180 Degree Capital Corp. Reports 8% Quarterly and 15% Year-To-Date Increase in Net Asset Value Per Share to $3.05 as of Septe...
November 07 2019 - 4:05PM
180 Degree Capital Corp. (NASDAQ:TURN) ("180" and the "Company"),
today reported its financial results as of September 30,
2019. Key results for the quarter include:
|
Q2 2019 -> Q3 2019 |
Stock Price |
$1.969 -> $2.1368 (+9%) |
Net Asset Value per Share ("NAV") |
$2.82 -> $3.05 (+8%) |
Stock Price / NAV |
70% -> 70% (no change) |
Cash + Liquid Securities |
$38.5 mm -> $48.4 mm (+26%) |
• Also during Q3 2019:
- Public portfolio gross total return was +28.0% versus the
Russell Microcap Index of -5.5%. Public portfolio net value
change increased by approximately $10.6 million, or $0.34 per
share.
- Private portfolio net value change decreased by approximately
$1.6 million, or $0.05 per share.
The Company also published a letter to
shareholders that can be viewed at
https://ir.180degreecapital.com/financial-results.
“We are proud of the performance of our public
holdings this quarter,” said Kevin Rendino, CEO of 180. “Our
public market investment strategy has generated $1.05 in gains in
net asset value per share since we started in early 2017. The
close of the sale of TheStreet, Inc. to TheMaven, Inc., and net
realized returns from other public positions during the quarter
provide us with a strong cash balance to deploy in new and existing
public holdings.”
Mr. Rendino and Daniel Wolfe, President, Chief
Financial Officer and Portfolio Manager, will host a conference
call tomorrow, Friday, November 8, 2019, at 9am Eastern Time, to
discuss the results from the third quarter of 2019. The call
can be accessed by phone at (712) 770-4598 passcode 415049 or via
the web at
https://www.freeconferencecall.com/wall/180degreecapital.
Additionally, slides that will be referred to during the
presentation can be found on 180’s investor relations website at
https://ir.180degreecapital.com/ir-calendar.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds.
Our goal is that the result of our constructive activism leads to a
reversal in direction for the share price of these investee
companies, i.e., a 180-degree turn. Detailed information
about 180 and its holdings can be found on its website at
www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website www.180degreecapital.com has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release. 180 is not responsible for the contents of third party
websites.
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