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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV