BDCA Venture Announces Termination of Investment Advisory Agreement
07 Ottobre 2015 - 11:10PM
Business Wire
Board Implements Plan to Become Internally
Managed
BDCA Venture, Inc. (“BDCA Venture” or the “Company”) (Nasdaq:
BDCV), a closed-end fund that has elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended (the “1940 Act”), announced today that its Board
of Directors, on October 5, 2015, approved the termination of the
Investment Advisory and Administrative Services Agreement dated
July 1, 2014 (the “Investment Advisory Agreement”) between the
Company and BDCA Venture Adviser, LLC, the Company’s investment
adviser (the “Adviser”). The effective date of termination will be
December 6, 2015, unless shortened or extended by mutual written
agreement of the Company and the Adviser.
Following the effective date of termination, the Company will
become internally managed. However, the Company currently intends
to engage one or more third parties to provide certain
administrative and other services to the Company.
At the Company’s Annual Meeting held on July 9, 2015,
stockholders approved a proposal to have the Company’s Board of
Directors consider adopting a plan to maximize shareholder value
within a reasonable period of time.
Andrew Dakos, Chairman of the Board of Directors, commented:
“Since July, the new Board of Directors has been working on the
development of a plan to attempt to maximize value for BDCA
Venture’s shareholders and we believe today’s cost saving actions
are an important first step in accomplishing that goal. The Company
will no longer make investments in new venture companies and will
now shift its focus to the orderly monetization of its current
holdings. While the expected timeline for monetization is longer
than we would like, we are fully committed to managing the Company
in the most streamlined fashion possible going forward and using
the Company’s current cash resources to optimize value for
shareholders. We look forward to reporting further details of our
plan as soon as they are developed.”
For additional information concerning the Company’s termination
of the Investment Advisory Agreement, please refer to the Company’s
Current Report on Form 8-K, which was filed with the SEC on October
7, 2015.
About BDCA Venture, Inc.
BDCA Venture, Inc. (www.BDCV.com) is a closed-end fund regulated
as a business development company under the Investment Company Act
of 1940 that seeks to maximize total return by generating current
income through debt investments in growth companies and, to a
lesser extent, through capital appreciation. BDCA Venture’s shares
are listed on Nasdaq under the ticker symbol “BDCV.”
Forward-Looking Statements
This press release may contain statements of a forward-looking
nature relating to future events. These forward-looking statements
are subject to the inherent uncertainties in predicting future
results and conditions. These statements reflect BDCA Venture’s
current beliefs, and a number of important factors could cause
actual results to differ materially from those expressed in this
press release, including the factors set forth in “Risk Factors”
set forth in BDCA Venture’s Form 10-K and Form 10-Q filed with the
Securities and Exchange Commission (“SEC”), and subsequent filings
with the SEC. Please refer to BDCA Venture’s SEC filings for a more
detailed discussion of the risks and uncertainties associated with
its business, including but not limited to the risks and
uncertainties associated with investing in micro- and small-cap
companies. Except as required by the federal securities laws, BDCA
Venture undertakes no obligation to revise or update any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reference to BDCA Venture’s website
has been provided as a convenience, and the information contained
on such website is not incorporated by reference into this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20151007006534/en/
BDCA Venture, Inc.Investor Relations:Frederic (Rick) M.
Schweiger, 720-489-4912Chief Executive Officer and
Presidentrschweiger@bdcv.com
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