|By Marketwired .||
|June 10, 2014 04:01 PM EDT||
NEW YORK, NY -- (Marketwired) -- 06/10/14 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect", or "we") today announced that based on our discussions with the staffs of the Division of Investment Management ("IM") and the Office of the Chief Accountant ("OCA") of the Securities and Exchange Commission ("SEC"), Prospect will not be required to restate its prior period financial statements to consolidate certain wholly-owned or substantially wholly-owned holding company subsidiaries.
Prospect announced in its filing on Form 10-Q for the quarter ended March 31, 2014 on May 6, 2014 that the SEC staff had asserted certain wholly-owned holding companies were investment companies, such companies were required to be consolidated in the historical financial results and financial position of Prospect, and restatement of such financial statements was needed. At that time, Prospect disclosed that it disagreed with the views of the SEC staff and wished to appeal the conclusion through OCA. Based on those continued discussions with the SEC staff, Prospect has concluded the following:
1. Prospect's historical non-consolidation of certain wholly-owned and substantially wholly-owned holding companies will not require restatement of Prospect's prior period financial statements.
2. Upon the adoption of ASU 2013-08 by Prospect for the June 30, 2015 fiscal year, Prospect will begin consolidating on a prospective basis certain of its wholly-owned and substantially wholly-owned holding companies formed by Prospect in order to facilitate its investment strategy.
"We would like to commend the SEC staff for the prompt and professional manner in which they handled the situation," said Brian Oswald, Chief Financial Officer of Prospect. "We are pleased that Prospect was able consult with OCA and IM for an acceptable conclusion."
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
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