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MVC Capital Announces Fourth Quarter And Full Year Fiscal 2012 Results

Stocks in this article: MVC

Quarterly Investment Activity

During the quarter, the Company made two follow-on investments and no new investments. The follow-on investments were made in SGDA Sanierungsgesellschaft fur Deponien und Altasten GmbH ("SGDA") for approximately $360,000 and Centile Holdings, B.V. ("Centile") for approximately $173,000. 

During the quarter, the Company sold its common shares of SHL to the Corporate Executive Board and received gross proceeds of approximately $15.3 million, resulting in a 2.5X return on invested cash.

Annual Investment Activity

During the fiscal year, the Company continued to increase liquidity while making two new investments in Freshii USA, Inc. and Biovation Holdings, Inc. ("Biovations") totaling $2.5 million. In addition, the Company made nine follow on investments in five existing portfolio companies totaling $8.8 million.

The Company, through MVC Partners Limited Partnership interest and MVCFS' General Partnership interest, contributed approximately $8.2 million of its $20.1 million capital commitment to the MVC Private Equity Fund L.P., which as of October 31, 2012, has invested in Plymouth Rock Energy, LLC, Gibdock Limited and Focus Pointe Holdings, Inc. Additionally, the Company invested $48,000 for an additional 9,568 shares of SHL's common stock. MVC loaned SGDA an additional $360,000 and extended the maturity date of its debt to August 31, 2014. Lastly, the Company made a follow-on investment of $173,000 in Centile.  


The board of directors increased the fourth quarter dividend to $0.135 per share, or a total of approximately $3.2 million, to be distributed to shareholders. This represents an increase of 12.5% over the prior dividend. The dividend was paid on October 31, 2012 to shareholders of record on October 25, 2012.

For fiscal 2012, the Company paid dividends totaling $0.495 per share, or a total of approximately $11.8 million. The dividends issued under current management have resulted in approximately $85.6 million in distributions to the Fund's shareholders through October 31, 2012.

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