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PURCHASE, N.Y., June 24, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, announced today that it has repurchased approximately $15 million worth of its common stock under a share repurchase program authorized by its board of directors.
On June 19, 2013, MVC repurchased a block of 500,000 shares at a price of $12.72 per share. Under the terms of the share repurchase program, MVC has repurchased 1,206,294 common shares at an average price of $12.79 per share during the period from March 21, 2013 to June 19, 2013. As of June 19, 2013, MVC has 22,710,688 shares outstanding. The 500,000 share repurchase on June 19, 2013 alone had an accretive effect on NAV of $1.9 million based on the Fund's April 30, 2013 NAV.
"We continue to believe that our stock price does not properly reflect the value of our portfolio. In the aggregate, these stock repurchases have increased NAV by an estimated $0.20
1 per share," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc. "We also have a pipeline of opportunities we can capitalize on given our recently enhanced balance sheet."
The timing and amount of purchases under the Company's share repurchase program will be determined by management based upon market conditions and other factors. The program does not require the Company to purchase any specific number or amount of shares. The Company's Board monitors and re-evaluates the program periodically.
About MVC Capital, Inc.
MVC Capital, Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
Forward-Looking StatementsThe information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in the company's periodic filings with the Securities and Exchange Commission.1 The NAV per share increase does not take into account any other activity.
CONTACT: Investor Relations
MVC Capital, Inc.
Jeffrey Goldberger / Garth Russell
KCSA Strategic Communications
212-896-1249 / 212-896-1250
Nathaniel Garnick / Patrick Scanlan
Sard Verbinnen & Co