SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
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[ ] Definitive Proxy Statement
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BRANTLEY CAPITAL CORPORATION
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(Name of Registrant as Specified in Its Charter)
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FOR IMMEDIATE RELEASE
BRANTLEY CAPITAL CORPORATION ANNOUNCES RESIGNATION OF
JAMES M. SMITH FROM BOARD OF DIRECTORS
CLEVELAND, JULY 3, 2002 - Brantley Capital Corporation (Nasdaq: BBDC) today
announced that James M. Smith, a Director of the Company, has decided to resign
from the Brantley Capital Board of Directors because current market conditions
require him to devote all of his time to his primary business responsibilities.
"We appreciate Jim's important contributions to Brantley Capital and we wish him
well," said Robert P. Pinkas, Chairman and Chief Executive Officer of Brantley
Capital Corporation. "We certainly understand and support Jim's commitment to
his primary responsibilities as a portfolio manager and regret the pressures
that caused his resignation. We believe that his resignation is a direct result
of a campaign initiated by dissident stockholder Phillip Goldstein to intimidate
hard working board members who are committed to enhancing shareholder value. In
addition, Brantley Capital has required considerably more time from our
directors than the typical public company board. "
The Company noted that during his Board tenure Mr. Smith consistently supported
the Brantley Capital Board's plans to enhance shareholder value and was opposed
to the premature liquidation of the Company's private equity portfolio.
IMPORTANT INFORMATION
On June 27, 2002, Brantley Capital Corporation (Brantley) filed a preliminary
proxy statement with the Securities and Exchange Commission (SEC) relating to
Brantley's solicitation of proxies from the stockholders of Brantley with
respect to the Brantley 2002 Annual Meeting of Stockholders. Brantley will
prepare and file with the SEC a definitive proxy statement relating to its
solicitation of proxies. SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE
PROXY STATEMENT AND OTHER PROXY MATERIALS WHEN THEY BECOME AVAILABLE, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. The preliminary proxy statement is, and
the definitive proxy statement (when it becomes available) will be, available
for free at http://www.sec.gov. Detailed information regarding the names,
affiliation and interests of individuals who may be deemed participants in the
solicitation of proxies of Brantley's shareholders is available in the
preliminary proxy statement filed with the SEC on Schedule 14A on June 27, 2002.
FORWARD-LOOKING STATEMENTS
The information contained in this press release contains forward-looking
statements. These forward-looking statements are subject to inherent
uncertainties in predicting future results and conditions. Certain factors could
cause actual results and conditions to differ materially from those projected in
these forward-looking statements, and these factors are enumerated in the
company's periodic filings with the Securities and Exchange Commission.
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ABOUT BRANTLEY CAPITAL CORPORATION
Brantley Capital Corporation is a publicly traded business development company
primarily providing equity and long-term debt financing to small and
medium-sized private companies throughout the United States. The Company's
investment objective is to achieve long-term capital appreciation in the value
of its investments and to provide current income primarily from interest,
dividends and fees paid by its portfolio companies. For further information,
please visit the Company's website at http://www.BrantleyCapital.com.
CONTACT:
Brantley Capital Corporation Joele Frank, Wilkinson Brimmer Katcher
Tab Keplinger Matthew Sherman
216-283-4800 212-355-4449
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