468,839
------------ ------------
Cash and cash equivalents 51,392,949 4,494,793
Restricted cash 21,240,508 23,183,698
Deferred debt issuance costs 8,154,925 2,895,873
Interest and distributions receivable 5,986,122 1,837,882
Securities sold not settled 1,516,875 -
Other assets 181,788 238,485
------------ ------------
Total assets $756,023,040 $424,119,570
============ ============

LIABILITIES
Accrued interest payable $ 4,234,376 $ 1,076,113
Investment advisory fee payable to affiliate 4,930,908 2,895,799
Accrued capital gains incentive fee to
affiliate 6,617,810 1,108,749
Securities purchased not settled - 13,352,500
Accrued expenses 302,971 873,592
Notes payable - TICC CLO LLC, net of discount 99,882,627 99,710,826
Notes payable - TICC CLO 2012-1 LLC, net of
discount 115,451,819 -
Convertible senior notes payable 115,000,000 -
------------ ------------
Total liabilities 346,420,511 119,017,579
------------ ------------

NET ASSETS
Common stock, $0.01 par value, 100,000,000
shares authorized, and 41,371,286 and
32,818,428 issued and outstanding,
respectively 413,713 328,184
Capital in excess of par value 451,157,297 376,991,540
Net unrealized appreciation on investments 16,212,167 1,943,213
Accumulated net realized losses on investments (53,906,504) (70,308,108)
Distributions in excess of investment income (4,274,144) (3,852,838)
------------ ------------
Total net assets 409,602,529 305,101,991
------------ ------------
Total liabilities and net assets $756,023,040 $424,119,570
============ ============
Net asset value per common share $ 9.90 $ 9.30




TICC CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS


Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2012 2011 2010
------------ ------------ ------------

INVESTMENT INCOME
From non-affiliated/non-control
investments:
Interest income - debt
investments $ 38,597,973 $ 29,604,441 $ 26,959,707
Distributions from securitization
vehicles and equity investments 25,755,438 13,079,923 3,728,638
Commitment, amendment fee income
and other income 5,247,571 920,945 968,317
------------ ------------ ------------
Total investment income from
non-affiliated/non-control
investments 69,600,982 43,605,309 31,656,662
------------ ------------ ------------
From control investments:
Interest income - debt
investments 1,511,897 1,582,881 1,849,929
Distributions from equity
investments 62,041 - -
------------ ------------ ------------
Total investment income from
control investments 1,573,938 1,582,881 1,849,929
------------ ------------ ------------
Total investment income 71,174,920 45,188,190 33,506,591
------------ ------------ ------------
EXPENSES
Compensation expense 1,183,056 1,090,626 1,020,950
Investment advisory fees 11,222,713 7,317,273 5,043,973
Professional fees 1,873,892 1,190,999 1,033,650
Interest expense and other debt
financing expenses 7,262,714 1,243,584 -
Insurance 68,826 68,450 75,419
Directors' fees 261,000 222,749 178,750
Transfer agent and custodian fees 128,692 116,592 105,389
General and administrative 1,027,607 587,314 401,366
------------ ------------ ------------
Total expenses before incentive
fees 23,028,500 11,837,587 7,859,497
------------ ------------ ------------
Net investment income incentive
fees 5,460,006 2,241,713 1,403,597
Capital gains incentive fees 5,509,061 1,108,749 -
------------ ------------ ------------
Total incentive fees 10,969,067 3,350,462 1,403,597
------------ ------------ ------------
Total expenses 33,997,567 15,188,049 9,263,094
------------ ------------ ------------
Net investment income 37,177,354 30,000,141 24,243,497
------------ ------------ ------------
Net change in unrealized
(depreciation) appreciation on
investments 14,268,954 (19,391,815) 81,836,604
------------ ------------ ------------
Net realized gains on investments 16,876,880 3,600,539 (42,132,660)
------------ ------------ ------------
Net increase in net assets
resulting from operations $ 68,323,188 $ 14,208,865 $ 63,947,441
============ ============ ============

Net increase in net assets
resulting from net investment
income per common share:
Basic $ 0.98 $ 0.92 $ 0.89
Diluted $ 0.96 $ 0.92 $ 0.89
Net increase in net assets
resulting from operations per
common share:
Basic $ 1.80 $ 0.44 $ 2.35
Diluted $ 1.73 $ 0.44 $ 2.35
Weighted average shares of common
stock outstanding:
Basic 37,978,693 32,433,101 27,253,552
Diluted 40,575,776 32,433,101 27,253,552



TICC CAPITAL CORP.

FINANCIAL HIGHLIGHTS (UNAUDITED)

Year Ended Year Ended Year Ended Year Ended Year Ended
December December December December December
31, 2012 31, 2011 31, 2010 31, 2009 31, 2008
----------- ----------- ----------- ----------- -----------
Per Share
Data
Net asset
value at
beginning of
period $ 9.30 $ 9.85 $ 8.36 $ 7.68 $ 11.94
----------- ----------- ----------- ----------- -----------
Net
investment
income(1) 0.98 0.92 0.89 0.51 0.91
Net realized
and
unrealized
capital
gains
(losses)(2) 0.82 (0.47) 1.19 0.81 (2.94)
----------- ----------- ----------- ----------- -----------
Total from
net
investment
operations 1.80 0.45 2.08 1.32 (2.03)
----------- ----------- ----------- ----------- -----------
Distributions
from net
investment
income (1.12) (0.99) (0.81) (0.60) (0.98)
Distributions
based on
weighted
average
share impact (0.04) -- -- -- --
Tax return of
capital
distributions -- -- -- -- (0.08)
----------- ----------- ----------- ----------- -----------
Total
distributions
(3) (1.16) (0.99) (0.81) (0.60) (1.06)
----------- ----------- ----------- ----------- -----------
Effect of
shares
issued, net
of offering
expenses (0.04) (0.01) 0.22 (0.04) (1.17)
----------- ----------- ----------- ----------- -----------
Net asset
value at end
of period $ 9.90 $ 9.30 $ 9.85 $ 8.36 $ 7.68
=========== =========== =========== =========== ===========
Per share
market value
at beginning
of period $ 8.65 $ 11.21 $ 6.05 $ 3.80 $ 9.23
Per share
market value
at end of
period $ 10.12 $ 8.65 $ 11.21 $ 6.05 $ 3.80
Total
return(4) 30.49% (14.19)% 102.39% 81.15% (50.23)%
Shares
outstanding
at end of
period 41,371,286 32,818,428 31,886,367 26,813,216 26,483,546
Ratios/Supple
mental Data
Net assets at
end of
period
(000's) 409,603 305,102 314,118 224,092 203,367
Average net
assets
(000's) 363,584 318,305 243,723 206,183 251,320
Ratio of
expenses to
average net
assets:
Expenses
before
incentive
fees 6.33% 3.72% 3.22% 3.38% 5.82%
Net
investment
income
incentive
fees 1.50% 0.70% 0.58% 0.02% 0.19%
Capital gains
incentive
fees 1.52% 0.35% -- -- --
----------- ----------- ----------- ----------- -----------
Total ratio
of expenses
to average
net assets 9.35% 4.77% 3.80% 3.40% 6.01%
=========== =========== =========== =========== ===========
Ratio of
expenses,
excluding
interest
expense, to
average net
assets 7.35% 4.38% 3.80% 3.40% 4.10%
Ratio of net
investment
income to
average net
assets 10.23% 9.42% 9.95% 6.54% 8.83%

(1) Represents per share net investment income for the period, based upon
average shares outstanding.
(2) Net realized and unrealized capital gains include rounding adjustments
to reconcile change in net asset value per share.
(3) Management monitors available taxable earnings, including net investment
income and realized capital gains, to determine if a tax return of
capital may occur for the year. To the extent the Company's taxable
earnings fall below the total amount of the Company's distributions for
that fiscal year, a portion of those distributions may be deemed a tax
return of capital to the Company's stockholders. For the year ending
December 31, 2008, approximately $0.08 per share of the Company's
distributions were characterized as a tax return of capital to the
Company's stockholders.
(4) Total return equals the increase or decrease of ending market value over
beginning market value, plus distributions, divided by the beginning
market value, assuming dividend reinvestment prices obtained under the
Company's dividend reinvestment plan.



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. Companies interested in learning more about financing opportunities should contact Debdeep Maji at [phone].

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.

Contacts:
Bruce Rubin
203-983-5280
Patrick Conroy
203-983-5282


Source: TICC Capital Corp.

[Daxfurz]

So, das sind die letzten Infos der Homepage. Analystenmeinungen sind Mangelware. Sieht für mich "solide" aus. Die Dividenden fließen seit 2006, 2009 gab es eine Kürzung, ansonsten geht es schön nach oben.

Wie oben zu lesen sind die letzten Shares für 10,20 US Dollar plaziert worden, Kurz aktuelle bei 9,51 US Dollar.

[pf85]

Bin auch investiert und vor kurzem wurde die Div.zahlung für 30.09. bekanntgegeben - $ 0.2900.

[pf85]

Etwa 30% der Aktien wird durch Institutionen und fast 10% Fondsgesellschaften gehalten. Finde ich sehr positiv.

Shares Outstanding 52,632,665
Short Interest Shares 2,399,106
Float (%) 98.12
Institutional Ownership (%) 29.85
Mutual Fund Ownership (%) 8.76
Insider Ownership (%) 1.88
Top 10 Instn Holders (%) 17.85

Quelle: http://ir.ticc.com/institutionalownership.aspx?iid=4089666

[pf85]

Antwort auf Beitrag Nr.: 44.371.067 von Daxfurz am 05.04.13 14:14:50

Hallo Daxfurz, wie ist Ihre Meinung dazu, dass nur 1,88% der Aktien von Insidern gehalten werden? Knapp 40% halten ja Institutionen und Fondgesellschaften, was ich wiederum sehr positiv einschätze.

[Daxfurz]

Dass Insider nur gering investiert sind, ist in der Regel kein gutes Zeichen aber würde ich nicht überbewerten. Der hohe Anteil von Institutionen und Fonds spricht für das Unternehmen. Und es ist nicht auszuschließen, dass Insider darüber investiert sind. Für mich zählt, dass die Rendite stimmt und dass seit längerer Zeit.

[pf85]

Ja das stimmt.
Alle weiteren Facts habe ich durchweg für positiv befunden und bin daher vor einer Weile eingestiegen.
Bin gespannt, ob die Dividende für 2014 erhöht wird.

[Daxfurz]

Der Cash Flow stimmt. Daumen hoch, das Wochenende ist gerettet!!

[techniker2005]

test

testtest testtest

[TafkaLDS]

Antwort auf Beitrag Nr.: 49.662.885 von techniker2005 am 28.04.15 15:57:31

geht schon noch

... aber scheint niemanden zu jucken.

... gibt wohl demnächst ne dividendensenkung? würde zum kursverlauf passen. aber ob die so gewaltig ausfällt dass es sich nicht mehr lohnt den wert zu halten - ich weiss es leider auch nicht.
habe nachgelegt.
dann nochmal buy on bad news ... abwarten...

[techniker2005]

ich habe mich mit TICC gut eingedeckt, ist ne saubere Firma.

So kann ich gut schlafen

[TafkaLDS]

Antwort auf Beitrag Nr.: 49.707.564 von techniker2005 am 05.05.15 00:54:19

meinem schlaf hilfts nicht. die aktuellen zahlen wirken nicht gut, das management könnte seine vorgehensweise überdenken... aber... naja... schaun wir mal. ist ja nur depotbeimischung.

[techniker2005]

du meinst die letzten beiden quartale?

Die waren nicht prickelnd, und das ist noch nett formuliert. Die Substanzverluste sind nicht toll und führen zu einem schlechten, sinkenden NAV. Was haben die wohl falsch gemacht?

[sirmike [Blogger]]

TICC Capital Corp. Price Target Increased to $7.50 by Analysts at Keefe, Bruyette & Woods (TICC)

TICC Capital Corp. logoTICC Capital Corp. (NASDAQ:TICC) had its price target lifted by Keefe, Bruyette & Woods from $7.00 to $7.50in a report published on Thursday, Analyst Ratings Network.com reports. Keefe, Bruyette & Woods currently has a market perform rating on the investment management company’s stock.

Several other research analysts have also weighed in on the stock. National Securities reaffirmed a buy rating and issued a $9.00 price target on shares of TICC Capital Corp. in a report on Wednesday. Zacks raised shares of TICC Capital Corp. from a sell rating to a hold rating in a research note on Thursday, August 13th. Finally, Maxim Group downgraded shares of TICC Capital Corp. from a buy rating to a hold rating in a research note on Wednesday, August 5th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $8.17.

Shares of TICC Capital Corp. (NASDAQ: TICC) traded up 0.29% during midday trading on Thursday, reaching $7.03. The company’s stock had a trading volume of 223,258 shares. The stock has a market capitalization of $421.71 million and a price-to-earnings ratio of 468.67. TICC Capital Corp. has a 52 week low of $6.07 and a 52 week high of $9.34. The company has a 50 day moving average of $6.64 and a 200-day moving average of $6.81.

TICC Capital Corp. (NASDAQ: TICC) last issued its earnings results on Tuesday, August 4th. The investment management company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by $0.02. During the same period in the prior year, the business posted $0.28 EPS. Equities research analysts predict that TICC Capital Corp. will post $0.74 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 16.55%. The ex-dividend date of this dividend is Monday, September 14th.

QUELLE

[sirmike [Blogger]]

Activist: TICC Capital Has 3 Choices

Raging Capital, an activist investor and 5% owner of TICC Capital, is throwing its weight around in the search for a replacement for TICC's management team.

If you like activism, you should love what's going on at TICC Capital (NASDAQ:TICC). As the current management team plans its exit, there's an ongoing 3-way race for the job of managing its $934 million of assets.

On Monday, another party threw its hat in the ring. This time, it's activist investor Raging Capital, a 5% owner of TICC Capital that doesn't seem very pleased with the way TICC is handling its job of picking a new manager. In a sternly worded press release, Raging Capital identified the three options it believes TICC should consider before picking a new manager.

Option No. 1: Sell out

Sell the company to a suitable acquirer that could improve shareholder returns via scale efficiencies, lower management fees, improved portfolio management, and better deal sourcing.

This sounds like a campaign for TICC Capital to seriously consider the all-stock buyout offer that TPG Specialty Lending (NYSE:TSLX) has now offered twice to the TICC Capital team. On both occasions, publicly and privately, TICC Capital's existing management team shot it down.

The TPG proposal checks most of the boxes here. It brings advantages in scale, portfolio management, and deal sourcing. On the fee front, TPG falls short -- a greater percentage of its total investment income was lost to management and incentive fees in the last three and six months, but the difference is negligible. A beefier buyout offer at a price closer to TICC's net asset value of $8.60 per share may seal the deal here.

Option No. 2: Lower fees topped with repurchases

Entering into a fresh management agreement with a firm that can offer permanently lower management fees, superior deal sourcing and portfolio management skills, and who is committed to buying back material amounts of stock if TICC shares trade meaningfully below net asset value.

This sure sounds like the NexPoint proposal, doesn't it?

As a reminder, NexPoint offered to manage TICC Capital with a permanently reduced management fee of 1.25% of assets (down from the current 2%), waive as much as $20 million in fees, and purchase up to $20 million of stock to better align the interests of management and shareholders. A summary of all offers can be found here.

There's only one missing check box: share repurchases.

I view share repurchases as a difficult concession to get from any BDC manager. Buying back stock reduces assets under management, and thus management fees for the manager. Shareholders, of course, benefit tremendously.

Notably, TPG Specialty Lending has an automatic share repurchase program in place, but it's never been used because the stock has consistently traded at a premium.

Option No. 3: Liquidate

An outright liquidation and complete return of capital to stockholders.

This is timely. Leveraged loan volume is light. There are certainly a handful of BDCs that would like to shop TICC Capital's assets. But all in all, I think this is the least likely of all the suggestions.

Can Raging Capital get its way?
Given Raging Capital owns just over 5% of TICC Capital's common stock, it certainly has some sway. Add it to TPG Specialty Lending's 3% ownership and the two combined already control roughly 1 out of 12 votes in any voting contest.

I want to point out that Raging Capital wouldn't have issued this press release if it were happy with TICC Capital's decision to favor Benefit Street Partner's proposal to manage the company. Unless BSP offers more fee concessions and proposes a plan for share repurchases, I tend to think the other managers and TICC shareholders will choose to duke it out in a proxy contest.

Raging Capital is probably fishing for another offer. TPG Specialty Lending could easily afford to pay full price (TICC's net asset value of $8.60) in a stock-for-stock deal, given its shares trade at a premium. The deal would result in TPG swapping stock at a premium to book value for shares valued at book value, a positive result for shareholders in both companies. Without another acquisition offer on the table, and with TICC management stopping any discussion in its tracks, however, TPG may not feel compelled to increase its bid.

Likewise, if NexPoint agrees to repurchase shares in a given quantity on a routine basis, it would be an extremely compelling offer. The management fee cut alone might not take TICC Capital shares back to NAV, but a continuous repurchase program would turn TICC into a compounding machine if its share price languishes below net asset value.

If nothing else, Raging Capital just might force the front-runner, Benefit Street Partners, to sweeten its offer once again. This story just gets better and better for TICC shareholders.

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[sirmike [Blogger]]

TICC Capital: wenn drei sich streiten... freut sich der Aktionär

Die TICC Capital Corp. habe ich ja erst seit kurzem auf meiner Empfehlungsliste und in meinem Depot (siehe mein Investor Update vom 18.09.2015). Kurz nach meinem Einstieg ist ein Bieterkampf um die Zukunft des Unternehmens entbrannt - Ausgang ungewiss.

TICC Capital ist eine Business Development Company (BDC) und genau wie KCAP Financial im Bereich der Unternehmenskredite aktiv, besonders durch Collateralized Loan Obligations (CLOs), also verbriefte Unternehmenskredite. Während KCAP Financial sein Portfolio durch eigene Tochtergesellschaften managend lässt und somit eigentlich keine "fremdgemanagte" BDC im engere Sinn ist, lässt TICC einen unternehmensfremden Manager die operativen Geschäfte führen.

Ich erzähle diese Vorgeschichte nicht ohne Grund, denn andere BDCs setzen weniger auf Unternehmensfinanzierungen durch CLOs, sondern auf privat finanzierte, nachrangige Unternehmenskredite mit niedrigerem Imvestment-Grade ("Private Debts"). Und hier ergeben sich durchaus Bewertungsunterschiede, denn KCAP und TICC notieren regelmäßig unterhalb ihre Net Asset Value (NAV), also unter dem Wert ihrer Vermögensgegenstände. Der Markt preist hier das Risiko ein, dass nicht alle Ausleihungen an Unternehmen in Gänze einbringlich sein könnten. Erstaunlich finde dabei eigentlich nur, dass es sich bei BDCs, die Private Debts finanzieren, eher nicht so ist. Diese BDCs werden nicht selten sogar mit Aufschlägen auf den NAV gehandelt - ein Bewertungsunterschied, der sich mir nicht erschließt...

Doch zurück zu TICC, denn das Unternehmen möchte seinen externen Manager wechseln und das Board von TICC ist sich bereits mit einem Anbieter einig, mit Benefit Street Partners (BSP). Jedoch sollen die bestehenden Assets als CLOs und "Syndicated Loans" abgewickelt werden und im Anschluss auf "Private Debts" gesetzt werden. Davon halte ich persönlich nicht viel, denn dann kann ich ja gleich in eine der vielen anderen BDCs mit entsprechender Ausrichtung investieren. Auch muss man bei Auffösung der Assets davon ausgehen, dass diese nicht den Nominalwert einbringen werden, also weniger als der NAV hereinkommen dürfte.

Doch es gibt noch andere Vorstellungen, was das Beste für die Aktionäre ist. So strebt eine andere BDC, die TPG Specialty Lending, die Komplettübernahme von TICC an, wobei die TICC-Assets erhalten bleiben und die bestehenden Asstes von TPG ergänzen sollen. Allerdings ist das TPG-Angebot für uns Aktionäre nicht wirklich interessant, denn TPG bietet mit 7,50 USD einen Kaufpreis deutlich unterhalb des NAV von 8,60 USD. Und will die Übernahme auch noch mit eigenen Aktien bezahlen, die oberhalb des eigenen NAV notieren. Ein doppelter "Wert-Crasher" sozusagen! Des Weiteren liegt die Dividendenrendite von TPG etwa halb so hoch wie die von TICC, was für TICC-Aktionäre kaum begeisternde Aussichten wären. Aus diesen Gründen stößt die BSP-Offerte auf ziemlichen Widerstand großer TICC-Aktionäre.

Und dann gibt es da noch das Angebot von NexPoint, die "nur" das Management der TICC-Assets übernehmen möchten, allerdings mit 1,25% zu deutlich niedrigeren Gebühren als es BSPs Angebot von 2% bietet. Das NexPoint-Angebot klinnt für mich vielversprechender, vor allem, weil NexPoint an der bisherigen TICC-Ausrichtung der Unternehmensfinanzierungen festhalten möchte.

Als weitere denkbare Option könnte man auch generell die Asstes von TICC auflösen und alles Geld an die Aktionäre auskehren. Auch davon halte ich wenig, das geht in die gleiche Richtung wie das BSP-Angebot mit den zu erwartenden Wertreduzierungen.

Bringt die außerordentliche Hauptversammlung Klarheit?
Am 27. Oktober sollen die Aktionäre auf einer außerordentlichen Hauptversammlung über die verschiedenen Optionen abstimmen. Ein mit 5 Prozent Anteil bedeutender TICC-Aktionär, Raging Capital, forderte allerdings jüngst das Board auf, diese HV zu verschieben und eine Investmentbank zu engagieren, die die verschiedenen Handlungsoptionen bzw. Angebote bewertet, damit die Aktionäre umfassend informiert sind und dann fundiert entscheiden können. Und Muzinich & Co. die ebenfalls zu den 5 größten TICC-Aktionären gehören,stößt nun ins gleiche Horn.

Es ist durchaus denkbar, dass BSP sein Angebot noch einmal deutlich nachbessert und die angebotenen Management-Gebühren senkt, um "im Spiel" zu bleiben. Mir wäre allerdings am liebsten, wenn NexPoint sein Angebot noch ein wening nachbessern würde, zum Beispiel um eine Aktienrückkaufoption. Dann könnte TICC zu erheblich verbesserten Konditionen sein Geschäft weiter betreiben und für die Aktionäre würde so dauerhaft Mehrwert geschaffen bei Aussicht auf weiterhin deutlich zweistellige Dividendenrenditen.

Warten wir ab, was die nächsten Wochen noch an interessanten Neuigkeiten und Optionen bringen. Ich gebe jedenfalls keine meiner TICC-Aktien aus der Hand. Eher im Gegenteil, bei günstiger Gelegenheit könnte ich mir vorstellen, meine Position noch etwas auszubauen. Denn trotz des Kurssprungs durch die "Bieterschlacht" notieren die TICC-Aktien weiterhin deutlich unterhalb ihres NAV.

Qelle: iNTELLiGENT iNVESTiEREN

[sirmike [Blogger]]

TICC Capital pushes back special meeting

A court has denied NexPoint's request for a preliminary injunction forcing TICC Capital to recognize NexPoint's board nominees at the special meeting. NexPoint has asked for a stay of that ruling and for the court to prevent the special meeting while this is appealed.

The new date of the special meeting is Dec. 22, and TICC says Benefit Street Partners has the right to walk away from the deal without penalty should the meeting be further delayed.

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[techniker2005]

Ist noch jemand in der Aktie drinnen außer mir?

[techniker2005]

So, die Divi von 0,29$ pro Quartal bleibt weiterhin bestehen. Die Q2 Zahlen waren nicht gut aber auch nicht schlecht.

Noch jemand auch hier investiert?