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.