LONDON, November 9, 2017 /PRNewswire/ --
At the MVC Capital Inc. (MVC) annual general meeting on October 31, 2017 Metage Capital put forward a proposal for consideration. Our proposal was unsuccessful. However we would like to point out that, excluding the shares held by directors and officers and their associates, Metage's proposal would have passed by 55.5% to 44.5%.
The Board should be aware that independent shareholders do not support MVC's current strategy. Metage continues to believe that the Company's approach is unlikely to be successful in addressing the discount between MVC's net asset value and share price. We recommend that the Board consults with major shareholders to ensure that the company's approach reflects shareholder wishes and takes further steps as required. If the discount is not reduced below 10%, or if MVC fails to achieve an acceptable return on capital, it is our current intention to put forward a new shareholder proposal at next year's AGM.
We would like to thank the many shareholders who voted for our proposal.
1. 8-K filed on November 2, 2017
2. Based on 8-K filed on November 2, 2017 and disclosure of all directors and executive officers' shareholdings in the Definitive Proxy Statement, dated September 21, 2017.
Metage Capital Limited