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  "documentTitle": "2 IBD presentation 2018 Medley Management Inc. Barclays Capital",
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      "text": "Simplified Structure: Internalization of MCC and SIC simplifies Medley's organizational structure. MDLY management estimates $5.8 million of expense savings through synergies and eliminations of public company costs.",
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      "text": "Liquidity: The proposed combination will create a new pro forma internally managed BDC. ~$2.0 billion of assets. ~$1.1 billion net asset value ('NAV'). Combined company would have ~1.4% ownership by current MDLY class A shareholders.",
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      "text": "Scale: A combination of MDLY, SIC and MCC would create the 2nd largest internally managed and 7th largest publicly traded business development company ('BDC'). Consistent with asset management industry-wide push for scale. Allows Medley to face borrowers.",
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      "text": "Source: MDLY Board Materials dated July 30, 2018",
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      "text": "MDLY Rationale: Premium in current share price, Significant cash consideration, Stock consideration paid in the form of a larger Pro Forma SIC entity. MCC Rationale: Premium to current share price, Stock consideration paid in the form of a larger Pro Forma SIC entity, Potential for valuation uplift from internalizing management. SIC Rationale: Will be listed as a publicly traded equity security as of the closing of the transactions, Acquires MCC at a discount to NAV.",
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