Nov. 24, 2009 (Business Wire) -- MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today that Steven F. Tunney, MCG’s President and Chief Executive Officer, has adopted a pre-arranged stock trading plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding securities transactions.
Under the terms of the plan, Mr. Tunney may sell up to 78,000 shares of MCG common stock, representing approximately ten percent of his total MCG stock holdings. This plan was established by Mr. Tunney to provide liquidity to pay income taxes relating to the expiration of forfeiture restrictions on shares of restricted stock held by him.
SEC Rule 10b5-1 allows executive officers, directors and other insiders to individually adopt pre-arranged, structured stock trading plans when they are not in possession of material non-public information. Once these plans are adopted, the officers and directors have no discretion over the timing, price or terms of any sales made pursuant to such plans. The transactions under the plan announced today are expected to occur at predetermined times beginning in February 2010, will be disclosed publicly through Form 4 filings and will be subject to the restrictions and filing requirements mandated by Rule 144 of the Securities Act of 1933, as amended.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle market companies throughout the United States. MCG’s investment objective is to achieve current income and capital gains. Portfolio companies generally use capital provided by MCG to finance acquisitions, recapitalizations, buyouts, organic growth and working capital.
Forward-looking Statements:
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in MCG’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 filed with the Securities and Exchange Commission under the section “Risk Factors,” as well as other documents that may be filed by MCG from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. MCG is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
