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Monroe Capital Corporation (NASDAQ:MRCC), a business development company offering an attractive 11.48% dividend yield with a 13-year track record of consistent dividend payments, announced on Monday that its shareholders have approved a new investment advisory and management agreement with Monroe Capital BDC Advisors, LLC, during a special meeting held on Thursday. According to InvestingPro data, the company maintains a healthy financial profile with an overall health score of "GOOD." The new agreement will take effect upon the closing of the Adviser change in control transaction, details of which were outlined in the definitive proxy statement filed on December 27, 2024.
The company, which is incorporated in Maryland and headquartered in Chicago, Illinois, stated that as of December 26, 2024, there were 21,666,340 shares of common stock outstanding and entitled to vote. At the meeting, a quorum of 11,440,470 shares was present or represented by proxy. The company, currently valued at $185.9 million in market capitalization, has seen its stock trading near its 52-week high of $8.81.
The voting results showed strong support for the proposal, with 10,504,074 votes for, 445,777 against, and 490,619 abstentions when affiliate shares were included. Without affiliate shares, the votes for the proposal were 9,704,814, maintaining the same number of votes against and abstentions.
The approval indicates that the existing investment advisory and management agreement between Monroe Capital Corporation and its investment advisor will be replaced by the new agreement once the Adviser change in control transaction is completed. The specific date of this transition has not been disclosed, but it will be subsequent to the closing of the transaction as mentioned in the proxy statement.
This development is significant for Monroe Capital Corporation, an investment firm specializing in direct lending and opportunistic private credit investing. The company’s stock is traded on The Nasdaq Global Select Market under the ticker symbol MRCC.
The information provided in this article is based on a press release statement from Monroe Capital Corporation.
In other recent news, Monroe Capital Corporation announced the resignation of Carey Davidson from its board of directors, with the immediate appointment of Lynn J. Jerath as a Class II director. Jerath, who is the founder and President of Citrine Investment Group, will serve on the board until the 2025 annual meeting of stockholders or until a successor is elected. Her appointment follows Monroe Capital’s ongoing commitment to board diversification and governance. Jerath is considered independent under Nasdaq listing rules and is not an "interested person" of the company, providing her with a platform to offer valuable insights from her extensive experience in real estate investments and capital markets. The company confirmed that there are no material transactions involving Jerath that would affect her appointment. Jerath will receive a $50,000 annual retainer and a $1,000 fee per board meeting attended, and she has entered into Monroe Capital’s standard indemnification agreement. This development was recently filed with the SEC, highlighting Monroe Capital’s strategic moves in board management.
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