sc13da100322tic_07022009.htm

0000921895-09-001807.txt : 20090702 0000921895-09-001807.hdr.sgml : 20090702 20090702171801 ACCESSION NUMBER: 0000921895-09-001807 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20090702 DATE AS OF CHANGE: 20090702 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TICC Capital Corp. CENTRAL INDEX KEY: 0001259429 IRS NUMBER: 200118736 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80265 FILM NUMBER: 09928436 BUSINESS ADDRESS: STREET 1: 8 SOUND SHORE DR STREET 2: SUITE 255 CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2039835275 MAIL ADDRESS: STREET 1: 8 SOUND SHORE DRIVE STREET 2: SUITE 255 CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: TECHNOLOGY INVESTMENT CAPITAL CORP DATE OF NAME CHANGE: 20030812 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Raging Capital Management, LLC CENTRAL INDEX KEY: 0001444376 IRS NUMBER: 204306350 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 254 WITHERSPOON STREET CITY: PRINCETON STATE: NJ ZIP: 08542 BUSINESS PHONE: 6099100954 MAIL ADDRESS: STREET 1: 254 WITHERSPOON STREET CITY: PRINCETON STATE: NJ ZIP: 08542 SC 13D/A 1 sc13da100322tic_07022009.htm AMENDMENT NO. 1 TO THE SCHEDULE 13D sc13da100322tic_07022009.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 1)1

TICC Capital Corp.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

87244T109

(CUSIP Number)

STEVEN WOLOSKY, ESQ.

OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP

Park Avenue Tower

65 East 55th Street

New York, New York 10022

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

July 2, 2009

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

_______________

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP NO. 87244T109

1	NAME OF REPORTING PERSON Raging Capital Fund, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER - 0 -
	8	SHARED VOTING POWER 715,933
	9	SOLE DISPOSITIVE POWER - 0 -
	10	SHARED DISPOSITIVE POWER 715,933
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 715,933
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.7%
14	TYPE OF REPORTING PERSON PN

CUSIP NO. 87244T109

1	NAME OF REPORTING PERSON Raging Capital Fund (QP), LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER - 0 -
	8	SHARED VOTING POWER 591,818
	9	SOLE DISPOSITIVE POWER - 0 -
	10	SHARED DISPOSITIVE POWER 591,818
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 591,818
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.2%
14	TYPE OF REPORTING PERSON PN

CUSIP NO. 87244T109

1	NAME OF REPORTING PERSON Raging Capital Management, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER - 0 -
	8	SHARED VOTING POWER 1,307,751
	9	SOLE DISPOSITIVE POWER - 0 -
	10	SHARED DISPOSITIVE POWER 1,307,751
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,307,751
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.9%
14	TYPE OF REPORTING PERSON OO

CUSIP NO. 87244T109

1	NAME OF REPORTING PERSON William C. Martin
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF, PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 43,394
	8	SHARED VOTING POWER 1,307,751
	9	SOLE DISPOSITIVE POWER 43,394
	10	SHARED DISPOSITIVE POWER 1,307,751
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,351,145
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON IN

CUSIP NO. 87244T109

The following constitutes Amendment No. 1 (“Amendment No. 1”) to the Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule 13D as specifically set forth.

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The aggregate purchase price of the 1,307,751 Shares owned directly by the Raging Funds is approximately $5,520,817, including brokerage commissions. The Shares owned directly by the Raging Funds were acquired with the working capital of the Raging Funds.

The aggregate purchase price of the 43,394 Shares owned directly by Mr. Martin is approximately $185,023, including brokerage commissions. The Shares owned directly by Mr. Martin were acquired with the personal funds of Mr. Martin.

The Raging Funds and Mr. Martin effect purchases of securities primarily through margin accounts maintained for them with prime brokers, which may extend margin credit to them as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.

Item 4.

Purpose of Transaction.

Item 4 is hereby amended to add the following:

On July 2, 2009, the Reporting Persons sent a letter to the Issuer restating a letter originally sent to the Issuer by the Reporting Persons on June 29, 2009 urging the board of directors to immediately authorize and implement a Share buyback program or tender offer of material size to capitalize on the discount to intrinsic value at which the Shares of the Issuer currently trade. A copy of the restated letter, which is attached as an exhibit hereto and is incorporated herein by reference, replaces the original letter attached as an exhibit to the initial Schedule 13D. The restated letter was sent in order to clarify certain statements contained in the original letter.

Item 5.

Interest in Securities of the Issuer.

Item 5 is hereby amended and restated to read as follows:

(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 26,584,976 Shares outstanding as of May 7, 2009, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2009.

As of the close of business on July 1, 2009, Raging Capital Fund directly owned 715,933 Shares, constituting approximately 2.7% of the Shares outstanding. By virtue of their relationships with Raging Capital Fund discussed in further detail in Item 2, each of Raging Capital and Mr. Martin may be deemed to beneficially own the Shares owned by Raging Capital Fund.

As of the close of business on July 1, 2009, Raging Capital Fund QP directly owned 591,818 Shares, constituting approximately 2.2% of the Shares outstanding. By virtue of their relationships with Raging Capital Fund QP discussed in further detail in Item 2, each of Raging Capital and Mr. Martin may be deemed to beneficially own the Shares owned by Raging Capital Fund QP.

CUSIP NO. 87244T109

As of the close of business on July 1, 2009, Mr. Martin directly owned 43,394 Shares, constituting less than 1% of the Shares outstanding.

(b) Each of the Raging Funds shares with Raging Capital and Mr. Martin the power to vote and dispose of the Shares directly owned, respectively, by the Raging Funds. Mr. Martin has the sole power to vote and dispose of the Shares directly owned by Mr. Martin.

(c) Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons since the filing of the initial Schedule 13D. All of such transactions were effected in the open market.

(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

(e) Not applicable.

The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person.

Item 7.

Material to be Filed as Exhibits.

Item 7 is hereby amended to include the following exhibit:

99.1 Letter to Issuer, dated June 29, 2009.

CUSIP NO. 87244T109

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: July 2, 2009

Raging Capital Fund, LP

By:	Raging Capital Management, LLC General Partner

By:	/s/ William C. Martin
	Name:	William C. Martin
	Title:	Managing Member

Raging Capital Fund (QP), LP

By:	Raging Capital Management, LLC General Partner

By:	/s/ William C. Martin
	Name:	William C. Martin
	Title:	Managing Member

Raging Capital Management, LLC

By:	/s/ William C. Martin
	Name:	William C. Martin
	Title:	Managing Member

	/s/ William C. Martin
	William C. Martin

CUSIP NO. 87244T109

SCHEDULE A

Transactions in the Shares Since the Filing of the Initial Schedule 13D

Shares of Common

Stock Purchased

Price Per

Share($)

Date of

Purchase

RAGING CAPITAL FUND, LP

918

4.2000

06/29/2009

RAGING CAPITAL FUND (QP), LP

782

4.2000

06/29/2009

RAGING CAPITAL MANAGEMENT, LLC
	None

WILLIAM C. MARTIN
	None

EX-99.1 2 ex99113da100322tic_07022009.htm LETTER TO ISSUER, DATED JUNE 29, 2009 ex99113da100322tic_07022009.htm

Exhibit 99.1

254 Witherspoon Street

Princeton, NJ 08542

June 29, 2009

Mr. Charles M. Royce

Chairman of the Board of Directors

c/o TICC Capital Corp.

8 Sound Shore Drive, Suite 255

Greenwich, Connecticut 06830

Dear Mr. Royce,

Raging Capital Fund, LP; Raging Capital Fund QP, LP; and I, William C. Martin, are shareholders of TICC Capital Corp. (“TICC”) with combined holdings equal to approximately 5.1% of the total shares outstanding.

As we communicated to you at the Annual Meeting of Shareholders held on June 18, 2009, and in our letter to you dated December 2, 2008, we believe the TICC board of directors should immediately authorize and implement a share buyback program or tender offer of material size to capitalize on the tremendous discount to intrinsic value at which the shares of TICC currently trade. We believe the fundamental case for this action is extremely compelling:

·	TICC shares trade at approximately 60% of the company’s last reported mark-to-market net asset value.

·	At the end of Q1 2009, TICC’s capital structure consisted of $17.1 million in cash on hand (equal to $0.65 per share) and no debt. This cash is earning very little at current money market rates.

Based on our due diligence of TICC’s 23 portfolio companies, we believe it is likely that a material portion of the $97 million in unrealized portfolio losses, equal to $3.65 per share (over 80% of current stock price!), will be earned back as the credit markets normalize, interest rates rise, and TICC’s holdings amortize over the next five years. To take just one representative portfolio example, TICC’s $19.7 million principal investment in Palm, Inc. (due April 2014) is currently valued at $13.8 million, representing a discount to par of $5.9 million, or $0.23 per share. That mark alone is equal to 5.1% of the company’s current stock price.

·	We estimate that TICC’s portfolio currently generates annual distributable cash flow of $0.50 to $0.60 per share, which equates to a yield of 11.1% to 13.3%.

The yield and valuation of TICC’s portfolio are depressed due to the collapse in LIBOR rates. As LIBOR rises in the future, we estimate that TICC’s distributable cash flow per share should rise by approximately $0.10 for every 100 basis point increase in LIBOR. In other words, if LIBOR were at 4.00% today, TICC’s annualized dividend could be as much as $0.90 per share.

Management has expressed to us their view that there are compelling investment prospects for TICC in the secondary marketplace. We recognize the unique state of the markets; however, we believe that opting to implement either a share buyback program or a tender offer would be consistent with the fulfillment of the board’s fiduciary duties since either action would be a far less risky and a far more rewarding value proposition. Simply, by buying “what you know” TICC can avoid the operating and balance sheet risks associated with making investments in the secondary market. Most importantly, we calculate that buying TICC shares at $5.00 per share will generate a CAGR of over 31% for three years*.

Along with the other accretive benefits presented below, TICC’s shareholders will be more levered to any beneficial increases in LIBOR or mark-to-market improvements.

Accretive Benefits of a $17 Million Buyback at $5.00 per Share

	Current Amount	New Amount	Benefit Per Share	Percentage Increase
Net Asset Value	$7.46	$7.82	+0.36 cents	+4.8%
Dividend Per Share	$0.60	$0.68	+0.08 cents	+11.8%
Unrealized MTM Losses	$3.65	$4.18	+0.53 cents	+14.5%

We understand that the board and management have debated the “relevance” of making share buybacks in the guise of maintaining a critical mass of capital to insure that TICC can participate in funding markets in the future. In response, we point out to the board that TICC was able to put over $100 million to work in the first 13 months after the company’s initial public offering in late 2003. Clearly, TICC did not have difficulty finding borrowers for its capital as a startup. Today, in a world starved for capital, we hardly think that TICC would have trouble finding potential customers for its capital. Lastly, we remind the board members that they are only relevant if they represent the fiduciary interests of their shareholders, the true owners of the company.

Management, whose compensation is primarily tied to the size of assets under management (rather than its ability to create shareholder value), should realize that they stand to run a much larger business and reap greater rewards in the future by being friendly and fair to the shareholders’ interests. After all, capital usually finds its way to where it is treated best.

We urge the board to immediately establish a program in order to commence a buyback or tender for the bulk of the 4.4 million shares that were issued in the June 2008 rights offering. Recall that, while important in de-leveraging the company, this offering at $5.20 per share served to destroy the stock price (the stock opened at $7.36 the day before the rights offering was announced in May 2008) while diluting shareholders. Tragically, while shareholders suffered, management benefited from approximately $500,000 in incremental management fees from the $22.8 million in capital that was raised. Buying back these shares at current prices would turn what was originally a terribly dilutive transaction into an accretive event benefiting all shareholders.

We look forward to seeing the board publicly address our points in a prompt fashion.

Sincerely,

/s/ William C. Martin

William C. Martin

Chairman of Raging Capital Management, LLC

General Partner of Raging Capital Fund, LP & Raging Capital Fund QP, LP

*Assumes the following: (i) completion of $17 million share buyback at $5.00 per share, (ii) the stock returns to net asset value within three years, (iii) LIBOR increases by a blended average of 150 basis points, (iv) the portfolio recovers 25% of its unrealized losses, and (v) the Q1 2009 dividend rate is maintained.

CC: Patrick F. Conroy, Corporate Secretary (for dissemination to board of directors)

GRAPHIC 3 raging_logo.jpg begin 644 raging_logo.jpg M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC M+B!6,2XP,0#_VP"$``@%!@<&!0@'!@<)"`@)#!0-#`L+#!@1$@X4'1D>'AP9 M'!L@)"XG("(K(AL<*#8H*R\Q,S0S'R8X/#@R/"XR,S$!"`D)#`H,%PT-%S$A M'"$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q,3$Q M,3$Q,3$Q,?_$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$! M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,` M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I M*C0U-CH.$A8:' MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7 MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1 M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6& MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76 MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`%8!E0,!$0`"$0$#$0'_V@`, M`P$``A$#$0`_`/?Z`/'=5^(7B&VU2[@BN(1'%,Z*#".`&(%<$J\TVCY.KFF( MA4E%/9OH5O\`A9'B3_GX@_[\K4^WJ&?]K8GO^`?\+(\2?\_$'_?E:/;U`_M; M$]_P#_A9'B3_`)^(/^_*T>WJ!_:V)[_@'_"R/$G_`#\0?]^5H]O4#^UL3W_` M/^%D>)/^?B#_`+\K1[>H']K8GO\`@'_"R/$G_/Q!_P!^5H]O4#^UL3W_``#_ M`(61XD_Y^(/^_*T>WJ!_:V)[_@'_``LCQ)_S\0?]^5H]O4#^UL3W_`DM/B+X MCDNX(VN(-KR*I_@?6GD'Q0\?>(?#WBQ]/ MTJYACMUA1PK0ACDYSR:`.5_X6UXP_P"?VW_\!EH`/^%M>,/^?VW_`/`9:`#_ M`(6WXO\`^?ZV_P#`=:`#_A;7B_M>VW_@,M`!_P`+:\8?\_MO_P"`RT`'_"VO M&'_/[;_^`RT`'_"VO&'_`#^V_P#X#+0`?\+:\8?\_MO_`.`RT`'_``MKQ?VO M;;_P&6@`_P"%M>,/^?VW_P#`9:`#_A;7C#_G]M__``&6@`_X6UXP_P"?VW_\ M!EH`/^%M>,/^?VW_`/`9:`#_`(6UXP_Y_;?_`,!EH`/^%M^+NGVZV_\``=:` M#_A;7B__`)_;;_P&6@`_X6UXP_Y_;?\`\!EH`/\`A;7C#_G]M_\`P&6@`_X6 MUXP_Y_;?_P`!EH`/^%M>+^GVVV_\!EH`/^%M>,/^?VW_`/`9:`#_`(6UXP_Y M_;?_`,!EH`/^%M>,/^?VW_\``9:``_%OQ>.M];#_`+=UH`/^%M>+_P#G]MO_ M``&6@`_X6UXP_P"?VW_\!EH`/^%M>,/^?VW_`/`9:`#_`(6UXP_Y_;?_`,!E MH`/^%M>,/^?VW_\``9:`#_A;7C#_`)_;?_P&6@`_X6UXP_Y_;?\`\!EH`/\` MA;7C#_G]M_\`P&6@`_X6UXP_Y_;?_P`!EH`/^%M>,/\`G]M__`9:`#_A;7C# M_G]M_P#P&6@`_P"%M>,/^?VW_P#`9:`+.E_%3Q9<:I9P2WEN8Y9XT8"W4<%@ M#0!]`T`%`'SIKO\`R'-0_P"OF3_T(UY4OB9\#B/XLO5_F58(9)YDA@C:21SA M449)-3;L91BY.T=R_)X>UF/[^EW8_P"V1JN22Z&[PE=?98T:%J_;3+O_`+]& MERR["^JUOY6/7PYK1^[I5W_W[-/DEV*^J5_Y&1W&B:K;*6GTVZ0#J3$<4.,E MNB98:M#>+*'?'0CM4F&P4""@">P_X_[;_KLG_H0H6YI2^./J?2"_='TKUS]` M1\]?'#_D?I?^O>/^M`SA:`"@#VBWTGP^?AOXT`9 M>C>$='\;^!Y=5L;%-)U2`NI$#'RG*C/0]C0!Y6,]Q@CJ*`"@`H`N:/\`94U. MTEU2&5]/69?/V`\KW&:`-GXA7'ANXUN-_"4/E6@B`DPI52_L#[4`RCW)H`Z07WAY MOB'_`,([Z\'1^`KV#4K9FUYBWE.%.<_PE3T`]:`,[P!H*>(O$4= ME[EN-K3K*G-W3/3M2G-KI]Q<*/FBC9Q]0*[9.RN M?15),_$7GF;^UIP2<[<_*/PKS/:SWN?&?VAB>:_.ST+X?>.'UN; M^S=5"+>!:"-;6^` M.V2,8#'T8=ZJI1C+5;F^+R^G75TK2/%)X9+>>2"92DD;%64]B.M>?MH?'2BX M-Q?09023V'_'_;?]=D_]"%"W-*7QQ]3Z07[H^E>N?H"/GKXX?\C]+_U[Q_UH M&<+0`'I0![KI$"7/P+6&2YBM4>U8&:7.Q/G/)QS0!D3:K_PK?P''IMC%)?SW MX9UOU7%OEQ_">^!T%`'.^#_"6FW'@G4/$NH%+R2UW;+1IO+7Y>NXCG)[4`3> M.?".D6_@K3O%&AQ26:7(3S;9W+@;AV)]"*`(K?PIIFB_#Z+Q/K=M)?S7;J(; M82&-$5CU)').`30!T_BV"WTFST#1%L(Y?#.JO&HC7Y9XV.#]_OUSGKQB@#F? MBCX:T;PKXBTFWL;:4VDR;YXS*=S_`#8X/;B@#?\`&/@SP5X;CTN]NUO8[:X? M:8(G+-*2!C)/0#O0!@_%;P78>';O3'T,.L&H901NV=K<8P??-`&K=>#/#WAO M6/#NC:I9R:A=:H_[Z,!5';-`&+\8KG4$U^+2;]+80V2;K9X8]A9&Z9 M^G2@#K/V=X%%AJ]Q@;FF1,^P7/\`6@#RG7)I%\2ZA.C%9$O)&5AV((?"NC7?PXMO%NAVTFGN0 M#+;F0NN,[3C/O0!=\'^$/#&L^`+C6;ZVN8)[99!)(DQ.2O.Y1TY]*`(%\):! MXF\`W&M^&;2XL;RRW!XI9=_F;1DY]R.:`'>$_"GA[6?AQ>ZU)9S+?6D8\S!NBD].M`'0V/@G0->L-?MK2R^P:AI$K1I-%<&1),`D M$Y^F#0!#^SQ_R'M5SP?LR_\`H5`'GWB/_D8]4_Z^Y/\`T*@#/H`*`"@`H`*` M"@`H`*`"@`H`*`+FA_\`(=T[_KZB_P#0Q0!]:4`%`'SIKO\`R'-0_P"OF3_T M(UY4OB9\#B/XLO5_F4JDP.G^&/\`R.=E]'_]!-:T/XB/2RO_`'F)['KW_($O MO^N#_P`C7H3^%GUM?^%+T9\Z#H*\E'P!I^%YWMO$>G2Q9W"X0<>YP?YU<':2 M.G"R<*T&NY]#5ZI]X>!^.U1?&&IB/IYV?QP,UYE7XV?#X^RQ,[=S#K,XB>P_ MX_[;_KLG_H0H6YI2^./J?2"_='TKUS]`1\]?'#_D?I?^O>/^M`SA:``]*`/; M[;_D@#?]>;?^AT`)I5K'J_P$\F;DPVKLI_NLC$B@#C/"WA6WM?!EYXM\01R3 M6L2%K>QW%%F/0%_;/:@#K/'\YN_@MITYACA,IA/E0KA5Z\`>E`&2MY'XB^$% MKIU]<0Z7):W"1PSW;;(YPI/W3WP#S]*`(_&?BRPUK7?#.DZ/+]HM=.N(MTX& M!(W"\>WO0!)^T#_R,VC_`/7`_P#H8H`T/CQ_R"?#G_70_P#H*T`+\=96@T[P MW,GWHI"Z_4*IH`G\2:CI^J:WX3U_4[^WTDV:&>XM+IMLVWJ-JCKDB@#SKXB^ M)(_%/BB:_ME9;9$$4.X8)4=S]30!WO[.]XGEZO8E@'WI,J^V,'^5`'F7B:V> M#Q7J5JP(<7CKCZM_]>@#M-#\`6]G_;6IZQ/+/IFE97RHR8S3.>G^K%`$?PTQ_PIW7,=-T^/\`OD4`0_`'_D#:]]%_]`-`'(^`/!5YXFUE M/,,UG8#=*UPO!90Q&%/KGB@#TSX;W=A-9^);72+"*TLK-S%&PR9)<*V6=CU) MQ0!R_P"SR,:_JW&/]&7_`-#H`\^\1_\`(QZI_P!?C/G58WX`C?/IM->2CX+E?8[?X;^$[V[U>#4KR!X+. MV;>OF#!D;M@>E=-&DW+F>R/8RW!3E4522LD=[XI\9:9X?A96E$]V0=D,9R<] ML^@KIJ58P]3W,5CZ6'6]WV/#[RYEO+N:YG;=+,Y=C[FO.;N[L^,G-SDY/=D5 M!!/8?\?]M_UV3_T(4+OCA_R/TO_7O'_6@9PM`! M]>E`'I,7Q)T>/PG_`,(V-!NOL7D^43]H&[ZY^O-`%+P3\0K?0O#UWH6J:=+> M6,I?R_+E>+]&BO;EH/- MCC1%<)&>C'=T8]\4`4M0;P1=Z%'XPTG3)K=M.NT5[:,^5YC9X'<>_'I0!SOC MKQKIOBZ^TZZFTJYMWM&P^)A^\CSDJ/0Y[T`2^/?'MCXLTVUMQI4]K-9N&A//"MOJT MFG^(-!2]O+95CN)8XE8*V.54GD@9H`XKXFZ3H-I%I&K>&E,%KJD3/Y!R,8[@ M'IZ4`<[X7UZ\\-:S%J6GD>8GRLC?=D4]5-`'3:OXN\,7VL#7UT"[_M;A_*>8 M?9S(.C,!R?ZT`2^%OB/'9:/J6E^(K"348+Z225FC8*27^\#[>E`%S3_BE8PZ M!)I5UH">1"1]BBB?Y$`Y4-GDD'G/>@#?^&MX(?A1J]W-"DX$EQ(\3<*^>2*` M.-U'QUI\'@YO#WA72Y=.AN23`#:K#>F.!]>*`-'0/B7!H>N M!K'2VBT5(/)CM0^77YBQ?)ZDDF@"SHOQ.TK1[^]ALO#Y@TF[W/(BOF5I&ZL2 M>,8XQVH`I^&OB)8:%K6HZDFBRE[L+%%''*`L4*CY5]S[T`<=K]Y;:AK-U>V5 MO);0W$AD\J1]Q4GKSZ9H`H4`%`!0`4`%`!0`4`%`!0`4`%`%S0_^0[IW_7U% M_P"AB@#ZTH`*`/G37?\`D.:A_P!?,G_H1KRI?$SX'$?Q9>K_`#*528'3_#'_ M`)'.R^C_`/H)K6A_$1Z65_[S$]HU.=K73;F>,`M%$SJ#TR!7HR=E<^OJR<(. M2Z(\Q\)_$"XFUBD4P3ML\Q(@I1CT/TKBIUWS)2/G<)FHV$MI*SHDJXW1L59?<$5V2CS*Q]%5IJI!P?4^?]>TR?1]7N+&ZR9(F^\? MXQV;\:\N47!V9\-B*,J-1PET*-(YPH`GL/\`C_MO^NR?^A"A;FE+XX^I](+] MT?2O7/T!'SU\/^M`SA:`#I^%`'M?A+P/X1\0Z#:W9TEH+B>W\ MTH)V(!R5_F*`.+^&GA?3]7\0ZA;:Y$TMO:?NP@8KF0OM']:`)?B[H>B^&M1M M-.T;3S`[Q^<\QE+$C.-N#^>:`.#H`Z)?&=_)I\%EJ=GI^JQ6R[86O(=SQCTW M`]*`*.L:_?:M#%;3>3;V7$A]<=S[F@#+H`*`)+>>6UN([BWD:*:) M@Z.IP5(Z$4`=#>>-KJ^E%QJ6DZ/=W8`!N);;YVQW.#@F@#&U?5KW6;O[5J,_ MFR!0J@`*L:CHJJ.`*`*=`!0`4`%`'7:/\1-4TC1!H]K8Z<;/:5=7B)\S/4MS MR30!R3'+$A0H)S@=![4`)0!+:6[W5Y!;1`EYI%C4#U)Q0!I^,=(BT'Q+>:7; MN\D=L5`9^IR`30!CT`=+\-['3-4\56^F:Q8_:X;L%5(D*&(@9SQU]*`-;XMZ M+HGAO4K;3-&TWR)'C\Y[@RLQ(SC;@_SH`ROAM8:9JWBF#3-8L?M4-T"JD2%# M&0"<\=:`-3XMZ-HGAS4[?2]&TWR',8F>XU_6[72[ M/B2X?!;'"+W8_04`=KXHL_"OAGQ':^'9=(%S;;$^UWK2D3*S?Q+V&.N*`,/X MH:38:)XMDL=*B$5JEO$R@'.C/G0=!CBO)/@ M3W7X=ZT=:\-PM*X:YM_W4OKD=#^(KTJ,^:)]IEV(]O03>ZT,GXK>'&U&P34[ M./=P_X_[;_KLG_H M0H6YI2^./J?2"_='TKUS]`1\]?'#_D?I?^O>/^M`SA:``]*`/&&?P_: M[L+/I$AQZE9O\":`*]C:#1_%]PBKL.H^(5&/5%C+\?B:`,?XV64VI?$#2;&V M`,US`L:9]2]`%J'X<>'8?$:^&[U]0%Y):^?%=AP$DQ]X!<<8H`Y/0O"MBWQ` MF\,ZW-.@61HHGAP"S=5)]B*`.O/PQ\,6OBG^S+_5IHC<(#:6WF#S)./F8G'' ML*`.2OO`TD?Q&'A>VF;RY&#),^,B,C)/N10!U%G\./#^H:GJVAPMJ%KJ6GJ& M2220,LH(X;&.F>U`'&>"/",_B3Q,^ERLT$5MN-S(O5`#CCW)H`[7PSINC:;I MNLZ[X9T]M1NM+E:!H;UMP9%ZNO'!(S^5`'->'_#5IJ>AZQXNUQ)(=.B9GAM[ M<[/-8GH#V`)Q0!%XO\*V.DV&CZY8-<-HVHJID#D,\)/)&>_& M;)-_=!QTQSF@#C?&GA)]$\9C0M-\RX\_8;??]X[NQ^E`'4?\*_\`#T?B&#PM M+<7AU66T,YN@XV(_]W9CIB@#*^'_`(*T[6=?U+1->DNK>^LR=JQ$`$`X.3^5 M`'0Z/\,?#5UJFH:5<:Q*VHPDLMO$XS#'_"6XY/K0!G_"/3M*L?'EWI^J122Z MI:R.MJ2/D4+U8^^.E`%#XP)H0\27S68GLFN@G1;X#KY#_R->A+X6?6U_P"%+T9\YCH*\E'P M!U'PZU[^P]?196Q:W>(Y<]`>S?G6U&?)+R/3RW$^PK6>S/<"%=2"`RL,$=B* M](^RW/"/'F@MH&O2Q(F+6?,D![8/4?@:\RK#DE8^*Q^&^KUFEL]CGZS//)[# M_C_MO^NR?^A"A;FE+XX^I](+]T?2O7/T!'SU\!1#L.&W;^,&@#?\,V:Z7\0;&UUR_NM6\0O:,SRE\16R=E M`[D^M`'.O_R7\?\`7V/_`$"@#2\3\_'O1\]A'C\FH`H_$FUU2]^+UM;Z#(\5 M^T$?ER*<>6.)O%NAWOPT7P[I45_*U MD(]LTT("@`]6(/&>:`.@^+'_`"(?A8?]-H/_`$"@"Q\5?^1S\%_]=Q_,4`6- M:CBD^.ND>;CY;)F7_>YH`I>+=7\/>'/BG_:^H3:@U[#`H\F*%3'@I@@"'P)_R6WQ`>^)/YB@"IX5X^/FH8 M_P">D_\`Z"*`.4^*@/\`PG^KG!P)%R>P^44`%/XE57QS]>M`'&_%E#'\0M6W#& MYD8?3:*`,'4]-GTPVPN2F;J!;A`ISA6Z9]Z`*=`!0`4`%`!0`4`7-#_Y#NG? M]?47_H8H`^M*`"@#YTUW_D.:A_U\R?\`H1KRI?$SX'$?Q9>K_,@L1;&\A%\T MBVVX>88Q\P'M4JU]2*?+S+GV.\\/Z[X*\.W)N;&*^EGP5$DBY('M73"=*#NK MGN8?$8+#2YH)W-T_%#074H\%WM(P08^H_.M?K,.QV?VOAWHTSB=:;P9-;7$N ME_;X+HC,<9'R9]/I7-+V5O=N>/7>"E%NG=/\#EJR/+/4/#/Q*L;;1H+?5UG- MU"NPLB[@X'0_6NR&(2C:1]+ALVIQI*-2]T)KOC3PGX@M!;:E:W953E'"89#Z M@TIUJW:';\A_B!] M>>E`&A>^-O!UKXXA\26TMW>7$\2P2!4VI`G=^>2>G'UH`SM0\2^$O^%@VFLV MUU-Y43M(K:6::TEM?LTX:(JT/HP]?>@"UI7C;P=H?C._O[2:ZN%U M8[Y[DIA(#V4#JU`#/"%_X*WB=X8KN M)=P7!Z8]CR*`.+8`B_=55[XR2:`.H\>^+?# MFM^%].T_3[VX,^G21L@>`@2A1@\]N.:`'>./&7A[6]7\/ZC97<^[3+A6EB:` MC*9&2#ZC'2@"AX[\9:?=^,=,\1^'+F22:T`5XI8B@P#Z^X.*`+/B[5?!7B^[ MMM:N]2N[&X2,)<6:P;FDQV!Z`]LT`1^"O&FD6?C#4?$&L22VHDB%O;6T<9?; M&,`9/L%%`"Z#XLT'2?B9J.N_:IY+"\B8JWDD,KDCY.^"*`-#Q'XG\)/KYFB:74;2_O8[F_+1X5$1*(-3UBYE@BM M0618X]YD8C&/:@#IO&FL>#/%GB.UU*[U6\AMX8A')`MJ=T@!SP>U`%NZ\9^% MIO'&DZI%<7%OI^E6ABBC6`Y9CD;<=@!0!4\9:QX,\5^);;4[S5;R*VBB$.K,>+]'U;PN&\C38/)\MU*!ESRGTQ0!)XSU#P=XPOX-9 MDU>XTV;RPES:FW+NX']TCC/;-`''>)]636=8>Z@A,%LB+#;Q$Y*1H,*#[T`9 M=`!0`4`%`!0`4`7-#_Y#NG?]?47_`*&*`/K2@`H`^=->(_MS4.?^7F3_`-"- M>3+XF?`XC^++U?YE+(]:DP#(]:`#(]:`#(]:`#(]:`#(]:`#(]:`#(]:`)K` MC[?;<_\`+9/_`$(4UNC6E\:]3Z17[H^E>N??H^>?CBRCQ]*"0/\`1X_ZT#.$ MWK_>'YT`&]?[P_.@`WK_`'A^=`!O7^\/SH`-Z_WA^=`!O7^\/SH`-Z_WA^=` M!O7^\/SH`-Z_WA^=`!O7^\/SH`Z'POXK31K"_P!+O+.._P!,U`#SX2^Q@1T* MMVH`DL_$FC:+/]K\/:1)%?J"(I[RY\WR<\950`,_6@#G))O,D>223>[L69B> M23U-`#=Z_P!X?G0`;U_O#\Z`#>O]X?G0`;U_O#\Z`#>O]X?G0`;U_O#\Z`#> MO]X?G0`;U_O#\Z`)K.YBM[N&:2**X6-PQBD/ROCL?:@";6-7N=9U&6^OYA)- M)ZO]X?G0`;U_O#\Z`#>O]X?G0`;U M_O#\Z`+NA.O]NZ;\P_X^XN_^V*`/K6@`H`SWT+29'9WTVU9F.23$,D^M1R1[ M&#PU%N[BON&_\(_H_P#T"[3_`+]+1R1["^JT?Y%]P?\`"/Z/_P!`NT_[]+1R M1[!]5H_R+[@_X1_1_P#H%VG_`'Z6CDCV#ZK1_D7W!_PC^C_]`NT_[]+1R1[! M]5H_R+[@_P"$?T?_`*!=I_WZ6CDCV#ZK1_D7W!_PC^C_`/0+M/\`OTM')'L' MU6C_`"+[@_X1_1_^@7:?]^EHY(]@^JT?Y%]P?\(_H_\`T"[3_OTM')'L'U6C M_(ON%70-(5@RZ9:`@Y!$0XHY(]@6&HK["^XT:LZ"I, M,?S-`$?]AZ3_`-`VT_[\K_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X M4`']AZ3_`-`VT_[\K_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`'] MAZ3_`-`VT_[\K_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_ M`-`VT_[\K_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`V MT_[\K_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\ MK_A0`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0 M`?V'I/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0`?V' MI/\`T#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0`?V'I/\` MT#;3_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0`?V'I/\`T#;3 M_ORO^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0`?V'I/\`T#;3_ORO M^%`!_8>D_P#0-M/^_*_X4`']AZ3_`-`VT_[\K_A0`?V'I/\`T#;3_ORO^%`! D_8>D_P#0-M/^_*_X4`*NBZ6C!DTZT5E.01"N0?RH`O4`?__9 ` end