Portman Ridge Finance Corporation Resumes Share Repurchases Under 10b5-1 Stock Trading Plan
01 Dezembro 2022 - 8:13PM
Business Wire
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”)
today announced that it has entered into a new Rule 10b5-1 stock
trading plan to facilitate the repurchase of its common stock in
accordance with its $10 million share repurchase program.
Repurchases may be made in the open market at prevailing market
prices from time to time as market conditions warrant. All
repurchases will be implemented in accordance with the applicable
requirements of Rules 10b5-1 and 10b-18 under the U.S. Securities
Exchange Act of 1934.
An independent U.S. broker-dealer is acting as the Company’s
agent to purchase its shares on pre-arranged terms pursuant to the
Rule 10b5-1 Stock Trading Plan.
Of note, on March 8, 2022, the Company’s Board of Directors
re-authorized its share repurchase program, whereby the Company may
repurchase up to an aggregate of $10 million of its shares in the
open market until March 31, 2023, including pursuant to the
above-described new Rule 10b5-1 stock trading plan.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly
traded, externally managed investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940. Portman Ridge’s middle market investment
business originates, structures, finances and manages a portfolio
of term loans, mezzanine investments and selected equity securities
in middle market companies. Portman Ridge’s investment activities
are managed by its investment adviser, Sierra Crest Investment
Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge’s filings with the Securities and Exchange
Commission (the “SEC”), earnings releases, press releases and other
financial, operational and governance information are available on
the Company's website at www.portmanridge.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements regarding
repurchases of shares of the Company’s common stock. There is no
assurance that repurchases will be made in any specific amounts or
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 any repurchases will enhance stockholder value
over the long term. The forward-looking statements should be read
in conjunction with the risks and uncertainties discussed in the
Company’s filings with the SEC, including the Company’s most recent
Form 10-K and other SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20221201006027/en/
Portman Ridge Finance Corporation 650 Madison Avenue, 23rd floor
New York, NY 10022 info@portmanridge.com Jason Roos
Jason.Roos@bcpartners.com (212) 891-2880 The Equity Group Inc. Lena
Cati lcati@equityny.com (212) 836-9611 Val Ferraro
vferraro@equityny.com (212) 836-9628
Portman Ridge Finance (NASDAQ:PTMN)
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