Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB), a Maryland-incorporated business development company with a market capitalization of $45.75 million, announced the results of its Annual Meeting of Stockholders held on December 4, 2024.
According to InvestingPro data, the company maintains an impressive 24.84% dividend yield and has consistently paid dividends for 11 consecutive years. The company, headquartered in New York, NY, reported the election of two directors to its board during the meeting, as detailed in the proxy statement dated October 21, 2024.
The stockholders voted on one proposal during the Annual Meeting, which involved the election of directors to serve a three-year term expiring in 2027. Suhail A. Shaikh and Thomas Sullivan were the two directors on the ballot. Shaikh, who also serves as the President and Chief Executive Officer of Investcorp Credit Management BDC, Inc., received 7,222,648 votes for his election, while Sullivan garnered 7,064,106 votes. Votes withheld were 901,025 and 1,059,567 for Shaikh and Sullivan, respectively.
As of the record date on September 20, 2024, there were 14,403,752 shares of common stock eligible for voting. Out of these, 8,123,673 shares were represented in person or by proxy at the meeting.
The election of directors is a significant event for shareholders as it determines the leadership and strategic direction of the company. The results of the voting reflect shareholder confidence in the elected individuals to steer the company in the upcoming term.
With a P/E ratio of 10.89 and maintaining profitability over the last twelve months, the company shows solid financial fundamentals.
For deeper insights into ICMB's financial health and growth prospects, InvestingPro subscribers can access the comprehensive Pro Research Report, which provides expert analysis on this and 1,400+ other US stocks.
This news is based on the latest 8-K filing by Investcorp Credit Management BDC, Inc. with the Securities and Exchange Commission. The company operates on the NASDAQ Global Select Market under the trading symbol ICMB.
In other recent news, Investcorp Credit Management BDC, Inc. reported a successful quarter with an increase in net asset value and net investment income. The company's net asset value rose to $5.55 per share, with net investment income seeing an increase to $2.3 million. Despite a slow market for mergers and acquisitions, Investcorp Credit Management BDC, Inc. saw improved origination volumes, primarily through refinancing efforts.
Recent developments also include an amended loan agreement with Capital One (NYSE:COF), National Association, resulting in a reduction in applicable interest spreads. Key investments were made in Argano, Likewize Corporation, and Integrity Marketing, and a quarterly distribution of $0.12 per share was declared.
The company's portfolio median EBITDA grew, non-accruals improved, and $13.1 million was deployed across six portfolio companies. Furthermore, Investcorp Credit Management BDC, Inc. maintains optimal leverage levels and focuses on resilient companies in defensible industries. However, concerns about high expenses relative to revenues were addressed, with ongoing efforts to enhance operational efficiency.
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