This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MVC Capital Increases Quarterly Dividend By 12.5% To 13.5 Cents Per Share

Stocks in this article: MVC

PURCHASE, N.Y., Oct. 15, 2012 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC) (the "Fund"), a publicly traded business development company that makes private debt and equity investments, announced today that its board of directors has declared a dividend of 13.5 cents per share, or a total of approximately $3.2 million to be distributed to shareholders for the fourth quarter of fiscal 2012. The dividend is payable on October 31, 2012 to shareholders of record on October 25, 2012 and represents a 12.5% increase over the prior dividend.

The increase in the quarterly dividend is attributable to the receipt of an approximate $2.4 million dividend from U.S. Gas & Electric (USG&E). On September 24, 2012, USG&E's board approved an initial dividend to its shareholders, with future distributions projected to be paid quarterly. MVC Capital anticipates receiving dividends from USG&E for as long as it maintains its equity investment in USG&E, and its cash flows can support the dividend. Each quarterly dividend must be approved by USG&E's board of directors and be permissible under its gas and electric supply credit documentation. 

"We are pleased to have an opportunity to increase our quarterly dividend for our shareholders," stated Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc. "The dividend we started receiving from USG&E this quarter will allow our shareholders to directly benefit from the strong cash flows of this portfolio investment."

This distribution represents the 30 th consecutive quarterly dividend paid by the Fund since implementing a dividend policy in July of 2005. The dividends issued under current management have resulted in approximately $85.6 million in distributions to the Fund's shareholders.

The amount and specific timing of any future dividends paid pursuant to the Fund's quarterly dividend policy will be determined by the board of directors. There can be no assurance that future dividend payments will match or exceed those set out in this news release, or that they will be made at all.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs