On Tuesday, Fifth Street Asset Administration Inc (NASDAQ:FSAM) fell -2.49% with the overall traded volume of 23,851.00 shares below its average volume of 78,104.00 shares. The company has the market value of $33.17M and its EPS ratio for the past year was $-0.32. The company finished business at $4.95.
Fifth Street Finance Corp. (FSC) today declared that the results of its Special Meeting of Stockholders indicate that FSC’s stockholders have overwhelmingly approved a new investment advisory agreement with Fifth Street Administration LLC. Over 88% of votes cast were in favor of the new investment advisory agreement, which adjusts the Part I incentive fee, both by introducing a total return hurdle, which may decrease the incentive fee by 25% per quarter after taking into account any realized and unrealized losses, and decreasing the quarterly hurdle rate used in calculating the incentive fee from 2% to 1.75%.
“The new investment advisory agreement is an important step towards further aligning the interests of our investment adviser with our stockholders,” said Patrick Dalton, Chief Executive Officer of FSC. “Moreover, we believe that the actions taken to adjust the Part I incentive fee are prudent for the current environment and, over the long-term, should allow for a more stable NAV and return on equity for our stockholders. With the Special Meeting now behind us, our administration team continues to focus on generating consistent results and driving strong credit performance across our portfolio.”
The voting results were offered by the Company’s proxy solicitor, Alliance Advisors LLC.
FSC has elected to be regulated as a business development company and is externally managed by a partner of Fifth Street Asset Management Inc. (FSAM), a nationally recognized credit-focused asset manager with about $5.0B in assets under administration across multiple public and private vehicles.
The company has 33.17M shares outstanding and 71.60% shares of the company were owned by institutional investors. The company has 0.38 value in price to sale ratio while price to book ratio was recorded as 16.29. The company earned $-1.90M in prior twelve months on revenue of $88.30M. It beta stands at 0.00.
Analyst recommendation for this stock stands at 3.00.