Eagle Capital Growth Fund Elects Anne M. Nichols, CFA as Director; Expands Stock Repurchase Authority

Rhea-AI Summary

The Board of Directors of Eagle Capital Growth Fund, Inc. (NYSE American: GRF) has elected Anne M. Nichols, CFA, as a new Director. Nichols, a Managing Director at Fern Capital, holds a BS in Business Administration and a CFA designation. This election puts her in Class II, with her term ending at the 2024 Annual Meeting of Shareholders. Additionally, the Fund has established a new Common Stock repurchase plan, allowing the repurchase of up to 1,000,000 shares, which aims to enhance shareholder value by potentially supporting stock prices.

Positive

• Election of Anne M. Nichols as a new Director enhances the Board's expertise.
• Established a new stock repurchase plan allowing the buyback of up to 1,000,000 shares, potentially boosting shareholder value.

Negative

• None.

The Board of Directors of Eagle Capital Growth Fund, Inc. (“Fund”) (NYSE American: GRF) at a regular Board meeting today unanimously elected Anne M. Nichols, CFA as a Director.

Ms. Nichols is a Managing Director of Fern Capital, Inc. (Detroit, MI), a registered investment advisor. Ms. Nichols received her undergraduate degree (BS) in Business Administration (with a specialization in Finance) from Marquette University (Milwaukee, WI) in 1983, and she secured her Chartered Financial Analyst designation in 1986. Ms. Nichols was elected as a Director in Class II, with a term that expires at the Fund’s 2024 Annual Meeting of Shareholders.

At this meeting the Board also replaced the Fund’s existing stock repurchase authority with a new Common Stock repurchase plan authorizing Fund management to repurchase up to 1,000,000 shares. The Fund is authorized to repurchase shares in the open market or otherwise, at a price or prices reasonably related to the then prevailing market price.

The Fund is a closed-end investment company that invests primarily in high quality growth companies. To learn more about the Fund, please go the Fund’s website: www.eaglecapitalgrowthfund.com.

If you have a question about the Fund, please contact David C. Sims, the Fund’s Chief Financial Officer and Chief Compliance Officer, at (414) 765-1107, or by e-mail to: dave@simscapital.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005722/en/

FAQ

What is the significance of Anne M. Nichols' election as a Director of GRF?

Anne M. Nichols' election brings valuable financial expertise to the Board, which may positively influence the Fund's strategic decisions.

What is the new stock repurchase plan for GRF?

The new stock repurchase plan allows the Fund to buy back up to 1,000,000 shares, aiming to support stock prices and enhance shareholder value.

How does the stock repurchase plan impact GRF's shareholders?

The stock repurchase plan may increase the value of remaining shares by reducing the overall number of shares outstanding, benefiting current shareholders.