Nicholas Financial announces contingency plan

PINELLAS PARK - Nicholas Financial Inc. President and CEO Peter Vosotas announced that he plans to retire May 31, and the company has named his successor in the event that the company's buyout by Prospect Capital Corp. is not complete by that date.

According to a filing with the Securities and Exchange Commission filing, the board of directors selected Ralph Finkenbrink, senior vice president, CFO and corporate secretary, to replace Vosotas effective May 31 if the deal with Prospect Capital Corp. is not closed by then.

In December, New York-based Prospect Capital Corp. (symbol: PSEC; recent price: $10.77) entered an agreement to buy all of the common stock of Nicholas Financial (symbol: NICK; recent price: $15.74). The company said it will pay $16 a share and assume $127 million in debt from Nicholas, valuing the deal at about $326 million. The buyout is expected to close in April.