<SEC-DOCUMENT>0000921895-19-000208.txt : 20190205
<SEC-HEADER>0000921895-19-000208.hdr.sgml : 20190205
<ACCEPTANCE-DATETIME>20190205170011
ACCESSION NUMBER:		0000921895-19-000208
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190205
EFFECTIVENESS DATE:		20190205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medley Capital Corp
		CENTRAL INDEX KEY:			0001490349
		IRS NUMBER:				274576073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23228
		FILM NUMBER:		19568691

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital BDC LLC
		DATE OF NAME CHANGE:	20100426

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FrontFour Capital Group LLC
		CENTRAL INDEX KEY:			0001430308
		IRS NUMBER:				205997207
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		35 MASON STREET, 4TH FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-274-9050

	MAIL ADDRESS:	
		STREET 1:		35 MASON STREET, 4TH FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>px14a6g08016016_02052019.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
<FONT STYLE="font-weight: normal">Submitted Pursuant to Rule 14a-6(g)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Amendment No. ____)</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Name of the Registrant:<BR>
<BR>
Medley Capital Corporation</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Name of Persons Relying on Exemption:<BR>
<BR>
FrontFour Capital Group LLC<BR>
FrontFour Master Fund, Ltd.<BR>
FrontFour Opportunity Fund<BR>
FrontFour Capital Corp.<BR>
David A. Lorber<BR>
Stephen E. Loukas<BR>
Zachary R. George</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Address of Persons Relying on the Exemption:<BR>
<BR>
c/o FrontFour Capital Group LLC<BR>
35 Mason Street, 4th Floor<BR>
Greenwich, Connecticut 06830</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Written Material. The following written materials are attached:<BR>
<BR>
Press release, dated February 4, 2019.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Written material follows on next
page)</P>

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<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: center"><B>Leading Proxy Advisory Firm
Institutional Shareholder Services Now Recommends Medley Capital Shareholders Vote <U>AGAINST</U> Proposed Combination With Sierra
Income and Medley Management</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: center"><B>FrontFour Calls Upon Medley
Capital to Immediately Commence Review of All Strategic Alternatives to Maximize Value For Shareholders</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: justify">GREENWICH, Conn., Feb. 4, 2019
/PRNewswire/ -- FrontFour Capital Group LLC (&ldquo;FrontFour&rdquo;), a significant shareholder of Medley Capital Corporation
(&ldquo;Medley Capital&rdquo; or &ldquo;MCC&rdquo;) (NYSE:MCC), announced today that leading independent proxy advisory firm, Institutional
Shareholder Services (&ldquo;ISS&rdquo;), now recommends that Medley Capital shareholders vote <B><U>AGAINST</U></B> the proposed
combination of Medley Capital, Sierra Income Corporation and Medley Management Inc. (&ldquo;MDLY&rdquo;) in light of an alternative
proposal recently submitted by NexPoint Advisors, L.P. (&ldquo;NexPoint&rdquo;).</P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: justify">David Lorber of FrontFour commented,
 &ldquo;We are gratified that the two leading proxy advisory firms, ISS and Glass Lewis, now recommend Medley Capital shareholders
vote against management&rsquo;s proposed related party transaction. However, the submission of the NexPoint proposal and the manner
in which Medley Capital sat on and then dismissed NexPoint&rsquo;s initial indication of interest heightens our concern that the
Board refuses to take sufficient steps to review alternatives that are most favorable to shareholders. We reiterate our belief
that the NexPoint proposal represents a credible, superior offer and we call upon the Special Committee to immediately review all
strategic alternatives to maximize value for all shareholders.&rdquo;</P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: justify"><B>ISS shared FrontFour&rsquo;s
belief that the NexPoint proposal may represent a compelling alternative to management&rsquo;s proposed related party transaction:
</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.4in 10pt; text-align: justify">&ldquo;. . . in light of the issues
outlined in our original report, and particularly given MDLY's weak track record as a manager of MCC's assets &ndash; the replacement
of MDLY by another advisor with a potentially better track record and which appears willing to accept a lower fee structure and
offer a cash payment of $25 million as an incentive may represent a compelling alternative to shareholders.&rdquo;</P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0.1in 10pt 0; text-align: center"><B>FrontFour reiterates its intent
to vote <U>AGAINST</U> the proposed related party transaction and urges all Medley Capital shareholders to do the same.</B></P>

<P STYLE="font: 10pt/150% Century Gothic,sans-serif; margin: 0 0.1in 6pt 0; text-align: justify; color: #262626"><B>FRONTFOUR CAPITAL
GROUP LLC</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt; text-align: justify; color: #262626">FrontFour Capital Group
LLC, located in the United States at 35 Mason Street, Greenwich, CT 06830, was formed in December 2006. FrontFour Capital Group
LLC is registered with the Securities &amp; Exchange Commission as an investment adviser under the Investment Advisers Act of 1940,
as amended.</P>

<P STYLE="font: 10pt/normal Century Gothic,sans-serif; margin: 0 0.1in 0 0; text-align: justify; color: #262626">&nbsp;</P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt; text-align: justify">Written materials are submitted voluntarily
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to
vote your proxy. <FONT STYLE="color: #262626">FrontFour Capital Group LLC</FONT> (&ldquo;FrontFour Capital&rdquo;) is not asking
for your proxy card and will not accept proxy cards if sent. The cost of this filing is being borne entirely by <FONT STYLE="color: #262626">FrontFour
Capital. </FONT></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt; text-align: justify"><B>PLEASE NOTE: <FONT STYLE="color: #262626">FrontFour
Capital </FONT>is not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt"><B>CONTACT</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt"><B>Investor Contact:</B></P>

<P STYLE="font: 10pt/115% Century Gothic,sans-serif; margin: 0 0 10pt">David A. Lorber<BR>
FrontFour Capital Group LLC<BR>
35 Mason Street, 4th Floor<BR>
Greenwich, CT 06830<BR>
203-274-9050</P>

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