TICC Sends Letter to Stockholders

8/29/16

GREENWICH, Conn.--(BUSINESS WIRE)--TICC Capital Corp. (NASDAQ:TICC) sent a letter to stockholders urging them to protect the current distribution policy and their investment by voting "FOR" the Company's proposals on the WHITE proxy card.

The full text of the letter is as follows:

August 29, 2016

LAST CALL: ACT NOW TO PRESERVE TICC’S CURRENT DISTRIBUTION POLICY

Vote WHITE proxy card

VOTE FOR PROPOSAL 1: RE-ELECTION OF TONIA L. PANKOPF

VOTE AGAINST PROPOSAL 4: TERMINATION OF THE INVESTMENT ADVISORY AGREEMENT

WHAT IS AT STAKE?

  • DISTRIBUTION: TICC's distributions have increased from $0.60/share in 2009 to $1.14/share in 2015 – a 92% increase. TICC has consistently maintained its distribution policy despite market volatility.
  • RESULTS: TICC has generated 323% total shareholder return since the current strategy was adopted in 2009 – significantly higher than the 147% total shareholder return generated by TICC's BDC peers – and TICC has generated a 17.9% total shareholder return year to date. (1)
  • SUCCESS: TICC’s current strategy is working. In 2Q2016, NAV/share increased by 11%, and GAAP Net Investment Income rose by 62% compared to 1Q2016.

RISK OF SUPPORTING TSLX

  • DISTRIBUTION POLICY THREATENED: TSLX has publicly criticized TICC's distribution policy. What will happen to TICC’s distributions if TSLX’s agenda is adopted?
  • MANAGEMENT VACUUM: TSLX wants to terminate TICC’s investment advisory agreement. Who will manage TICC if the current advisor is terminated? A leading independent research analyst agrees that terminating the current advisor is a bad idea, calling it a “major risk”.(2)
  • NO TRANSPARENCY: TSLX has no clear plan – or worse, they just won’t disclose it. Their proposals may destroy stockholder value.
  • HIGHER ADVISORY FEES: TSLX pays higher advisory fees than TICC.

VOTE WHITE PROXY CARD

(1)Peers include externally-managed BDCs with >$100MM market capitalization and pre-2009 IPOs, and externally-managed BDCs with $250-750MM market capitalization; peers include AINV, ARCC, BKCC, FSC, GAIN, GLAD, GSBD. Total shareholder return through August 24, 2016.
(2)Source: National Securities Research report August 23, 2016

If you have already voted the gold card, you can still change your vote today by simply voting the enclosed WHITE proxy card.

If you have any questions or need assistance in voting your shares, please call our proxy advisor – Alliance Advisors – TOLL FREE AT 855-601-2247

About TICC Capital Corp.

TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.