BETHESDA, Md., June 2 /PRNewswire/ -- American Capital Strategies Ltd. (Nasdaq:ACAS) conducted its First Annual Meeting of Stockholders on May 14, 1998 at the Bethesda, Residence Inn.
Shareholders resoundingly re-elected David Gladstone, Landon Butler and Robert L. Allbritton to each serve as a director for a three-year term. In addition to the re-elected directors, Adam Blumenthal, Neil Hahl, Philip Harper, Stan Lundine, Stephen Walko and Malon Wilkus continue to serve as directors.
The shareholders overwhelmingly approved the adoption of the Company's 1997 Disinterested Director Stock Option Plan. Under the Director Plan, options to purchase 150,000 shares of the Company's common stock will be available for issuance to disinterested directors upon receiving approval form the Securities and Exchange Commission. The shareholders also approved amendment number one to the Company's 1997 Stock Option Plan by a margin of greater than nine to one of shares voting on this matter. The amendment increases the number of options available under the 1997 Stock Option Plan by 500,000.
Lastly, the shareholders ratified the selection of Ernst and Young, LLP to serve as independent accountants for the year ending 1998.
President and CEO, Malon Wilkus commented, ``After less than nine months as a public company we've not only made over $90 million in loans and investments, exceeding our targets, but American Capital has handled the transition to a public company with agility. I certainly believe the best is yet to come.''
