Equus Announces Second Quarter Net Asset Value
August 14 2019 - 4:41PM
Equus Total Return, Inc. (NYSE: EQS) (the “Fund”
or “Equus”) reports net assets as of June 30, 2019, of $47.9
million, an increase of approximately $1.3 million since March 31,
2019. Net asset value per share increased to $3.55 as of June 30,
2019 from $3.44 as of March 31, 2019. Comparative data is
summarized below (in thousands, except per share amounts):
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As of the Quarter Ended |
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
6/30/2018 |
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Net assets |
$47,933 |
$46,552 |
$43,495 |
$46,571 |
$44,132 |
Shares outstanding |
13,518 |
13,518 |
13,518 |
13,518 |
13,518 |
Net assets per share |
$3.55 |
$3.44 |
$3.22 |
$3.45 |
$3.26 |
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The following were the portfolio companies that
had increases to their fair values during the second quarter of
2019:
- Increase in Value of
PalletOne. Equus holds an 18.7% fully-diluted share
interest in PalletOne, Inc. (“PalletOne”) one of the nation’s
largest wooden pallet manufacturers and a major supplier of treated
lumber in the southeastern United States. The fair value of the
Fund’s share interest in PalletOne increased from $22.5 million to
$24.5 million during the second quarter of 2019, principally as a
result of strong operational results and overall improvement in
comparable industry sectors during the quarter. The Fund received
advice and assistance from a third-party valuation firm to support
its determination of the fair value of this investment.
- Increase in the Value of
MVC Capital Shares. The trading price of MVC Capital,
Inc.’s (“MVC”) common stock increased from $9.07 per share on March
31, 2019 to $9.21 per share on June 30, 2019. In addition, the Fund
also received 8,807 MVC shares as dividends during the quarter,
resulting in a total of 544,813 MVC shares held at June 30, 2019.
The fair value of this holding increased from $4.9 million at March
31, 2019 to $5.0 million as of June 30, 2019.
Also during the quarter, the Fund dissolved
Equus Media Development Company, LLC (“EMDC”), a wholly-owned
subsidiary of the Fund, and transferred EMDC’s assets, consisting
of approximately $210,000 in cash and various entertainment
properties, to the Fund. The Fund incurred a realized loss of $2.8
million in connection with the dissolution of EMDC.
About Equus
The Fund is a business development company that
trades as a closed-end fund on the New York Stock Exchange under
the symbol "EQS". Additional information on the Fund may be
obtained from the Fund’s website at www.equuscap.com.
This press release may contain certain
forward-looking statements regarding future circumstances. These
forward-looking statements are based upon the Fund’s current
expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements
including, in particular, the performance of the Fund, including
our ability to achieve our expected financial and business
objectives, and the other risks and uncertainties described in the
Fund’s filings with the SEC. Actual results, events, and
performance may differ. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to the date hereof. Except as required by law, the Fund undertakes
no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Fund or any other
person that the events or circumstances described in such
statements are material.
Contact:
Patricia Baronowski Pristine Advisers, LLC (631)
756-2486
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