Brantley Capital Corp. Announces the Resignation of Robert Pinkas as Director, Chairman of the Board and Chief Executive Officer and the Termination of its Investment Advisory Relationship with Brantley Capital Management, L.L.C.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Brantley Capital Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BBDC BBDC Brantley Capital Corporation (Cleveland, OH) BBDC before bottom dead center (referring to a piston in a engine) BBDC Banting and Best Diabetes Centre BBDC Beijing Benz-DaimlerChrysler Automotive Co, Ltd ) announced today the resignation of Robert Pinkas as Director, Chairman of the Board and Chief Executive Officer and that its investment advisory relationship with Brantley Capital Management, L.L.C. has terminated. All other individuals employed by Brantley Capital Management, L.L.C. who serve as officers or directors of Brantley Capital Corp. have also resigned from those positions. Phillip Goldstein, a member of the Board, has been elected Chairman of the Board. In addition, Brantley Capital Corp. announced the election of Andrew Dakos and Rajeev Das to fill existing vacancies on the Board. Brantley Capital Corp. further announced that it is in negotiations with a leading firm specializing in private equity investments to provide it with certain administrative consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" pending a decision to appoint a new investment adviser, which appointment would be subject to shareholder approval as required by the Investment Company Act of 1940, as amended. Phillip Goldstein, the newly-elected Chairman of the Board, stated, "The independent directors of Brantley Capital Corp. believe that it is in the best interest of shareholders to engage a new management team with established operations and management expertise." Separately, Brantley Capital Corp. also announced that the Securities and Exchange Commission has issued a formal order of private investigation, arising from its informal inquiry into possible areas of noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance with the provisions of the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The order covers substantially the same issues as previously announced by Brantley Capital Corp. Brantley Capital Corp. is cooperating with the Commission in its investigation. About Brantley Capital Corporation Brantley Capital Corporation is a publicly-traded business development company primarily providing equity and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. financing to small and medium-sized private companies throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company's investment objective is to achieve long-term capital appreciation in the value of its investments and to provide current income primarily from interest, dividends and fees paid by its portfolio companies. |
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