Blog Coverage Main Street Capital Exits from Daseke Following Merger of Daseke with Hennessy Capital Acquisition Corp. II

LONDON, UK / ACCESSWIRE / December 30, 2016 / Active Wall St. blog coverage looks at the headline from investment firm Main Street Capital Corp. (NYSE: MAIN) as the Company announced on December 29, 2016, that it would exit from Transportation and Logistics company Daseke Inc. following the merger of Daseke with blank cheque company Hennessy Capital Acquisition Corp. II (NASDAQ: HCAC). Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

Today, AWS is promoting its blog coverage on MAIN and HCAC. Get all of our free blog coverage and more by clicking on the link below:

http://www.activewallst.com/registration-3/?symbol=MAIN

http://www.activewallst.com/registration-3/?symbol=HCAC

Event leading to the exit by Main Street

On December 23, 2016, Daseke announced that it had entered into an agreement to merge with HCAC, wherein HCAC will acquire a minor stake and merge into Daseke. The merger will help Daseke transform into a public listed company with NASDAQ. Under the agreed terms, HCAC will acquire all outstanding shares of Daseke and change its name to Daseke. The transaction will lead to Daseke becoming a publicly traded company with an initial enterprise value of $702 million. The transaction will also result in HCAC acquiring the debts, tax burden, and repurchase of shares from certain shareholders of Daseke. One of the shareholders being Main Street Capital, it will receive payment for its debt investment on completion of the merger leading it to exit from Daseke. The merger will also end Main Street’s equity investment in Daseke.

Main Street is confident that the value received for its investment in Daseke would be above the fair market value.

The Daseke/HCAC merger is expected to be completed in the first quarter of 2017, subject to customary closing conditions and regulatory approvals.

About the Companies

Hennessy Capital Acquisition Corp. II is a blank check company founded by Daniel J. Hennessy for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Daseke was founded in 2009 and is currently a leading consolidator of the open deck freight market in North America. Daseke has over a period of time acquired other transportation companies helping it become the largest owner of open deck equipment and the second largest open deck transportation and logistics solutions company in North America.

Main Street is an investment firm that offers long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.

Main Street’s Major and most Recent Corporate Developments and News

On December 22, 2016 Main Street invested $22.8 million in Clad-Rex Steel, LLC leading specialty manufacturer of vinyl-clad metal used in a variety of industrial, commercial and consumer applications as an alternative to conventional pre-painted and powder-coated metals. With this investment, Main Street bought off the non-management equity owners, of Clad-Rex. The funding is a combination of first-lien, senior secured term debt, and direct equity investment in Clad-Rex.

Main Street had announced its financial results for the third quarter of 2016 in November 2016. The Company reported the total investment income of $46.6 million for the third quarter. Main Street had also declared regular monthly dividends totaling $0.555 per share for the fourth quarter of 2016. Additionally, it declared a semi-annual supplemental cash dividend of $0.275 per share for December 2016.

Stock Performance

At the close of trading on Thursday, December 29, 2016, Main Street Capital’s stock ended the session at $36.82, marginally up 0.25% from its previous closing price of $36.73. A total volume of 225.44 thousand shares have exchanged hands. Main Street Capital’s stock price advanced 6.97% in the past three months, 12.09% in the last six months, and 26.53% in the previous twelve months. Furthermore, since the start of the year, shares of the company have surged 26.62%. The stock is trading at a PE ratio of 19.34 and has a dividend yield of 6.03%.

Hennessy Capital Acquisition’s share price finished yesterday’s trading session at $10.09, rising slightly by 0.30%. A total volume of 76.41 thousand shares exchanged hands. The stock has advanced 2.44%, 2.96%, and 2.44% in the last month, the previous three months and past six months, respectively. Furthermore, since the start of the year, shares of the company have gained 4.67%. The stock currently has a market cap of $67.98 million.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@activewallst.com

Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street

ReleaseID: 451988