Note 18 - Subsequent Events

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

(18) Subsequent Events

As of December 6, 2023, the filing date of this Annual Report on Form 10‑K, management evaluated the existence of events occurring subsequent to the end of fiscal year 2023, and determined the following to be subsequent events:

On October 26, 2023, the Company announced a quarterly cash dividend of $0.1375 per share paid on November 27, 2023, to shareholders of record as of November 13, 2023. The declaration and payment of dividends to holders of the Company’s common stock, if any, are subject to the discretion of the Company’s Board of Directors. The Company’s Board of Directors will take into account such matters as general economic and business conditions, the Company’s strategic plans, the Company’s financial results and condition, contractual, legal, and regulatory restrictions on the payment of dividends by the Company, and such other factors as the Company’s Board of Directors may consider relevant.

On November 13, 2023, the Company completed the purchase of certain assets related to the management of the CCM Small/Mid-Cap Impact Value Fund. This asset purchase added approximately $12 million to the Company’s assets under management at the time of closing. The purchase was consummated in accordance with the terms and conditions of that certain Transaction Agreement, dated as of April 26, 2023, between the Company and Community Capital Management, LLC. The purchase price of $0.2 million was funded with available cash and was based on the total net assets under management of the CCM Small/Mid-Cap Impact Value Fund as measured at the close of business on November 10, 2023. Upon completion of the transaction, the assets of CCM Small/Mid-Cap Impact Value Fund were reorganized into the Hennessy Stance ESG ETF.

The Special Meeting of shareholders of the CCM Core Impact Equity Fund has been adjourned to January 31, 2024. Pending shareholder approval, the assets of the CCM Core Impact Equity Fund will also be reorganized into the Hennessy Stance ESG ETF.