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Bain Capital Specialty Finance , Inc. (NYSE:BCSF), a company with a market capitalization of $976 million and a notable 12.2% dividend yield, announced today that it has adjourned its 2025 Annual Meeting of Stockholders with respect to a specific proposal. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.71, indicating robust liquidity. The meeting, initially held on May 22, 2025, was reconvened on June 12, 2025, to address "Proposal 2 - Renew Authorization to Offer and Sell Shares of Common Stock Below Net Asset Value." This proposal aims to allow the company to solicit further stockholder votes.
As of April 8, 2025, there were over 64 million outstanding shares of common stock entitled to vote. During the reconvened meeting, stockholders approved the adjournment, with 24,973,295 votes for, 10,355,571 against, and 445,788 abstentions. This approval allows the company to solicit additional proxies in favor of the proposal.
The second reconvened meeting, referred to as the "Second Reconvened Meeting," is scheduled to be held virtually on July 15, 2025, at 2:30 p.m. Eastern Time. Stockholders as of the record date, April 8, 2025, will retain their voting rights for this upcoming meeting. Worth noting, InvestingPro analysis reveals the company has consistently raised its dividend for three consecutive years, demonstrating commitment to shareholder returns. Proxies previously submitted will remain valid unless they are properly changed or revoked before the voting at the Second Reconvened Meeting.
This adjournment provides Bain Capital Specialty Finance additional time to engage with its shareholders and gather the necessary votes for "Proposal 2." The company has stated that stockholders can attend and participate in the Second Reconvened Meeting via the same link provided earlier.
The information is based on an 8-K filing with the Securities and Exchange Commission by Bain Capital Specialty Finance, Inc. With a P/E ratio of 8.55 and analyst price targets ranging from $15.50 to $17.00, investors seeking deeper insights can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Bain Capital Specialty Finance reported its first-quarter 2025 earnings, revealing a mixed performance. The company achieved earnings per share (EPS) of $0.50, surpassing analysts’ expectations of $0.4551. However, revenue fell short of forecasts, coming in at $66.84 million compared to the anticipated $67.4 million. Despite the revenue miss, Bain Capital Specialty Finance maintained a strong dividend coverage of 119%. Additionally, the firm reported a decline in total investment income to $66.8 million, down from $73.3 million in the previous quarter. Meanwhile, Bain Capital is in discussions to acquire PCI Pharma Services for over $10 billion, potentially making it one of the largest private equity deals of the year. The negotiations involve PCI’s current backers, including Kohlberg & Co., Mubadala Investment Co., and Partners Group Holding AG. An announcement regarding this acquisition could be expected in the coming weeks, although market fluctuations could impact the outcome.
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