180 Degree Capital Corp. (TURN) Earnings Call Transcript & Summary

Ladies and gentlemen, I am Kevin Rendino, Chairman of the Board and Chief Executive Officer of 180 Degree Capital Corp., and I will be chairing this meeting. I now call the meeting to order and welcome our shareholders and guests to the 180 Degree Capital Corp. 2024 Annual Meeting of Shareholders. Before making introductions, I'd like to review the program for the meeting. We'll begin by covering the business of the meeting as outlined in the proxy. We will end the meeting with an informal session, during which we will entertain questions from shareholders and attendees of this meeting. We'd like to thank our shareholders for attending the meeting by webcast or by phone. If you previously have voted by proxy, you do not need to vote again unless you wish to change your vote. If you would like to vote at this meeting or to change your vote, please e-mail our Inspector of Election as Alicia Gift, at [email protected] to inform her of your desire to vote or change your vote at this meeting and the votes you would like to cast. We ask that you send any e-mails now so that we can be sure to address any of your quests ahead of the time the polls are closed. We would like to ask that attendees hold all questions and comments to the designated question and comments period. During the formal portion of the meeting, please restrict questions and comments at that time to the 2 proposals submitted for vote of our shareholders in our proxy materials. Please hold all other questions to the informal portion of this meeting. We ask that all questions and comments be directed to me for response or referral to the appropriate officer or director and that you be as brief as possible to allow everyone, who wishes an opportunity to participate. Also, please identify yourself before speaking and tell us if you are a shareholder or a proxy for a shareholder. If you're a proxy for a shareholder, please identify the shareholder. I would like to introduce our officers, who are present with me today by phone officers Daniel B. Wolfe, President and Chief Financial Officer and Chief Compliance Officer; and Alicia M. Gift, Secretary and Senior Controller. Alicia Gift has been designated the Inspector of Election and is present today. The inspector has signed her oath, and the secretary has been instructed to file the oath with the records of this meeting. I am informed that a quorum is present for the transaction of business. Proper notes of this meeting was duly mailed on or about March 1, 2024, to all holders of record on February 15, 2024, and the affidavit of the mailing agent confirms such mailing. The secretary will please file the affidavit with the records of the company and a copy with the minutes of this meeting. February 15, 2024, is the record date for the voting of shares at this meeting. As of the record date, the company had 10,000 -- I'm sorry, 10,000,141 shares of common stock outstanding. We will now proceed with the formal business of the meeting. At this meeting, shareholders are voting to elect 5 directors to the Board of Directors to serve until the next annual meeting or until their respective successors are elected. The 5 persons nominated by the Board of Directors are: Stacy R. Brandom, Kevin M. Rendino, Richard P. Shanley, Parker A. Weil and Daniel B. Wolfe. The Board of Director recommends that the shareholders vote for the election of the Board's 5 nominees as directors of the company. The second item of business is the approval of the Audit Committee selection of EisnerAmper LLP as the independent registered public accountant for the fiscal year ending December 31, 2024. The Board of Directors recommends that the shareholders vote for this proposal. We will now take any questions or comments relating specifically to those agenda items: Proposal 1, the election of directors; and Proposal 2, the Audit Committee of selection of EisnerAmper LLP as the independent registered public accountant for the fiscal year ended December 31, 2024. Although representatives of Eisner are not present in person or by phone, they are available for questions via phone. I ask that you please hold any general questions or comments until the designated question-and-comment period later in the proceedings. When you are recognized, please address your question or comment to me, and either I or another officer of the company will respond. Also, when you are recognized, please state your name and whether you are a 180 Degree Capital shareholder or a proxy for a shareholder. The floor is now open for your questions on Proposal 1 or Proposal 2.

[Operator Instructions] I'm not seeing any questions on the proposals.

Hearing none, the question and comment period is concluded and the polls are now open. Remember, if you previously have voted by proxy, do not need to vote again unless you wish to change your vote. Submission of a proxy at this meeting revokes any prior proxies you may have submitted. [Voting]

Can the Inspector of Elections confirm if there were any requests to vote at this meeting received via e-mail.

No vote changes, confirmed.

If there are no further proxies, I declare the polls closed for the matters voted on. With the agenda items now having been voted on, I will adjourn the formal portion of this meeting. I've now received the preliminary voting report, the results of which will be confirmed later by the inspector. The preliminary report indicates that all of the Board's 5 nominees have been elected as directors. It looks like 70% of all shareholders voted and the Board received 94% affirmative action -- or affirmative votes. The company has authorization to retain EisnerAmper as the independent registered public accountant for the fiscal year ending December 31, 2024. The floor is now open for general questions or comments you may have. After I recognize you, please state your name and identify yourself as a shareholder or a proxy for a shareholder.

[Operator Instructions] I'm not seeing anyone in the queue.

Good. The floor is now -- I'm sorry, these proceedings are now concluded. We thank you and appreciate your interest and support of 180 Degree Capital Corp.

Thank you very much. You can now all disconnect.