Patriot Capital Funding Sets November 18, 2009 for Special Meeting of Shareholders to Vote on Proposed Prospect Capital Merger
27 October 2009 - 8:43AM
Business Wire
Patriot Capital Funding, Inc. (NasdaqGS: PCAP) today announced
that a special meeting of shareholders will be held on November 18,
2009 to vote on the proposed merger with Prospect Capital
Corporation (NasdaqGS: PSEC). Patriot Capital Funding, Inc.
shareholders at the close of business on October 21, 2009 will be
eligible to vote by proxy or at the special meeting on the proposed
merger.
“The board of directors of Patriot Capital Funding believes that
the proposed Prospect Capital merger is the best alternative for
Patriot Capital Funding shareholders and, as a result, strongly
recommends that shareholders vote in favor of this transaction,”
said Richard P. Buckanavage, president and chief executive officer
of Patriot Capital Funding. “In this regard, each of Patriot
Capital Funding’s directors and executive officers has indicated
that he intends to vote his shares in favor of the merger.”
Completion of the transaction is subject to certain conditions,
including approval by the shareholders of Patriot Capital Funding,
the receipt of payoff letters from Patriot Capital Funding’s
lenders and other customary closing conditions. Subject to the
satisfaction of these closing conditions, the transaction is
expected to be completed shortly after shareholder approval.
A proxy statement will be mailed to Patriot Capital Funding
shareholders on or about October 27, 2009 in connection with the
November 18 special meeting of shareholders.
About Patriot Capital Funding, Inc.Patriot Capital
Funding, Inc. (www.patcapfunding.com) is a specialty finance
company providing customized financing solutions primarily to
private equity sponsors focused on making investments in small- to
mid-sized companies.
Forward-Looking StatementsThis press release may contain
certain forward-looking statements, including statements with
regard to the proposed merger transaction between Patriot Capital
Funding and Prospect Capital. Words such as “believes,” “expects,”
“projects,” and “future” or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to risks and uncertainties, including the
satisfaction of the conditions of the proposed merger on the
proposed timeframe or at all, and other factors enumerated in the
filings Patriot Capital Funding makes with the Securities and
Exchange Commission. Patriot Capital Funding undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Additional Information and Where to Find ItThis
communication may be deemed to be solicitation material in respect
of the proposed merger transaction involving Patriot Capital
Funding and Prospect Capital. In connection with the proposed
merger, Prospect Capital has filed with the SEC a registration
statement on Form N-14 containing a proxy statement/prospectus for
the shareholders of Patriot Capital Funding, and each of Patriot
Capital Funding and Prospect Capital may be filing other documents
with the SEC regarding the proposed merger transaction. The
definitive proxy statement/prospectus will be mailed to
shareholders of Patriot Capital Funding.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, PATRIOT
CAPITAL FUNDING’S SHAREHOLDERS AND INVESTORS ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and
shareholders may obtain, without charge, a copy of the definitive
proxy statement/prospectus, as well as other relevant documents
containing important information about Patriot Capital Funding and
Prospect Capital at the SEC’s website (http://www.sec.gov). Patriot
Capital Funding’s shareholders also may obtain, without charge, a
copy of the definitive proxy statement/prospectus and other
relevant documents by directing a request by mail or telephone to
Patriot Capital Funding, 274 Riverside Avenue, Westport,
Connecticut, (203) 429-2700.
Patriot Capital Funding and its directors and executive officers
and other persons may be deemed to be participants in the
solicitation of proxies from Patriot Capital Funding’s shareholders
with respect to the proposed merger. Information about Patriot
Capital Funding’s directors and executive officers and their
ownership of Patriot Capital Funding’s common stock is set forth in
the definitive proxy statement/prospectus for Patriot Capital
Funding’s special meeting of shareholders, which was filed with the
SEC on Schedule 14A on October 26, 2009. Shareholders may obtain
additional information regarding the interests of Patriot Capital
Funding and its directors and executive officers in the proposed
merger, which may be different than those of Patriot Capital
Funding’s shareholders generally, by reading the definitive proxy
statement/prospectus and other relevant documents regarding the
proposed merger.
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