FSC's net asset value (NAV) as of December 31, 2014, was $9.17.
If all the oil and gas investments were worth zero, FSC's NAV would drop to $8.81 and it would still be trading at a discount of 18% to NAV. (Unlikely as the only one which might fail has already been written down)
From the new mgmt., this next is a good thing for shareholders.
FSC's management is committed not to issue shares at less than NAV and, in this connection, is one of few BDCs not to ask for shareholder authorization to take this action.
Because I originally bought for the income half of my portfolio,not the growth half, I am willing to hold it through the next 6 months of announced divis and see where it is at that point. (Barring unforeseen disaster)
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