BETHESDA, Md., March 31, 2014 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced today that in the first quarter of 2014, it made open market purchases of 8.9 million shares of American Capital common stock, or 3.3% of the Company's outstanding shares as of December 31, 2013. The shares were purchased at an average price of $15.38 per share, totaling $137 million.
Starting in the third quarter of 2011, American Capital has made open market purchases of 101.6 million shares, or 29.4% of the Company's outstanding shares as of June 30, 2011, at an average price of $11.74 per share, totaling $1.2 billion. Purchases starting in the third quarter of 2011 through December 2013 were $1.75 per share accretive to the Company's $18.97 net asset value per share ("NAV") as of December 31, 2013. Accretion from the purchases in the first quarter of 2014 will be disclosed in the Company's first quarter earnings release.
These share purchases were completed in accordance with the Company's Share Repurchase and Dividend Policy. The Company's Board of Directors has decided to suspend such purchases for an indefinite period. As previously disclosed in the Company's Annual Report on Form 10‑K filed with the Securities and Exchange Commission for the year ending December 31, 2013, the Company is undertaking a process to evaluate its corporate structure to determine whether that structure and the various legal, regulatory and accounting regimes under which it operates are the optimum means for the operation and capitalization of its business. The Board has determined that it is appropriate to suspend share purchases as it considers the capital requirements of organizational changes that could result from this evaluation.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV