MCG Capital investor Springbok sells 535,074 shares, keeps 8.8% stake

By Lisa Kerner

Charlotte, N.C., July 23 - A group of MCG Capital Corp. investors led by Springbok Capital Management, LLC sold 535,074 shares of the company's stock between May 26 and July 21.

The shares were priced from $2.09 and $2.87 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Thursday.

In April, MCG reached an agreement with a shareholder group led by Springbok in connection with the company's 2009 annual meeting on June 17.

As previously reported, MCG agreed to appoint Springbok managing member Gavin Saitowitz to its board of directors and to nominate Saitowitz to hold a director position until the 2012 annual meeting.

Springbok and its affiliates agreed not to solicit proxies in connection with the 2009 annual meeting and to vote their shares in support of all of the board's director nominees and the company's proposals at the meeting.

The shareholder group also agreed to a broad standstill agreement through MCG's 2010 annual meeting.

Springbok beneficially owns 6,709,954 shares, or 8.8%, of MCG's outstanding stock.

MCG is an Arlington, Va.-based commercial finance company specializing in middle-market companies.

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