Medley plans shareholder meeting

The BDC is putting two board members up for re-election and renominating EY to serve as its public accountant at its annual meeting of stockholders on 14 March.  

The Medley Capital Corp (MCC) plans to put up two board members for re-election at its annual stockholders meeting on March 14, according to proxy materials filed with the Securities and Exchange Commission (SEC).

The business development company also plans to reappoint EY to serve as its independent public accountant for the fiscal year ending 30 September 2016.

The board directors up for re-election are interested director Seth Taube and independent director Arthur Ainsberg. Both were serving three-year terms that expire in 2016 and are being nominated again for another three years. No other directors are on the ballot.

Taube, 45, is the co-chief executive of Medley Management and managing partner of MCC Advisors. He also serves as the senior portfolio manager of private funds managed by Medley and the chief executive and chairman of the board of Sierra Income Corporation, the non-traded business development company Medley also oversees. According to the proxy materials, he owns 177,510 of Medley shares worth more than $1 million.

Ainsberg, 68, is currently on the board of Nomura Securities and National Financial Partners. Between 2009 and 2011 he served as the chief operating officer of the Lehman Brothers liquidation. He was also an independent consultant to Morgan Stanley between 2003 and 2009. He owns 3,000 MCC shares worth between $10,000 and $50,000. He earned $128,500 for serving on the Medley board for the fiscal year ended 30 September 2015.

EY is also being reappointed as the independent public accountant. The firm has no financial interests in MCC stock, according to the proxy materials. EY earned $1.1 million in audit and tax fees from MCC for the 2015 fiscal year and $1.2 million the previous year. 

Separately, Medley Management submitted a Form D to the SEC on 14 January, reporting that it had raised $111.8 million towards its private Medley Opportunity Fund III. The firm is raising between $500 million and $600 million for this fund, PDI understands. New York-based firms Pickwick Capital Partners and Silver Leaf Partners are listed as placement agents on the fund.