Bain Capital Specialty Finance , Inc. (NYSE:BCSF) reported the results of its 2024 Annual Meeting of Stockholders, held on May 23, 2024. Shareholders voted to elect three Class II Directors to the board, with all nominees set to serve until the 2027 annual meeting.
The elected directors are Jay Margolis, who received 23,832,968 votes for and 10,028,688 against, Michael A. Ewald with 33,549,189 votes for and 325,054 against, and Michael J. Boyle, who garnered 32,920,910 votes for and 953,571 against. There were no broker non-votes for these elections, and abstentions ranged from 188,576 to 201,401 across the nominees.
Additionally, during the Reconvened Annual Meeting on June 12, 2024, shareholders approved a proposal allowing the company to sell shares below the current net asset value per share, subject to certain conditions. This measure passed with 33,366,640 votes for, 4,563,141 against, and 446,089 abstentions. The approval also included a majority of non-affiliated stockholder votes, satisfying the regulatory requirement for a company to issue shares below net asset value.
This proposal required a dual majority: a majority of the outstanding shares and a majority of the shares not held by affiliated persons. The votes in favor met both a majority of outstanding shares and the lesser of 67% of the voting securities present at the meeting or more than 50% of the outstanding voting securities, as per the Investment Company Act of 1940.
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