NEW YORK, Sept. 17, 2012 /PRNewswire/ -- Saratoga Investment Corp., (NYSE: SAR), a business development company, is pleased to announce that both Institutional Shareholder Services, Inc. ("ISS"), and Glass Lewis & Co., the nation's two leading proxy advisory firms, recently issued a report recommending that stockholders of Saratoga Investment Corp. vote "FOR" all of the proposals included in the proxy statement for the Company's 2012 Annual Meeting of Stockholders, including one which would allow the Company to issue and sell shares of its common stock below its then current net asset value per share, subject to certain limitations delineated in the proxy statement. "We are extremely pleased that both ISS and Glass Lewis recognize that the share proposal is in the best interests of the Company's stockholders," said Christian L. Oberbeck, Chief Executive Officer and President of Saratoga. "We view the share proposal as a method of enhancing the Company's ability to obtain financing to pursue favorable investment opportunities resulting in part from the pullback of traditional lenders from the middle market. The share proposal will also provide us with the flexibility to further capitalize our SBIC subsidiary. Given the attractive features of SBIC debt, including that it carries long-term fixed interest rates that are generally lower than rates on comparable bank and other debt, we believe that having this flexibility is important to our ability to enhance stockholder value." We urge stockholders to follow ISS' and Glass Lewis' recommendations by voting "FOR" each of the proposals in the proxy statement for the Company's 2012 Annual Meeting of Stockholders today. Stockholders who have questions about the proposals or who need assistance voting their shares should contact the Company's proxy solicitor, Morrow & Co., LLC, toll-free at (800) 662-5200 or (203) 658-9400 or by email at firstname.lastname@example.org. The proxy statement and other information relating to the 2012 Annual Meeting of Stockholders are available on the SEC's website ( www.sec.gov) or under the Investor Relations section of the Company's website ( www.saratogainvestmentcorp.com).
Looking at the universe of stocks we cover at Dividend Channel, on 1/29/15, Saratoga Investment Corporation New will trade ex-dividend, for its quarterly dividend of $0.22, payable on 2/27/15. As a percentage of SAR's recent stock price of $15.18, this dividend works out to approximately 1.45%, so look for shares of Saratoga Investment Corporation New to trade 1.45% lower — all else being equal — when SAR shares open for trading on 1/29/15.
The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Saratoga Investment Corporation New presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.