When I used email to contact PSEC, asking what the important "initiative" mentioned in the letter was about, I received the following mysterious message in return. I interpret it to mean that they want to pressure me by phone, to vote on something I have not had time to think about. Comments?
"We are a closed end mutual fund governed by the 40's Act (SEC). We need to obtain a majority of a quorum of shareholder votes in order to pass our proxy. EVERY "Business Development Company" is subject to these restrictions. Do you own other BDCs (if so, you might be familiar with this process)? We do not like to have to solicit the votes but that is how we are regulated, thanks to our government. I'd appreciate it if you call them back and vote in favor of management's recommendation. I agree that these solicitations are very annoying. I apologize for the intrusion. As a shareholder myself, I am subject to these calls as well. AST Fund Solutions is one of the better proxy solicitors.
Again, I apologize. I hope you will vote for what management recommends!"
I received one also....have heard of others getting rude phone calls.... I threw my letter away and have suggested to those getting phone calls....if they won't answer your questions (any who've tried to ask are getting hung up on), I'd not trust the caller's motive.
A responsible shareholder who cares about the monies vested in Prospect certainly has a responsibility to self preserve the rights of the shareholder by VOTING . We OWN Prospect, we should vote on all matters that could impact this company. I welcome the COMMUNICATION, with open arms.
Why would a shareholder be critical of such communicae?