Sunshine Act Meeting, 13190 [06-2531]
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13190
Federal Register / Vol. 71, No. 49 / Tuesday, March 14, 2006 / Notices
[FR Doc. 06–2427 Filed 3–13–06; 8:45 am]
BILLING CODE 3110–01–P
POSTAL SERVICE BOARD OF
GOVERNORS
Sunshine Act Meeting
4 p.m., Wednesday,
March 22, 2006; and 8:30 a.m.,
Thursday, March 23, 2006.
PLACE: Washington, DC, at U.S. Postal
Service Headquarters, 475 L’Enfant
Plaza, SW.
STATUS: March 22—4 p.m. (Closed);
March 23—8:30 a.m. (Closed).
MATTERS TO BE CONSIDERED:
1. Strategic Planning.
2. Rate Case Planning.
3. Financial Update.
4. Labor Negotiations Planning.
5. Personnel Matters and Compensation
Issues.
6. Postal Rate Commission Opinion and
Recommended Decision in Docket No.
MC2006–1, Parcel Return Service.
7. Postal Rate Commission Opinion and
Recommended Decision in Docket No.
MC2006–2, Extension of Market Test
for Repositionable Notes.
TIMES AND DATES:
Thursday, March 23 at 8:30 a.m.
(Closed)
1. Continuation of Wednesday’s agenda.
FOR FURTHER INFORMATION CONTACT:
Wendy A. Hocking, Secretary of the
Board, U.S. Postal Service, 475 L’Enfant
Plaza, SW., Washington, DC 20260–
1000. Telephone (202) 268–4800.
Wendy A. Hocking,
Secretary.
[FR Doc. 06–2531 Filed 3–10–06; 3:10 pm]
BILLING CODE 7710–12–M
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
27258; 812–13233]
MCG Capital Corporation; Notice of
Application
March 8, 2006.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
23(a), 23(b) and 63 of the Act, and under
sections 57(a)(4) and 57(i) of the Act and
rule 17d-1 under the Act permitting
certain joint transactions otherwise
prohibited by section 57(a)(4) of the Act.
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AGENCY:
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Summary of the Application: MCG
Capital Corporation (‘‘Applicant’’)
requests an order to permit Applicant to
issue restricted shares of its common
stock under the terms of its employee
and director compensation plans.
Filing Dates: The application was
filed on September 2, 2005, and
amended on January 31, 2006.
Hearing or Notification of Hearing: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicant with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on April 3, 2006, and
should be accompanied by proof of
service on applicant, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090. Applicant, c/o Bryan J. Mitchell,
Chief Executive Officer, MCG Capital
Corporation, 1100 Wilson Blvd., Suite
3000, Arlington, VA 22209.
FOR FURTHER INFORMATION CONTACT:
Marilyn Mann, Senior Counsel, at (202)
551–6813, or Mary Kay Frech, Branch
Chief, at (202) 551–6821, (Division of
Investment Management, Office of
Investment Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained for a fee at the
Commission’s Public Reference Desk,
100 F Street, NE., Washington, DC
20549–0102 (tel. 202–551–5850).
Applicant’s Representations
1. Applicant, a Delaware corporation,
is an internally managed, nondiversified, closed-end investment
company that has elected to be
regulated as a business development
company (‘‘BDC’’) under the Act.1
Applicant provides financing and
advisory services to a variety of small1 Applicant was organized on March 18, 1998. On
December 4, 2001, Applicant completed its initial
public offering (‘‘IPO’’) and immediately thereafter
elected to be regulated as a BDC. Section 2(a)(48)
defines a BDC to be any closed-end investment
company that operates for the purpose of making
investments in securities described in sections
55(a)(1) through 55(a)(3) of the Act and makes
available significant managerial assistance with
respect to the issuers of such securities.
PO 00000
Frm 00125
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Sfmt 4703
and medium-sized companies
throughout the United States with a
focus on growth-oriented companies.
Applicant’s investments are primarily
senior secured commercial loans,
subordinated debt and equity-based
investments. Shares of Applicant’s
common stock are traded on The
NASDAQ Stock Market, Inc. National
Market under the symbol ‘‘MCGC.’’ As
of December 31, 2005, there were
53,371,893 shares of Applicant’s
common stock outstanding. As of that
date, Applicant had 128 employees,
including the employees of its whollyowned consolidated subsidiaries.
2. Applicant currently has an eightmember board of directors (the ‘‘Board’’)
of whom three are ‘‘interested persons’’
of Applicant within the meaning of
section 2(a)(19) of the Act and five are
not interested persons (the ‘‘noninterested directors’’). The five noninterested directors are neither
employees nor officers of Applicant (the
‘‘non-employee directors’’). Applicant
states that its non-employee directors
actively participate in service on
committees of the Board and other
aspects of corporate governance, as well
as make a significant contribution to
Applicant’s business.
3. On November 28, 2001, prior to
Applicant’s election to be regulated as a
BDC, Applicant terminated its stock
option plan, and in exchange therefore
issued to its employees and directors, in
the aggregate, 1,539,851 shares of its
common stock. These shares are subject
to forfeiture restrictions but otherwise
carry the rights of common stock,
including the right to vote and the right
to receive dividends. These shares
represented 10.8% of Applicant’s
outstanding shares prior to its IPO, and
5.4% of Applicant’s outstanding shares
immediately following the IPO.
4. Applicant believes that its
successful operation depends on its
ability to offer compensation packages
to its professionals that are competitive
with those offered by its competitors.
Applicant believes its ability to adopt
compensation plans providing for the
periodic issuance of shares of restricted
stock (i.e., stock that, at the time of
issuance, is subject to certain forfeiture
restrictions, and thus is restricted as to
its transferability until such forfeiture
restrictions have lapsed) (the
‘‘Restricted Stock’’) is vital to its future
growth and success. Applicant wishes
to adopt equity-based compensation
plans for its non-employee directors (the
‘‘Director Plan’’) and employees (the
‘‘Employee Plan’’, and together the
‘‘Plans’’), as well as employees of its
wholly owned consolidated subsidiaries
(the ‘‘Participants’’).
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]]>Agencies
[Federal Register Volume 71, Number 49 (Tuesday, March 14, 2006)]
[Notices]
[Page 13190]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-2531]
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POSTAL SERVICE BOARD OF GOVERNORS
Sunshine Act Meeting
Times and Dates: 4 p.m., Wednesday, March 22, 2006; and 8:30 a.m.,
Thursday, March 23, 2006.
Place: Washington, DC, at U.S. Postal Service Headquarters, 475
L'Enfant Plaza, SW.
Status: March 22--4 p.m. (Closed); March 23--8:30 a.m. (Closed).
Matters To Be Considered:
1. Strategic Planning.
2. Rate Case Planning.
3. Financial Update.
4. Labor Negotiations Planning.
5. Personnel Matters and Compensation Issues.
6. Postal Rate Commission Opinion and Recommended Decision in Docket
No. MC2006-1, Parcel Return Service.
7. Postal Rate Commission Opinion and Recommended Decision in Docket
No. MC2006-2, Extension of Market Test for Repositionable Notes.
Thursday, March 23 at 8:30 a.m. (Closed)
1. Continuation of Wednesday's agenda.
FOR FURTHER INFORMATION CONTACT: Wendy A. Hocking, Secretary of the
Board, U.S. Postal Service, 475 L'Enfant Plaza, SW., Washington, DC
20260-1000. Telephone (202) 268-4800.
Wendy A. Hocking,
Secretary.
[FR Doc. 06-2531 Filed 3-10-06; 3:10 pm]
BILLING CODE 7710-12-M
