Source Capital Expresses Disappointment Over TURN Board's Decision

Source Capital's Response to TURN's Board of Directors

Source Capital (NYSE: SOR), a notable closed-end fund, has recently expressed its disappointment regarding the rapid rejection of its initial proposal by the Board of Directors of 180 Degree Capital Corp. (NASDAQ: TURN). The decision came just three business days after Source presented a proposal aimed at creating mutual value for all TURN shareholders.

Market Reaction and Shareholder Support

The swift dismissal by TURN's Board did not go unnoticed, as the market showed a positive reaction to Source's proposal. Encouragingly, at least one significant shareholder of TURN has publicly advocated for the Board to engage in discussions with Source. This backing highlights the sentiment among some investors who see potential benefits in a collaborative approach.

Commitment to a Potential Merger

Source Capital is steadfast in its commitment to pursuing a potential merger with TURN. The company hopes to engage constructively with TURN's Board to explore mutually beneficial avenues that could enhance shareholder value. This cooperative spirit reflects Source's dedication to working towards shared goals.

Details on the Proposed Transaction

Should negotiations for the proposed merger progress to a mutually agreeable conclusion, Source plans to file a joint proxy statement with the SEC, outlining essential details regarding the transaction. This document will serve as both a proxy statement and a registration statement concerning the involved parties, showcasing features related to Source and TURN.

Importance of Information for Shareholders

It is crucial for TURN's shareholders to stay informed. The joint proxy statement will provide comprehensive insights regarding the merger, significant updates about Source, TURN, and other related matters. Shareholders are encouraged to review the documents thoroughly when they become available.

Participation in the Solicitation Process

In this pursuit of a merger, Source, along with its trustees and certain executive officers, may be considered participants in the solicitation of proxies. This information will be detailed in the forthcoming joint proxy statement. It's essential to note that, to the best knowledge of Source and its affiliates, none hold securities of TURN.

Available Resources for Investors

If shareholders are looking for detailed records about Source Capital's operations and leadership, they can find pertinent information through definitive filings made with the SEC, including the Definitive Proxy Statement filed on April 19. Investors should continuously monitor these resources to stay updated on their investments.

Future Steps with TURN's Board

The relationship between Source and TURN remains in a pivotal phase. Source hopes for open dialogue as it seeks to maximize value for TURN's shareholders. Engaging with TURN's Board could provide avenues for addressing the concerns raised by both parties and exploring new possibilities for collaboration.

Frequently Asked Questions

What was Source Capital's proposal regarding TURN?

Source Capital proposed a merger to enhance shareholder value, which was swiftly rejected by TURN's Board.

How did the market react to Source's proposal?

The market reacted positively to Source's proposal, indicating investor support for the potential merger.

What steps will Source take if the merger negotiations proceed?

If negotiations advance, Source intends to file a joint proxy statement with the SEC to share relevant details with shareholders.

Is there shareholder support for Source's proposal?

Yes, at least one significant shareholder of TURN has publicly encouraged discussions between TURN's Board and Source Capital.

Where can shareholders find more information on Source and TURN?

Shareholders can find information regarding Source and any related transactions in SEC filings, including the upcoming joint proxy statement.

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