trending Market Intelligence /marketintelligence/en/news-insights/trending/aqS89YLyi-715vEqKdqQzw2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

TICC Capital's management team has failed shareholders, TPG Specialty Lending says

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

TICC Capital's management team has failed shareholders, TPG Specialty Lending says

TPG Specialty LendingInc. said in a letter to TICCCapital Corp. shareholders that the TICC management team has failedshareholders.

TPG, TICC's single largest shareholder, in the letter urged TICCshareholders to vote toterminate TICC's investmentadvisory agreement with its external adviser. TPG also urged shareholders to votefor T. Kelley Millet, its nomineeto the TICC board.

In the letter, TPG noted that TICC total returns have underperformedevery significant benchmark since its IPO in 2003. TPG added that in TICC's latestcommunication, it compared its total returns to a handpicked peer group based onarbitrary time frames and market cap segmentation. Additionally, TPG said that TICChas previously argued that its external adviser should be replaced.

TPG said further that there is already significant interest inmanaging TICC's assets to generate value for stockholders, as at least three independentadvisers have already expressed such an interest, and that terminating the existingexternal adviser will give TICC stockholders the opportunity to achieve improvedreturns.