Good afternoon, and welcome to the twenty twenty one Sixth Street Specialty Lending, Inc. Stockholders Virtual Meeting. I would now like to introduce Josh Easterly, Chief Executive Officer and Chairman of the Board.
Hello, ladies and gentlemen. Will the meeting please come to order? I want to welcome all of you to the virtual two thousand one twenty one special meeting of stockholders of Sixth Street Special Meeting, Inc. Due to the ongoing public health impact of COVID nineteen and to support the health and well-being of our company's stakeholders and their families, we decide to hold the meeting to a virtual only format. Hopefully, this will my name is Josh Easterly Easterly, chief executive officer and chairman, the board of Sixth Street Special Alien Inc, who are presiding at this meeting.
Ian Simmons will act as secretary of the meeting, and Ian Simmons and Jennifer Gordon will be appointed to act as a secretary of instruction. There's a little bit of background, by the way. I don't know who that is. The the agenda and code of conduct are available through the web portal. We've got conduct an orderly meeting.
We ask that per participants abide by the rules of the code of conduct. After the formal meeting has been adjourned, we'll provide time for general questions. We have requested questions for the meeting to be submitted in advance, and we'll address those first. However, if you are a valid a validated stockholder and have questions from the meeting, you may submit them in the designated field in the web portal. Out of consideration by this, please limit yourself to no more than one question.
As stated in the rules of conduct, we ask you to restrict your remarks to the items and agenda that's before us. Please note that the meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audit any audio recording device. Thank you for your cooperation. The secretary has delivered an affidavit of mailing established, and notice of the meeting was fully given.
A copy of the notice, The meeting and the affidavit of mailing will be incorporated into the minutes of the meeting. All stockholders of record as of close of business on 03/31/2021 are entitled to vote at this special meeting. Our first order of business at the meeting is to determine whether the shares representing at that meeting either in person or by proxy are sufficient to constitute a quorum for the purposes of transacting business and whether the shares representing the meeting either in person or or by proxy are sufficient to approve or ratify the proposal to be voted on by in today at today's meeting. Ian Simmons, do you have a report?
Yes. The stockholders list shows that holders of shares of 71,969,998 common stock of the company are entitled to vote at this meeting, of which 60,798,448 shares of common stock are held by persons that are not affiliated persons of the company. Jennifer Gordon and I, as inspectors of election, confirmed that they are represented in person or by proxy at least 42,798,182 shares of common stock or approximately 59.5% of all of the shares entitled to vote at this meeting. Further, we can we confirm that they are represented in person or by proxy at least 31,626,632 shares of common stock or approximately 52% of all of the shares entitled to vote at this meeting held by persons that are not affiliates of the company.
Thank you. Because holders of majority of the shares entitled to vote at this meeting are present in person or by proxy. I declare this meeting to be duly convenient for persons of transacting such business may properly come before. Next word of business is a description of the matter to be voted in today's meeting. The proposal before the stockholders of the company is the offers authorization of the company to sell or otherwise issue shares of its common stock at a price below its current net asset value per share and one or more offerings.
In each case such as the approval of the board of directors is subject to certain conditions set forth. The proxy statement including number of shares issued does not exceed 25% of the outstanding common stock immediately prior to such offering. The management board of directors of the company recommend that you vote for the proposal. In advance of the meeting, the company received questions about the the purpose of the authority to issue shares below net asset value. In response to that, we would direct shareholders to the discussion of the reasons to offer stock below net asset value in the proxy statement as well as the company's presentation and proposal available on the meeting portal and on our website.
In addition, we had a number of questions related to why there's not a limit on the on the share issuance price below net asset value, and on the number of total new shares that can be issued by the company during the twelve month period covered by this proposal. And we possibly would like to reiterate our view that the authorization is the tool for financial flexibility and the shareholder value creation, especially in periods of market volatility. Setting such limits would, by definition, reduce our flexibility to create value, and we are mindful of the fact that the duration and severity of market volatility are often hard to predict. As we show on page 11 to thirteen eleven to 13 on our special meeting presentation, there are various combinations of a discount to net asset value yield of new assets that would ultimately be accretive to our shareholders through overruining our cost of capital and associated dilution. We we hope that our shareholders recognize through our track record that we are a disciplined allocator of capital and have always acted with the mind mindset of putting shareholders first.
To date, we have never issued shares below net asset value under prior stock award stockholder authorization granted for us for each of the past four years with no current plan to do so. If any stockholders would like to make a comment regarding the proposal, please submit your comment to the rep portal now.
Alright.
The polls will remain open for one more minute. Any stockholders who hasn't voted or wishes to change your vote may do so by clicking on the voting button on the web portal and the following instructions there. If you if you previously voted by proxy, you do not need to vote unless you are changing your vote. And now they're clear the polls for the two thousand twenty one PSOX special chair meeting closed. The inspection of the election will now count the votes.
The secretary, please resolve the the re please report the results of the voting.
The affirmative vote of holders of at least a majority as defined in the Investment Company Act of January, the outstanding shares of the company's common stock, and two, the outstanding shares of the company's common stock held by persons that are not affiliated persons of the company is required to approve proposal one. Under the 1940 act, the vote of holders of a majority means the vote of the holders of the lesser of a 67% or more of the outstanding shares of the company's common stock present or represented by proxy at the special meeting if the holders of more than 50% of the shares of the company's common stock are present or represented by proxy or, b, more than 50% of the outstanding shares of the company's common stock. The ballots have been counted, and proposal one has been approved.
Thank you, Ian, and thank you all for attending today's meeting. The meeting is adjourned. We will now have a brief question and answer period. We'll take stockholders questions that are being in entered today on the web portal or have previously been submitted. The only questions that are germane to the meeting will be addressed.
Any questions that we do not get to will be followed up with our investor relations team by our investor relations team. Great. Since there's no further questions, thank you very much.
This concludes the Specialty Lending's twenty twenty Tenet. Stockholders. You may now disconnect.