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Bulldog Investors Urges Investcorp To Do The Right Thing For Shareholders Of ICMB
SADDLE BROOK, N.J., May 26, 2026 (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a significant shareholder of Investcorp Credit Management BDC holding 596,780 shares (NASDAQ: ICMB), is calling on Investcorp, ICMB’s investment manager, to take responsibility for the dramatic decline in the value of ICMB’s shares. On June 27, 2019, Investcorp solicited shareholders to vote to appoint it as ICMB’s investment manager by painting a rosy picture of the future, assuring them that Investcorp was “committed
About this update from Investcorp Credit Management Bdc, Inc.
[{"type":"text","content":"SADDLE BROOK, N.J., May 26, 2026 (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a significant shareholder of Investcorp Credit Management BDC holding 596,780 shares (NASDAQ: ICMB), is calling on Investcorp, ICMB’s investment manager, to take responsibility for the dramatic decline in the value of ICMB’s shares.","length":309,"tagName":"p"},{"type":"text","content":"On June 27, 2019, Investcorp solicited shareholders to vote to appoint it as ICMB’s investment manager by painting a rosy picture of the future, assuring them that Investcorp was “committed to excellence,” and to “delivering best in class performance.” At the time, the net asset value (NAV) of ICMB’s shares was $10.51. Rishi Kapoor, Investcorp’s current Vice Chairman and Chief Investment Officer, asserted that Investcorp was committed (1) to adhere to a high standard of fiduciary responsibility and (2) to generate attractive risk-adjusted returns: “Investcorp holds a variety of values core to its heart which include a very long history of putting the interest of our clients and shareholders first. We also ascribe to the principles of holding ourselves accountable for performance and service.” Among those values were “fulfilling our ethical obligations,” “honoring our commitments,” and “putting our clients’ interests first.”","length":937,"tagName":"p"},{"type":"text","content":"ICMB’s 2019 Form 10-K reassuringly noted that Investcorp “seeks to structure our debt investments with strong protections, including default penalties, information rights, and affirmative and negative financial covenants, such as lien protection and restrictions concerning change of control. We believe these protections, coupled with the other features of our investments, allow us to reduce our risk of capital loss and achieve attractive risk-adjusted returns.” Indeed, as recently as March 28, 2024, Mohammed Al Alardhi, Investcorp’s Executive Chairman, publicly stated that he saw no “dark clouds” for ICMB and that he viewed the private credit asset class as “a great opportunity…to offer good returns.”","length":710,"tagName":"p"},{"type":"text","content":"Now, ICMB’s share price has fallen to about $1.40, and its market capitalization is just $20 million. And, in what may be an unprecedented development by a BDC, ICMB has ceased paying dividends. Robert Burns famously wrote: “The best laid schemes...