MCG Capital shareholder Springbok reduces ownership interest 9.8%

By Lisa Kerner

Charlotte, N.C., May 13 - A group of MCG Capital Corp. investors led by Springbok Capital Management, LLC sold 83,426 shares of the company's stock between May 8 and May 12.

The shares were priced from $2.16 and $2.28 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

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.

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.

Current directors A. Hugh Ewing III and Kenneth J. O'Keefe will also be nominated at the 2009 meeting to be directors until the 2012 annual meeting, MCG said.

Jeffrey M. Bucher resigned from the board, reducing the board to eight directors.

As previously reported, 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.

In addition, the shareholder group agreed to a broad standstill agreement through MCG's 2010 annual meeting.

All litigation between MCG and the shareholder group pending at the time of the agreement was to be dismissed.

Springbok beneficially owns 7,471,174 shares, or 9.8%, of MCG's outstanding stock.

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

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