Welcome to our dedicated page for 180 Degree Capital news (Ticker: TURN), a resource for investors and traders seeking the latest updates and insights on 180 Degree Capital stock.
180 Degree Capital Corp. (symbol: TURN) is a publicly traded registered closed-end fund specializing in investing in undervalued small-cap companies with significant turnaround potential. The company's strategy hinges on constructive activism to unlock value in these firms, aiming for a 180-degree transformation in their performance and market perception.
Founded on the principles of long-term capital appreciation, 180 Degree Capital Corp. focuses on sectors driven by disruptive technologies, particularly in the life sciences, precision medicine, and health industries. As a non-diversified closed-end management investment company, TURN offers a unique investment approach by combining venture capital insights with strategic activism.
Recent achievements include successful investments and strategic partnerships that have led to substantial milestones in the portfolio companies' growth and market presence. The company continually evaluates new opportunities to invest in businesses that exhibit strong potential for innovation and market scalability.
180 Degree Capital Corp.'s operations are geared towards providing support and resources to its portfolio companies, enabling them to commercialize and integrate their products effectively. The firm leverages its expertise in financial services and industry-specific knowledge to foster growth and drive transformational outcomes.
For more detailed information and the latest updates, visit their website.
180 Degree Capital Corp. (NASDAQ:TURN) announced a definitive agreement for a business combination with Mount Logan Capital Inc. The merger represents a strategic evolution for TURN, transitioning from a closed-end fund to an operating company. Mount Logan brings approximately $2.4+ billion in assets under management (as of September 30, 2024), generating predictable fee revenue.
Key highlights of TURN's performance since December 2016 include: reduction in operating expenses by 44%, transition from 92% private investments to over 99% public investments, and increase in insider ownership from 2.1% to 12.7%. The company's public portfolio delivered a gross total return of +204.5% (including SMA carried interest) from Q4 2016 to Q4 2024, outperforming both the Russell Microcap Index (+68.5%) and Lipper Peer Group Average (+81.8%).
The transaction has received unanimous board approval, with approximately 27% of outstanding shares supporting through voting agreements or non-binding indications.
180 Degree Capital Corp. (NASDAQ:TURN) reported its NAV of $4.64 as of December 31, 2024, with a Q4 2024 performance that outperformed major market indices. The company achieved a +7.8% gross total return in Q4 2024 and maintained a +205% gross total return since inception, compared to the Russell Microcap Index's +69%.
The company announced a significant business combination agreement with Mount Logan Capital. Management and large shareholders, representing approximately 27% of outstanding shares, have shown support through voting agreements or non-binding indications. The company expects to file a registration statement and joint proxy statement/prospectus with the SEC soon.
While full-year 2024 performance was described as disappointing, Q1 2025 has shown strong performance exceeding Q4 2024 results. The company's NAV experienced a 5.5% increase in Q4 2024 but showed a -7.6% decline for the full year 2024.
Marlton Partners, owning 4.6% of 180 Degree Capital Corp. (TURN), has expressed serious concerns about TURN's merger agreement with Mount Logan Capital. The key issues highlighted include:
1. The proposed transformation from a closed-end fund to an alternative asset and insurance solutions company, removing '40 Act protections
2. The Board's failure to provide shareholders an option to tender at net asset value (NAV)
3. The immediate rejection of Source Capital's merger proposal valued at 101% of NAV without any engagement
Marlton questions whether the Board's decisions serve shareholders' interests, particularly noting management's continued employment with Mount Logan post-merger. In response, Marlton has nominated three candidates for election to TURN's Board at the 2025 Annual General Meeting.
Source Capital (NYSE: SOR) has expressed disappointment over 180 Degree Capital Corp. (NASDAQ: TURN)'s swift rejection of its non-binding initial merger proposal within three business days, without engaging in any dialogue to maximize shareholder value. Despite the rejection, Source Capital notes that the market responded positively to their proposal, and at least one major TURN shareholder has publicly supported engagement between the companies. Source Capital maintains its commitment to pursuing a potential merger and seeks constructive dialogue with TURN's Board of Directors.
180 Degree Capital Corp. (NASDAQ:TURN) announced that its Board of Directors has evaluated the non-binding proposal from Source Capital issued on January 24, 2025. The Board determined that the Source Proposal does not constitute a TURN Superior Proposal and does not meet the criteria outlined in Section 7.10(a) of the Merger Agreement with Mount Logan Capital Inc.
The Board unanimously reaffirmed its support for the proposed strategic business combination with Mount Logan, stating it is in the best interests of all shareholders. The merger's benefits were detailed in a joint investor presentation filed on January 17, 2025, available on the company's website.
Marlton Partners, owning 4.6% of 180 Degree Capital Corp (NASDAQ: TURN), has issued a statement urging TURN's Board to engage with Source Capital's (NYSE: SOR) merger proposal announced on January 24, 2025. The merger offer values TURN at 101% of its net asset value per share.
Marlton emphasizes that the market's positive response to Source Capital's offer reflects shareholders' desire to eliminate the trading discount. Previously, on December 17, 2024, Marlton nominated three independent candidates - James Elbaor, Gabi Gliksberg, and Aaron Morris - for election to TURN's Board at the 2025 Annual General Meeting, citing concerns about TURN's chronic underperformance and large discount to net asset value.
Source Capital (NYSE: SOR) has proposed a merger with 180 Degree Capital Corp. (NASDAQ: TURN) in an all-stock transaction. The proposal values TURN at 101% of its net asset value per share. SOR, managed by First Pacific Advisors (FPA) which oversees $27 billion in assets, offers several benefits including:
- Premium to NAV for TURN shareholders
- Reduced NAV discount (SOR trades at ~1-4% discount)
- Larger market cap of approximately $390 million (vs TURN's $38 million)
- Lower expense ratio of 0.93% (vs TURN's 8.3%)
- Lower management fee of 0.675% (vs TURN's 4.9%)
- Distribution rate of 5.9% per annum
- Strong performance with >8% annual NAV growth over past five years
The proposal is subject to due diligence, board approval, and definitive documentation.
180 Degree Capital Corp. (NASDAQ:TURN) has announced a definitive agreement to merge with Mount Logan Capital Inc. in an all-stock transaction. The combined entity will operate as Mount Logan Capital Inc. and trade on Nasdaq under MLCI, managing over $2.4 billion in assets focused on private credit markets.
The merger values Mount Logan at approximately $67.4 million, with 180 Degree Capital shareholders receiving proportionate ownership based on NAV at closing. Post-merger ownership is estimated at 40% for 180 Degree Capital shareholders and 60% for Mount Logan shareholders. The deal has secured support from approximately 20% of 180 Degree Capital and 23% of Mount Logan shareholders through voting agreements.
The combined company will feature a regulated insurance solutions business with $1.1 billion in total assets and plans to pay quarterly dividends subject to board approval. Ted Goldthorpe, Mount Logan's current CEO, will lead the merged entity. The transaction is expected to complete in mid-2025, subject to regulatory and shareholder approvals.
180 Degree Capital Corp. (NASDAQ:TURN) has responded to a press release and nomination notice from Marlton Partners L.P. received on December 17, 2024. CEO Kevin Rendino stated that Marlton's press release contains inaccuracies and distortions, which the company plans to address at an appropriate time. The company maintains its focus on strategies aimed at maximizing shareholder value.
180 Degree Capital Corp. (NASDAQ: TURN) reported an average discount between its estimated daily net asset value per share (NAV) and stock price of approximately 21% in November 2024 and 20% year-to-date through November. The company's NAV increased by approximately 26% in November, driven by the successful sale of Brightcove (BCOV) to Bending Spoons for $233 million and strategic portfolio management. The company also benefited from the sale of its Quantum (QMCO) position during a significant price rally. Management highlighted their 12.7% ownership position and track record of approximately +212% gross total return on public portfolio holdings since 2017, compared to the Russell Microcap Index's +79%.
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