MVC Capital, Inc. : MVC Capital Receives $12 Million Distribution from Summit Research Labs, Inc.
03/07/2012| 04:50pm US/Eastern
MVC Capital, Inc. (NYSE: MVC) (the "Fund"), a publicly traded business
development company that makes private debt and equity investments,
today announced that the Board of Directors of Summit Research Labs,
Inc. ("Summit"), an MVC portfolio company, approved a recapitalization,
resulting in a $12 million dividend to be paid to the Fund as of March
7, 2012. This provides the Fund with operating income of approximately
$0.50 per share.
With the receipt of this $12 million distribution, and taking into
account the first quarter of 2012 total operating income of $3.6
million, the Fund has already earned over 97% of fiscal 2011 total
operating income within the first five months of fiscal 2012.
"We are delighted that Summit's financial health can support such a
large distribution," said Michael Tokarz, Chairman and Portfolio Manager
of MVC. "We are proud that we have been able to help Summit grow over
time, allowing for this recapitalization to occur and for the Fund's
shareholders to benefit from the strength of our portfolio."
About MVC Capital, Inc.
MVC 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. For additional information about MVC, please
visit the MVC's website at www.mvccapital.com.
For MVC's investor relations, please call 914-510-9400. All media
inquiries should be directed to Nathaniel Garnick at 212-687-8080.
The 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.
MVC Capital, Inc.
Nathaniel Garnick, 212-687-8080
© Business Wire 2012