Just received: Notice of AINV annual meeting next month, with management asking shareholders to approve proposal to issue more shares at up to 25% discount from market price. WHAT ARE THEY THINKING?!!!
"(iii) to approve a proposal to authorize flexibility for the Company, with approval of its Board of Directors, to sell shares of its common stock during the next 12 months) at a price below its then current net asset value per share subject to certain conditions as set forth herein (including that the number of shares sold does not exceed 25% of its then outstanding common stock immediately prior to each such sale)."
In other words, a 25% dilution PLUS an unspecified discount from NAV.