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LONDON, UK / ACCESSWIRE / August 31, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Gladstone Investment Corp. (NASDAQ: GAIN) ("Gladstone"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GAIN. The Company announced on August 28, 2017, that together with the executive management team of Fairhaven, Inc., formed Pioneer Square Brands, Inc., to acquire Fairhaven and Gum Drop Cases, LLC. The investment from Gladstone will provide equity and secured debt to close the transaction. Pioneer Square is a leading designer and marketer of premium mobile technology bags and cases sold primarily to the K-12 education market. Pioneer Square will resume the operation of respective brands of Fairhaven and Gumdrop separately. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
The Company is a business development entity that seeks to make debt and equity investments in lower middle market businesses with $20 million to $100 million in revenue in the United States in connection with the acquisition, changes in control, and recapitalizations. Gladstone views this partnership with Fairhaven's management team as a definitive growth strategy on the creation of Pioneer Square. The combination of these two Companies is set to create a clear market leader in mobile device protection in the rapidly growing, K-12 sector, and looks forward to build on the leadership position.
Adjournment of 2017 Annual Meeting
Gladstone had held its 2017 Annual Meeting of Stockholders on August 03, 2017. To solicit additional votes to establish a quorum for the Annual Meeting, the meeting was adjourned till August 24, 2017. During the meeting on August 24, there was the election of two directors, namely, Anthony W. Parker, and Michela A. English. The Board also approved the proposal to authorize the Company to issue and sell shares of common stock at a price below its then current net asset value per share, subject to limitations, that the number of shares issued and sold to such stockholder's approval does not exceed 25%.
Company Growth Prospects
On August 01, 2017, Gladstone announced its Q1 FY17 results for the quarter ended June 30, 2017. The Company reported exit of one investment in Q1 FY17, which resulted in success fee income of $1.7 million and net cash proceeds of $19 million, including repayment of the debt investment of $13.6 million at par and a realized gain of $1.0 million. The Company announced a merger of one of its portfolio Companies into another one of the portfolio Companies, resulting in success fee income of $0.3 million.
Gladstone also announced issuance of 2.3 million shares of common stock at a public offering price of $9.38 per share resulting in gross proceeds of $21.2 million and net proceeds of $20.1 million in the Q1 FY17.
Gladstone reported net investment incomes of $5.4 million in Q1 FY17 and $5.3 million in Q4 FY16. Net investment income according to the Company, over the period, was relatively flat, as the increase in total investment income, which was primarily due to higher other income offset by an increase in total expenses, net of credits, etc., attributed to higher bad debt expense and lower credits from the Adviser. Net asset value per common share as of June 30, 2017, decreased to $9.88 from $9.95 as of March 31, 2017. The decrease was attributed to the issuance of shares of common stock at a price below the then current net asset value per common share.
Last Close Stock Review
Gladstone Investment's share price finished yesterday's trading session at $9.27, slightly advancing 0.11%. A total volume of 66.93 thousand shares have exchanged hands. The Company's stock price advanced 0.11% in the last three months, 2.20% in the past six months, and 0.98% in the previous twelve months. Additionally, the stock surged 10.29% since the start of the year. Shares of the Company have a PE ratio of 10.00 and have a dividend yield of 8.28%. The stock currently has a market cap of $302.85 million.
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SOURCE: Pro-Trader Daily