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Medley Capital Corporation (NYSE: MCC) announced its transfer of shares and Notes listing from the NYSE to the NASDAQ, effective January 4, 2021. The Company will also change its name to PhenixFIN Corporation starting January 1, 2021, with new ticker symbols "PFX" for Common Stock and "PFXNL" for Notes. The transfer is part of the Company's strategy as an internally-managed investment firm under the Investment Company Act of 1940. Note that there is a risk the transition to NASDAQ may not occur as planned.
For Q4 ended September 30, 2020, Medley Capital Corporation (MCC) reported a net asset value of $150.6 million, or $55.30 per share, up from $149.3 million at the previous quarter. The company recorded net income of $0.47 per share but a net investment loss of $(0.32) per share. The total value of investments was $246.7 million, with net repayments/sales of $6.3 million. Total investment income was $4.4 million, yet no dividends were declared this quarter.
Medley Capital Corporation (NYSE: MCC) announced the adoption of an internalized management structure, effective January 1, 2021, replacing its external management team. The Board appointed David Lorber as interim CEO and Ellida McMillan as CFO to lead this new team. This transition aims to streamline operations and cut costs, although savings are not guaranteed. The company has secured a senior investment professional for portfolio strategy and engaged US Bancorp Fund Services for accounting. The management changes are anticipated to enhance shareholder value.
Medley Capital Corporation (NYSE: MCC) has announced the redemption of its 6.500% Notes due 2021, totaling $74,012,825, on November 20, 2020. The redemption will occur at 100% of their principal value, plus accrued interest. This decision follows the stipulations outlined in its indenture agreements. The upcoming interest payment will still be executed as scheduled on October 31, 2020. MCC focuses on lending to middle-market companies, mainly through direct transactions, and aims for income generation and capital appreciation.
Medley Capital Corporation (NYSE: MCC) announced on October 8, 2020, that it sold its interests in the MCC Senior Loan Strategy JV I LLC to a private fund managed by Golub Capital for approximately $156.4 million. This transaction will improve MCC's liquidity and enhance its balance sheet, enabling it to meet other debt obligations. Following the sale, MCC received net proceeds of $41.0 million after debt repayment. The company is externally managed and focuses on providing capital to middle-market companies.
Medley Capital Corporation (NYSE: MCC) reported its financial results for Q3 2020, showing a net asset value of $149.3 million ($54.83 per share), up from $141.7 million ($52.04 per share) in Q2. The company posted a net investment loss of $(0.26) per share and did not declare a dividend this quarter. During the period, total investment income was approximately $4.3 million, while expenses totaled around $5.0 million after an expense support agreement took effect. The company completed a one-for-twenty reverse stock split on July 24, 2020.
Medley Capital Corporation (NYSE: MCC) announced a 1-for-20 reverse stock split aimed at maintaining compliance with the NYSE's $1.00 minimum average closing share price requirement. This decision, made on July 7, 2020, follows the company's 2020 Annual Meeting. The split will be effective on July 24, 2020, reducing the number of authorized shares from 100 million to 5 million. Shareholders will receive cash for any fractional shares. The stock will start trading on a split-adjusted basis on July 27, 2020.
Medley Capital Corporation (NYSE: MCC) has announced an Expense Support Agreement aimed at reducing operating expenses significantly. Effective from June 1, 2020, the agreement caps monthly expenses at $667,000 until September 30, 2020. The board also extended the term of the investment management agreement with MCC Advisors LLC. Additionally, a strategic review process is ongoing to maximize shareholder value, overseen by the Special Committee with the help of financial advisor Houlihan Lokey.
Medley Capital Corporation (NYSE: MCC) reported financial results for Q2 2020, revealing a net asset value (NAV) of $2.60 per share. The company experienced a net investment loss of $(0.08) per share, with total investment income of approximately $5.3 million. Total expenses reached $9.5 million, leading to a net investment loss of $(4.2) million. The firm did not declare a dividend this quarter. As of March 31, 2020, the investment portfolio was valued at $255.9 million, primarily comprising first lien secured investments (41.4%). Net realized and unrealized losses totaled $(74.6) million.
Medley Capital Corporation (NYSE: MCC) announced the termination of its merger agreement with Sierra Income Corporation, which was originally set to close by March 31, 2020. Sierra decided to withdraw on May 1, 2020, citing reasons such as volatile economic conditions from the COVID-19 pandemic and changes in the valuation of both companies. Following this, MCC's Special Committee will seek new strategic alternatives to enhance shareholder value, continuing discussions with its financial advisor, Houlihan Lokey.
