Portman Ridge Finance Corporation Resumes Share Buyback
NEW YORK, March 21, 2022 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) announced today that it has entered into a new Rule 10b5 equity trading plan- 1 to facilitate the repurchase of its common stock pursuant to its recently reauthorized $10 million stock repurchase program.
Redemptions may be made in the open market at prevailing market prices from time to time, if market conditions warrant. All redemptions will be implemented in accordance with the applicable requirements of Rules 10b5-1 and 10b-18 of the US Securities Exchange Act of 1934.
An independent US broker acts as the Company’s agent to purchase its shares on pre-arranged terms in accordance with Rule 10b5-1 Stock Trading Plan.
It should be noted that on March 8, 2022, the Board of Directors of the Company re-authorized its share buyback program, under which the Company can buy back up to a total of $10 million of its shares on the open market through March 31, 2023, including in accordance with the new Rule 10b5-1 stock trading plan described above.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and select equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment advisor, Sierra Crest Investment Management LLC, a subsidiary of BC Partners Advisors, LP.
Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases, and other financial, operational, and governance information are available on the company’s website. at www.portmanridge.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s common stock repurchases. There can be no assurance that redemptions will be made in specific amounts or that the market price of the Company’s shares, in absolute value or relative to net asset value, will increase following any redemption of shares, or that any redemption will increase long-term shareholder value. Forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other filings with the SEC.
Portman Ridge Financial Corporation
650 Madison Ave, 23rd Floor
New York, NY 10022
Equity Group Inc.