Capital Southwest (NASDAQ:CSWC) Corporation (NASDAQ:CSWC), a Dallas-based financial firm, announced the results of its annual shareholder meeting held on Wednesday. The meeting saw the election of six directors and the approval of executive compensation, along with the ratification of the company's independent auditor for the upcoming fiscal year.
Shareholders elected Christine S. Battist, David R. Brooks, Bowen S. Diehl, Jack D. Furst, Ramona Rogers-Windsor, and William R. Thomas as directors, all to serve until the 2025 Annual Meeting or until their successors are elected and qualified. The voting results showed a clear majority in favor, with the number of votes withheld and broker non-votes listed for each nominee.
Additionally, the compensation of the company's named executive officers was approved on an advisory basis. The vote displayed substantial support, with 14,506,455 votes in favor, 1,390,660 against, and 893,271 abstentions. The non-binding nature of this vote reflects shareholders' advisory role in executive pay matters.
The third proposal, concerning the ratification of RSM US LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025, was also approved by a significant majority. The accounting firm received 30,523,119 votes for, 253,062 against, and 425,122 abstentions.
The results of the meeting are based on the votes of a quorum consisting of 31,201,303 shares of common stock, out of the 45,853,940 shares outstanding and entitled to vote as of the record date of May 29, 2024.
The election and approvals reflect the shareholders' confidence in the company's leadership and strategic direction. Capital Southwest Corp, with its primary executive offices located at 8333 Douglas Avenue in Dallas, Texas, is known for providing capital to middle-market companies.
In other recent news, Capital Southwest Corp has been the subject of noteworthy analyst adjustments and financial results. B.Riley recently updated the company's stock target to $25.00 from $24.00 while maintaining a Neutral rating. This adjustment followed the announcement of Capital Southwest's fourth fiscal quarter 2024 results, which showcased a consistent risk profile, low balance sheet leverage, and a comfortable base dividend coverage.
Simultaneously, JMP Securities downgraded Capital Southwest's stock to Market Perform from Market Outperform due to valuation concerns. This downgrade came after the company reported net investment income per share at $0.67 and total investment income of $46.4 million, slightly exceeding expectations. However, the company's net asset value remained unchanged, and the investment portfolio grew by 8%.
In other developments, Capital Southwest reported significant growth for the fiscal year 2024. The company's total investment portfolio expanded by 22% to $1.5 billion, and pre-tax net investment income rose by 18% to $2.72 per share. Regular dividends to shareholders increased by 10% to $2.24 per share, and the company raised over $500 million in capital. These recent events reflect the ongoing financial activities of Capital Southwest.
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