PhenixFIN Corporation Announces Share Repurchase Program
January 11 2021 - 8:00AM
PhenixFIN Corporation (NASDAQ: PFX), a publicly traded business
development company, today announced that its board of directors
has approved a share repurchase program authorizing up to $15
million in share repurchases.
Under the share repurchase program, the Company
is authorized to repurchase from time to time its common stock in
open market or other transactions, subject to applicable regulatory
requirements. The timing and number of shares to be repurchased
will be determined by the Company, based on its evaluation of
market and business conditions, share price, and other factors. The
share repurchase program does not obligate the Company to
repurchase any specific number of common shares, and may be
discontinued at any time.
"This important decision reflects management’s
focus on increasing shareholder value," said David Lorber, Chairman
and Chief Executive Officer of PhenixFIN. "Given the Company’s
current liquidity position and the current discount at which the
shares trade, we feel approving a share buy-back program expands
opportunities available to drive NAV accretion."
The Company also announced that its senior
management team is in place along with David Lorber (Chairman and
Chief Executive Officer) and Ellida McMillan (Chief Financial
Officer). Jeff Dombcik has been hired as a Senior Portfolio
Strategist and Therese Dyman as Controller. Mr. Dombcik was most
recently with Benefit Street Partners and Ms. Dyman was most
recently with Alcentra Capital Corporation.
Additionally, the Company announced the
operation of a new website, www.phenixfc.com, to reflect the new
name of the Company. The Company’s amended code of ethics and
charters have been posted to the website. Shareholders are referred
to this website for any future amendments to or waivers of these
documents.
This press release is for informational purposes
only and is not an offer to purchase or a solicitation of an offer
to sell shares of the Company’s common stock.
There is no assurance that the market price of
the Company’s shares, either absolutely or relative to net asset
value, will increase as a result of any share repurchases, or that
the program will enhance shareholder value over the long-term.
ABOUT PHENIXFIN CORPORATION
PhenixFIN (formerly known as Medley Capital
Corporation) is a Business Development Company traded on the NASDAQ
Global Market that provides long-term debt and equity capital to
fund growth, acquisitions and recapitalizations of companies in a
variety of industries. For additional information about PhenixFIN,
please visit PhenixFIN’s website at WWW.PHENIXFC.COM. For PhenixFIN
investor relations, please call 212-859-0390. For media inquiries,
please contact info@phenixfc.com.
FORWARD-LOOKING STATEMENTS
THE INFORMATION CONTAINED IN THIS PRESS RELEASE
CONTAINS FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE SUBJECT TO THE INHERENT UNCERTAINTIES IN PREDICTING
FUTURE RESULTS AND CONDITIONS. FURTHERMORE, PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS. IN ADDITION TO THE FACTORS DISCUSSED
IN THIS PRESS RELEASE, OTHER FACTORS THAT COULD CAUSE ACTUAL
RESULTS AND CONDITIONS TO DIFFER MATERIALLY FROM EXPECTATIONS ARE
CONTAINED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
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