Full Circle Capital Corporation (FULL)

[Enterprising Investor]

Full Circle Capital Corporation Stockholders Approve Merger With Great Elm Capital Corporation (10/31/16)

Transaction Expected to Close in Early November 2016

GREENWICH, Conn., Oct. 31, 2016 (GLOBE NEWSWIRE) -- Full Circle Capital Corporation (“Full Circle”) (NASDAQ:FULL) today announced that its stockholders have approved its merger (the "Merger") with Great Elm Capital Corporation (“Great Elm”). Approximately 84% of the votes cast by Full Circle’s stockholders were in favor of the Merger. The Merger is expected to become effective on November 3, 2016.

“We are excited to enter into this next chapter and thank Full Circle stockholders for their considerable support for the merger,” said Peter A. Reed, Chief Executive Officer of Great Elm. “We are ready to utilize our significant experience in middle market credit investing as we seek to generate both capital appreciation and interest income over the long-term and to deliver a sustainable regular distribution to our stockholders.”

“We want to thank our stockholders for their support, and we look forward to completing the merger with Great Elm,” said Gregg J. Felton, Chief Executive Officer of Full Circle.

When the Merger becomes effective, Full Circle’s stockholders will be entitled to receive a special cash distribution of $0.24 per share, and each outstanding share of Full Circle common stock will be converted into the right to receive 0.2219 of a share of Great Elm common stock. Great Elm intends to begin making monthly distributions to its stockholders beginning in the second full calendar month after the completion of the Merger. Following the Merger, Great Elm’s shares of common stock will trade on NASDAQ under the ticker symbol “GECC”.

Houlihan Lokey served as exclusive financial advisor to the special committee of Full Circle’s board of directors. Clifford Chance US LLP advised the special committee, and Sutherland Asbill & Brennan LLP is counsel to Full Circle.

Skadden, Arps, Slate, Meagher & Flom LLP, Schulte Roth & Zabel LLP and Akin Gump Strauss Hauer & Feld LLP are legal counsel for the acquisition group.

About Full Circle Capital Corporation

Full Circle Capital Corporation (www.fccapital.com) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Full Circle lends to and invests in senior secured loans and, to a lesser extent, mezzanine loans and equity securities issued by lower middle-market companies that operate in a diverse range of industries. For additional information visit Full Circle’s website www.fccapital.com.

About MAST Capital Management

Founded in 2002, MAST Capital Management, LLC ("MAST") is an SEC-registered investment adviser that specializes in event-driven and credit investments, focusing predominantly on middle market opportunities. Currently, MAST manages and sub-advises approximately $900 million for sophisticated institutional and family office investors globally. The Boston-based firm is employee-owned with a minority stake held by Dyal Capital Partners, a subsidiary of Neuberger Berman.

About Great Elm Capital Group, Inc.

Great Elm Capital Group ("GECG") is a NASDAQ listed holding company headquartered in Boston, Massachusetts. Additional information about GECG is available on its website at www.greatelmcap.com.

http://www.globenewswire.com/news-release/2016/10/31/884939/0/en/Full-Circle-Capital-Corporation-Stockholders-Approve-Merger-With-Great-Elm-Capital-Corporation.html