DEFA14A: BlackRock TCP Capital Corp. Adjourns Annual Meeting Due to Low Shareholder Participation, Urges Voting on Proposal 2

BlackRock TCP Capital Corp. (TCPC) has adjourned its annual meeting to June 12, 2024, due to insufficient shareholder participation and is urging shareholders to vote on Proposal 2, which has been submitted annually since the company went public.

Summary

• BlackRock TCP Capital Corp. (TCPC) adjourned its Annual Meeting of Stockholders, originally scheduled for May 23, 2024, to June 12, 2024, at 9:00 a.m., Pacific Time, specifically regarding Proposal 2.
• The adjournment is due to a lack of sufficient shareholder participation.
• The company is urging shareholders to vote, emphasizing that every vote is important, regardless of the number of shares held.
• Voting is encouraged to avoid additional solicitation expenses and delays.
• The Board of Directors recommends voting FOR Proposal 2, which has been submitted for shareholder approval every year since TCPC's IPO.
• Independent proxy advisory firms ISS & Glass Lewis have also recommended voting FOR Proposal 2.
• Shareholders can vote via the internet, telephone, or by returning the enclosed voting instruction form.
• Georgeson LLC is available to answer questions about the proposals at 1-888-505-9118.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While the company faces a challenge with shareholder participation, it is actively addressing the issue and has support from proxy advisory firms. The tone is urgent but professional.

Positives

• The company is actively addressing the issue of low shareholder participation.
• Independent proxy advisory firms support Proposal 2.
• Multiple voting methods are available for shareholders' convenience.

Negatives

• The adjournment of the annual meeting indicates a challenge in engaging shareholders.
• Low shareholder participation can lead to additional expenses for the company.

Risks

• Continued low shareholder participation could lead to further delays and increased costs.
• Failure to pass Proposal 2 could have implications for the company's operations or governance.

Future Outlook

The company aims to successfully conduct the adjourned Annual Meeting on June 12, 2024, with sufficient shareholder participation to pass Proposal 2.

Management Comments

• Rajneesh Vig, Chair of the Board of Directors and Chief Executive Officer, urges shareholders to vote and thanks them for their trust and continued support.

Industry Context

This announcement reflects the challenges many publicly traded companies face in securing sufficient shareholder participation in proxy voting, particularly for widely-held companies. Proxy advisory firms like ISS and Glass Lewis play a significant role in influencing shareholder voting decisions.

Stakeholder Impact

• Shareholders are directly impacted by the adjournment and are urged to participate in the voting process.
• The company aims to avoid additional solicitation expenses, which would benefit shareholders.

Next Steps

• Shareholders are urged to vote on Proposal 2 via internet, telephone, or mail.
• The Annual Meeting of Stockholders will reconvene on June 12, 2024.

Key Dates

Keywords

proxy vote, shareholder meeting, BlackRock TCP Capital Corp, TCPC, Proposal 2, adjournment, proxy solicitation, ISS, Glass Lewis