Penni F. Roll - Chief Financial Officer
We hope that by now you have received your proxy and if you haven't please let us know, or let your broker know.Related:
For the merger to be approved an affirmative vote is required from two-thirds of Allied Capital shares outstanding. The majority of Allied Capital's 180 million shares outstanding are held by individual investors. Therefore it is crucial that all of our shareholders participate in this vote and we ask that you read the proxy statement and vote your shares.
Shareholders who abstain or simply fail to return their proxies will have the same effect as if they vote against the merger. So, your participation is extremely important. We have incurred approximately $6 million in expenses to-date in connection with the proposed merger with Ares, which will be incurred by our shareholders even if the merger does not close. In addition, we must pay a $15 million breakup fee to Ares if our shareholders do not approve the merger.
Because of the importance of this proposal, we have engaged a proxy source at our Georgeson to assist us contacting shareholders to solicit your vote. For the shareholders on this call, you may have already received and in the upcoming weeks may continue to receive calls from our Georgeson representative to solicit your vote or to assist you in voting your shares.
Given the number of retail shareholders that we have and the vote required. We believe this is the best way to ensure that has many shareholders vote as possible. Whether you hold 50 shares or 500,000 shares, you can see that your vote is very important.
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