MCLEAN, Va., July 25, 2012 /PRNewswire/ -- Gladstone Investment Corporation (NASDAQ: GAIN) (the "Company") announced today that the industry's two leading independent proxy advisory firms -- Institutional Shareholder Services ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis") – each recently issued a report recommending that the Company's stockholders vote "FOR" a proposal included in the proxy statement for the Company's 2012 Annual Meeting of Stockholders (the "Annual Meeting") which would allow the Company to issue and sell shares of its common stock below its then-current net asset value per share ("NAV"), subject to certain limitations delineated in the Company's definitive proxy statement.
The following proposals are scheduled for a vote at the Annual Meeting:
1) Election of three directors, as outlined below: a) Terry Brubaker and David A.R. Dullum, to be elected by the holders of our common stock and preferred stock, voting together as a single class; and b) John Reilly, to be elected solely by the holders of our preferred stock, voting as a single class;
2) Approval of a proposal to authorize the Company to sell shares of its common stock at a price below its then-current NAV (subject to certain limitations delineated in the proxy statement (filed with the Securities and Exchange Commission ("SEC") on Schedule 14A, on June 22, 2012)); and
3) Ratification of the selection by the Audit Committee of the Board of Directors of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for its fiscal year ending March 31, 2013.
The Annual Meeting is scheduled for Thursday, August 9, 2012 at 11:00 a.m. EDT at the Hilton McLean Tysons Corner located at 7920 Jones Branch Drive, McLean, Virginia, 22102.Election of Directors Regarding the proposals in the Company's proxy statement for the election of three incumbent directors ( Terry Lee Brubaker, David A.R. Dullum and John Reilly) to hold office until the 2015 Annual Meeting of Stockholders, each of ISS and Glass Lewis recommended a vote "FOR" all three directors. NAV Proposal The Company's proxy statement includes a proposal to authorize the Company, with the approval of its Board of Directors, to issue and sell shares of its common stock (during the next 12 months from the date of the Annual Meeting) at a price below its then-current NAV, subject to certain limitations set forth in the proxy statement (including, without limitation, that the cumulative number of shares issued and sold pursuant to such authority does not exceed 25% of the then outstanding common stock immediately prior to each such sale). Each of ISS and Glass Lewis recommended a vote "FOR" such proposal.