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Houston, June 12, 2013 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (NASDAQ: NGPC) (the "Company") today announced that its Board of Directors has declared a quarterly dividend to stockholders in the amount of $0.16 per common share. The expected dividend payment date is July 8, 2013 to stockholders of record on June 28, 2013.
Management expects that the dividend will be paid out of ordinary income for tax purposes. The Company determines the tax characteristics of its dividend distributions as of the end of the fiscal year, based on the taxable income for the full year and distributions paid during the year. The tax characteristics for dividends paid in 2013 will be reported to each stockholder on Form 1099-DIV after the end of the year. All dividend distributions in 2012 were paid from ordinary income.
The Company has an "opt out" dividend reinvestment plan, or "DRIP," for its stockholders. Consequently, when the Company declares a cash dividend, stockholders who have not opted out of the DRIP automatically have their dividends reinvested in shares of NGPC common stock, rather than receiving their dividends in cash. A stockholder who has elected to receive dividends in cash may re-enroll in the DRIP at any time by notifying the plan administrator.
Stock Repurchase Activity
In May 2013, the Company repurchased a total of 520,889 shares of its common stock (2.5% of shares outstanding) in the open market at an average price of $6.49 per share, totaling $3.4 million, in accordance with the stock repurchase plan authorized by the Board of Directors in October 2011. These repurchases were made at a 28% discount to the Company's March 31, 2013 net asset value. Under the terms of the stock repurchase plan, the Company has remaining authorization to repurchase up to an additional $2.4 million of common stock. Any future repurchases will be made in accordance with applicable securities laws and regulations that set certain restrictions on the method, timing, price and volume of stock repurchases.