FS KKR Capital Corp (FS Investment Corporation) - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated June 22, 2010, reports on the Annual Meeting of Shareholders held by FS Investment Corporation (the "Company"). The Company is a closed-end management investment company incorporated in Maryland.
Key Financial Metrics
The filing does not provide specific financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses on corporate governance events and share pricing policies.
Material Changes and Corporate Actions
- Shareholder Voting: As of the April 10, 2010 record date, 17,348,279.32 shares were eligible to vote. Approximately 5,926,245.79 shares were voted at the meeting.
- Director Elections: All director nominees listed in the 2010 proxy statement were elected for a one-year term. Votes were overwhelmingly in favor, with no broker non-votes.
- Accounting Firm Ratification: Shareholders approved the ratification of McGladrey & Pullen, LLP as the independent registered public accounting firm for the year ending December 31, 2010.
Guidance, Outlook, and Share Pricing Policy
The Company is conducting a continuous offering of common stock. Key details regarding the offering price include:
- Current Offering Price: $10.40 per share.
- Pricing Mechanism: The price is adjusted to ensure shares are not sold below net asset value (NAV) after deductions. If NAV increases, the price rises accordingly.
- Downside Protection: In the event of a material decline in NAV (defined as a 5% decrease below the current offering price), the Company will reduce the offering price subject to certain conditions.
- Future Guidance: Beginning July 1, 2010, the Company will only release guidance on the offering price for the next semi-monthly closing if fluctuations in NAV are expected to necessitate a price adjustment. If the price is expected to remain unchanged, no guidance will be issued.
Investor Verification Checklist
- Verify the current Net Asset Value (NAV) per share to confirm the $10.40 offering price remains accurate relative to the 5% decline threshold.
- Review the 2010 Proxy Statement for detailed biographies of the newly elected directors.
- Monitor upcoming semi-monthly closings for any press releases indicating a change in the offering price, as silence implies the price remains at $10.40.
- Confirm the Company's liquidity position and investment portfolio performance in the most recent 10-Q or 10-K filing, as this 8-K does not contain financial results.