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NGP Capital Resources Co. said in definitive additional materials filed Sept. 23 that its board is providing additional details regarding an unsolicited proposal the board received from a third party seeking to replace NGP Investment Advisor LP as the company's investment adviser.
The company previously entered into an agreement with Oak Hill Advisors LP whereby the latter will become its new investment adviser. However, the appointment is subject to stockholder approval. In a Sept. 23 letter, Indaba Capital Management LP, beneficial owner of 2.99% of outstanding NGP Capital shares, questioned whether the transaction with Oak Hill was in the best interest of shareholders.
The company has disclosed that the alternative proposal, as ultimately submitted to the board after multiple...