NGP Capital Resources Company Delays Annual Stockholders Meeting
Houston, Texas, April 22, 2014 (GLOBE NEWSWIRE) -- NGP Capital Resources
Company (NASDAQ: NGPC) (the "Company") today announced that its Board of
Directors has elected to delay the Company's annual meeting of stockholders
until further notice, and has amended the Company's bylaws accordingly. The
Company's bylaws previously required that an annual meeting of stockholders be
held during the month of May.
In September 2013, the Company engaged Keefe, Bruyette & Woods, a Stifel
company ("KBW"), as financial advisor to the Company in its evaluation of
strategic alternatives to enhance stockholder value. Since that announcement,
the Board of Directors, with the assistance of KBW, has considered and
continues to consider a number of alternative proposals with various parties
and a variety of structures. The Board has made substantial progress in
exploring and evaluating many alternatives and proposals, the diversity and
complexity of which has resulted in a lengthier process.
Steve Gardner, the Company's President and Chief Executive Officer said, "We
are pleased with the level of interest and participation in our strategic
alternatives process. We believe that taking the time to investigate the
varying proposals presented to the Company is in the best long-term interest
of our stockholders. We appreciate the patience of our stockholders as we
work through this process."
No decision has been made to enter into a transaction at this time, and there
can be no assurance that the Company will enter into a transaction in the
future. The Company does not plan to disclose or comment on developments
regarding the strategic review process until it is complete or further
disclosure is deemed appropriate.
About NGP Capital Resources Company
NGP Capital Resources Company is a closed-end, non-diversified management
investment company that has elected to be regulated as a business development
company under the Investment Company Act of 1940. We principally invest in
private companies and from time to time, we may also invest in public
companies. We invest primarily in senior secured and mezzanine loans
according to our business plan and in some instances receive equity interests
in portfolio companies in connection with such investments. Our manager is
NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management
("NGP ECM"). Founded in 1988, NGP ECM is a premier investment franchise in
the natural resources industry, which together with its affiliates has managed
approximately $13 billion in cumulative committed capital since inception. NGP
ECM's investment platform includes Natural Gas Partners, NGP Global
Agribusiness Partners, NGP Capital Resources Company and NGP Energy Technology
Partners, L.P. www.ngpenergycapital.com.
This press release may contain forward-looking statements. We may use words
such as "anticipates," "believes," "intends," "plans," "expects," "projects,"
"estimates," "will," "should," "may" and similar expressions to identify
forward-looking statements. These forward-looking statements are subject to
various risks and uncertainties. Certain factors could cause actual results
and conditions to differ materially from those projected, including the
uncertainties associated with the timing of transaction closings, changes in
interest rates, availability of transactions, the future operating results of
our portfolio companies, regulatory factors, changes in regional, national, or
international economic conditions and their impact on the industries in
which we invest, other changes in the conditions of the industries in which we
invest and other factors enumerated in our filings with the Securities and
Exchange Commission (the "SEC").
You should not place undue reliance on such forward-looking statements, which
speak only as of the date they are made. We undertake no obligation to update
our forward-looking statements made herein, unless required by law.
Persons considering an investment in NGP Capital Resources Company should
consider the investment objectives, risks, and charges and expenses of the
Company carefully before investing. Such information and other information
about us is available in our annual report on Form 10-K, in our quarterly
reports on Form 10-Q and in prospectuses we issue from time to time in
connection with our offering of securities. Such materials are filed with the
SEC and copies are available on the SEC's website, www.sec.gov, and in the
Investor Relations section of our website at www.ngpcrc.com. Prospective
investors should read such materials carefully before investing.
Please send investment proposals to:
NGP Capital Resources Company 713-752-0062
Steve Gardner (firstname.lastname@example.org),
Michael Brown (email@example.com), or
Hans Hubbard (firstname.lastname@example.org).
INVESTOR RELATIONS CONTACT:
L. Scott Biar (email@example.com), 713-752-0062.
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