News Article | September 18, 2017
WALTHAM, Mass. and BOSTON, Sept. 18, 2017 (GLOBE NEWSWIRE) -- Great Elm Capital Group, Inc. (NASDAQ:GEC) (“Great Elm”) and MAST Capital Management, LLC (“MAST”) announced today that they entered into a number of agreements. Great Elm, MAST, Northern Right Capital Management, L.P. (“Northern Right”) and other parties entered into a series of agreements that facilitate Great Elm’s transition to an independent operating entity and align value creation with stockholders. Great Elm Capital Management, Inc. (“GECM”) was formed in 2016 through a series of transactions that initially shared services with MAST under a cost sharing agreement with MAST. As Great Elm’s strategy has developed and its strategic plan became more defined, the parties determined that such arrangements are no longer mutually beneficial. A copy of the agreements will be filed with the Securities and Exchange Commission and should be read carefully in their entirety. The agreements effect a full separation of Great Elm’s business from MAST. Highlights of these agreements include: “Establishing independence from MAST will allow our team to focus on our mission of growing our investment management business, as well as to consider acquisitions of other assets and businesses. We are extremely excited to continue our efforts of utilizing our advantaged balance sheet to drive shareholder value,” said Mr. Reed. As part of the transaction, MAST has the right to purchase from Great Elm an additional 420,000 shares of Great Elm common stock at market prices. David Steinberg, founding partner of MAST, said, “As the largest stockholder of Great Elm, MAST looks forward to the Great Elm board guiding the company with a focus on value creation.” Northern Right, a recent 4.9% stockholder of Great Elm, has recommended additional shareholder alignment. Great Elm and Northern Right agreed to: Now fully separate from MAST, Great Elm executed a cost reduction program for its investment management team, including downsizing and reducing fixed cash compensation by $1.5 million and tying incremental compensation to EBITDA targets. As part of the agreements, MAST and their respective affiliates entered into a standstill and voting agreement. Great Elm Capital Group, Inc. (NASDAQ:GEC) is a holding company that is actively seeking acquisitions and, through its subsidiaries, conducts an investment management business focused on leveraged finance. Great Elm Capital Group’s website at greatelmcap.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. With the exception of the historical information contained in this news release, the matters described herein contain “forward-looking” statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed in the “Risk Factors” section of the registration statement and in Great Elm Capital Group’s SEC reports filed from time to time. Further information relating to Great Elm Capital Group’s financial position, results of operations, and investor information is contained in the company’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmcap.com or at the SEC website www.sec.gov.
Caruso N.,GECM |
Caruso N.,CONICET |
Manfredi C.,GECM |
Vidal E.M.L.,GECM |
And 4 more authors.
Annales Zoologici Fennici | Year: 2012
Geoffroy's and Pampas cats are small felids with large distribution ranges in South America. A camera trap survey was conducted in the Espinal of central Argentina to estimate abundance based on capturerecapture data. For density estimations we used both non-spatial methods and spatially explicit capturerecapture models (SECR). For Geoffroy's cat we also obtained density estimates from 8 radio-tracked individuals. Based on the data on 10 Geoffroy's cats and 7 Pampas cats, non-spatial methods produced density ranges of 16.2121.94 indiv./100 km2 and 11.3417.58 indiv./100 km2, respectively. The density estimated using SECR models was 45 animals/100 km 2 for Geoffroy's cat, whereas we were unable to produce a reliable estimate for the Pampas cat. The SECR estimate for Geoffroy's cat is more similar to that obtained from telemetry data (58.82 cats/100 km2). In agreement with the hypothesis of its greater adaptability, Geoffroy's cat was more abundant than the Pampas cat. © 2012 Finnish Zoological and Botanical Publishing Board.
News Article | November 4, 2016
BOSTON, Nov. 04, 2016 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (NASDAQ:GECC) today announced the successful completion of the merger between GECC and Full Circle Capital Corporation (“Full Circle”). The transformational transaction more than doubles assets under management for the combined business development company (“BDC”), providing a platform for growth. GECC intends to focus on strategies for thoughtfully growing its business, as the enhanced scale should enable GECC to support its distribution going forward, to opportunistically buy back shares at a discount and to invest in market dislocations. GECC is 15% owned by Great Elm Capital Group, Inc. (NASDAQ:GEC), the parent of GECC’s investment manager. This significant alignment of interest between the stockholders and the manager is expected to create both operational and financial focus on total stockholder return. GECC is managed by Great Elm Capital Management (“GECM”). GECM’s investment team has deployed more than $17 billion into more than 550 issuers across 20+ jurisdictions over its 14 year history under MAST Capital Management, LLC (“MAST”). Led by Peter A. Reed, GECC’s Chief Executive Officer, GECM’s investment team has more than 100 years of aggregate experience financing and investing in leveraged middle market companies. “Our opportunistic investment strategy seeks to identify compelling investments in the securities of leveraged issuers. By focusing on catalyst-driven investments, we strive to deliver attractive risk-adjusted returns throughout the credit cycle,” said Mr. Reed. Effective as of the close of trading today, November 3, 2016, Full Circle common shares will cease trading on the NASDAQ. Great Elm Capital Corp. common shares will begin trading on the NASDAQ under the new trading symbol “GECC” effective as of market open on Friday, November 4, 2016. In connection with the merger, GECC assumed Full Circle’s 8.25% Notes due 2020, which continue to trade on the NASDAQ under the symbol FULLL. The exchange agent will distribute a cash distribution of $0.24 per share to Full Circle’s stockholders of record immediately prior to the effective time of the merger on November 3, 2016. The merger agreement provides for payment of this special distribution not later than December 15, 2016. Payment of the special distribution is, however, conditioned upon completion of a letter of transmittal, which will be provided to record holders, or book entry transfer of the former Full Circle shares. As soon as practicable, GECC will publish its estimate of net asset value (“NAV”) after giving effect to the merger. GECC is exploring opportunities to grow net asset value per share through making prudent investment decisions, thoughtfully increasing leverage and buying back shares at a discount to NAV. GECC is in the process of implementing a $15 million, eighteen month stock buyback program in compliance with Rule 10b5-1. GECC intends to instruct the brokers under the buyback program to make purchases if GECC’s shares are trading at less than ninety percent of the most recently published net asset value of GECC. Great Elm Capital Corp. is an externally managed, specialty finance company that is focused on investing in the debt instruments of middle market companies. GECC has elected to be regulated as a business development company under the Investment Company Act of 1940. Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “seek,” “would,” “could”, “potential,” “continue,” “ongoing,” “upside,” “increases,” and “potential,” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: conditions in the credit markets, the price of GECC common stock, performance of GECC’s portfolio and investment manager. There can be no assurance that the merger will in fact be consummated. Additional information concerning these and other factors can be found in GECC’s registration statement and proxy/prospectus. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this document or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.