CM Finance Inc (NASDAQ:CMFN) Files An 8-K Submission of Matters to a Vote of Security Holders
Item5.07.
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Submission of Matters to a Vote of Security Holders. |
CM Finance Incs (the Company) 2016
Annual Meeting of Stockholders (the Annual
Meeting) was initially called to order on
November3, 2016 and was adjourned in order to permit additional
time to solicit stockholder votes with respect to Proposal No.2.
The Annual Meeting was reconvened on November9, 2016 and
December15, 2016.
At the Annual Meeting, the Company submitted two proposals to the
vote of Stockholders, which are described in detail in the
Companys proxy statement dated September16, 2016. The Companys
stockholders previously approved Proposal 1 on November3, 2016.
As of September8, 2016, the record date for the Annual Meeting,
13,680,910 shares of common stock were eligible to be voted. Of
the shares eligible to be voted, 10,603,460 shares were voted in
person or by proxy in connection with Proposal 2. At the
reconvened Annual Meeting held on December15, 2016, Proposal 2
was approved as follows:
Proposal 2: Approval of Proposal to Authorize the Company
to Issue Shares Below NAV
The Companys stockholders approved a proposal to authorize the
Company, with Board approval, to sell or otherwise issue up to
25% of the Companys outstanding common stock at an offering price
that is below the Companys then current NAV per share. The voting
results were as follows:
| Votes For | VotesAgainst | Abstentions | ||||||||||
|
All Stockholders |
7,504,683 | 2,728,866 | 369,912 | |||||||||
|
All Stockholders excluding Affiliates* |
6,465,383 | 2,728,866 | 369,912 |
| * |
Of the 13,680,910 shares of the Companys common stock eligible to vote as of the record date for the Annual Meeting, 12,641,610 shares of the Companys common stock were held by persons or entities not affiliated with the Company. This motion received the affirmative vote of (i)the holders of a majority of the outstanding shares of common stock entitled to vote at this meeting; and (ii)the holders of a majority of the outstanding shares of common stock entitled to vote at this meeting that are not held by affiliated persons of the Company. For purposes of this proposal, the Investment Company Act of 1940, as amended, defines a majority of the outstanding shares as: (i) 67% or more of the voting securities present at this meeting if the holders of more than 50% of the outstanding voting securities of the Company are present or represented by proxy; or (ii) 50% of the outstanding voting securities of the Company, whichever is less. |
About CM Finance Inc (NASDAQ:CMFN)
CM Finance Inc is an externally managed, non-diversified closed-end management investment company. The Company is a specialty finance company that invests primarily in the debt of the United States middle-market companies. The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing in debt and related equity of privately held lower middle-market companies. As of June 30, 2016, the Company’s portfolio consisted of debt and equity investments in 22 portfolio companies. It invests in unitranche loans and standalone second and first lien loans, with an emphasis on floating rate debt. It also selectively invests in mezzanine loans/structured equity and in the equity of portfolio companies through warrants and other instruments.CM Investment Partners LLC is an external investment advisor of the Company. CM Finance Inc (NASDAQ:CMFN) Recent Trading Information
CM Finance Inc (NASDAQ:CMFN) closed its last trading session down -0.15 at 9.25 with 62,021 shares trading hands.
