NexPoint Advisors Announces Enhanced Management Proposal to the Board of Directors of TICC Capital Corp.

DALLAS, Sept. 1, 2015 /PRNewswire/ -- NexPoint Advisors, L.P. ("NexPoint") announced today that it has enhanced its management proposal to the Board of Directors (the "Board") of TICC Capital Corp. (the "Company") (NASDAQ: TICC), a closed-end investment company that is regulated as a business development company.  As previously announced, NexPoint submitted its original proposal to the Board on August 11, 2015, which included an estimated $35 million in savings on advisory fees (based on the Company's March 31, 2015 AUM), and a $10 million dollar investment in the Company's shares through open market purchases, together with a willingness to manage the Company according to investment objectives set by the Board.  To date we have expeditiously responded to all of the Board's information requests and unilaterally enhanced our proposal to extend the 50% management fee discount for an additional year, which would create additional savings of approximately $10 million to the Company's shareholders (based on the Company's March 31, 2015 AUM).  Notwithstanding the attractiveness of our management proposal to the Company's shareholders, the Board has not engaged us in any meaningful dialogue regarding either our original proposal or our enhanced proposal, despite our numerous attempts to reach out to the Board to do so. 

We have also indicated our willingness to provide up to $20 million to TICC Management to acquire certain aspects of its advisory business in relation to the Company, should we be appointed the successor investment adviser to the Company.  However, since TICC Management has been similarly nonresponsive with respect to our request for a dialogue, we are willing to redirect this $20 million in a manner beneficial to the Company's shareholders, whether via additional fee concessions or share purchases.  This would bring our total contribution to the benefit of the Company's shareholders under our proposal to over $75 million!

We are deeply concerned that the Board is not taking seriously its obligation to consider our proposal and the interests of the Company's shareholders, especially in light of our continued willingness to discuss any terms that the Board believes may be important to the Company and its shareholders.  We remain committed to advancing the interests of the Company and its shareholders and urge the Board to act accordingly. 

About NexPoint Advisors, L.P.   

NexPoint, together with its affiliates, currently manages approximately $22 billion in net assets and believes that its core competences are squarely within the Company's investment strategy.  NexPoint is affiliated, through common ownership, with Highland Capital Management, L.P. ("Highland"), and shares personnel and other resources with Highland.  Highland (together with its affiliates) is one of the world's most experienced alternative credit managers, tested by numerous credit cycles, specializing in credit strategies, such as a broad range of leveraged loans, high yield bonds, direct lending, public and private equities and CLOs.  Highland also offers alternative investment-oriented strategies, including asset allocation, long/short equities, real estate and natural resources.  If NexPoint is retained by the Company as its investment adviser, the Company will have access to all of Highland's capabilities and expertise.

Media Contact  
Cristina Martinez
Prosek Partners  
212-279-3115 x215 
[email protected]

Logo - http://photos.prnewswire.com/prnh/20150828/261987LOGO

SOURCE NexPoint Advisors, L.P.