Equus II Incorporated Shareholders Approve New Investment Adviser
July 05 2005 - 7:08PM
PR Newswire (US)
Equus II Incorporated Shareholders Approve New Investment Adviser
HOUSTON, July 5 /PRNewswire-FirstCall/ -- At their annual
shareholder meeting, the shareholders of Equus II Incorporated
(NYSE:EQS) (the "Fund") approved Moore Clayton Capital Advisers,
Inc. as the Fund's new investment adviser. The new advisory firm is
an affiliate of Moore Clayton Co., Inc., an international private
equity investment and advisory firm with offices in Los Angeles,
San Francisco, New York, London, Cape Town and Johannesburg. The
Fund's shareholders also elected ten directors, six of whom are new
to the Board. The change in investment advisers was made in
connection with the sale of Equus Capital Management Company
("ECMC"), the Fund's prior adviser, to the Moore Clayton group.
Certain ECMC executives will continue with the new Moore Clayton
adviser, including Sam P. Douglass, prior Chairman and CEO of the
Fund and ECMC, who will continue as President of the new adviser
and Co-Chairman of the Fund's Board. Anthony R. Moore, of Moore
Clayton, has become Co-Chairman of the Board and CEO of the Fund,
and will carry the same title with Moore Clayton Capital Advisers,
Inc. Nolan Lehmann has retired as a Fund officer and director. The
Moore Clayton group has committed to purchase, or arrange for the
purchase of, at least 27.5% of the Fund's outstanding shares within
the next 90 days. As of July 1, 2005, Moore Clayton interests had
purchased 1,111,205 common shares, representing 15.1% of the Fund's
total outstanding common stock. Anthony Moore commented, "We at
Moore Clayton are committed to building shareholder value and are
excited about the opportunity of using our skills and experience to
benefit the Equus shareholders." Speaking of the change, Mr.
Douglass said, "I'm delighted with the people, experience and
commitment Moore Clayton is bringing to the Fund and looking
forward to serving with them in their efforts on behalf of the Fund
and its shareholders." The Fund -- Equus II Incorporated -- is an
investment company that trades as a closed-end fund, business
development company on the New York Stock Exchange. The Fund seeks
to generate current distributions of net investment income and
long-term capital gains by making equity oriented investments in
small to medium-sized, privately owned companies. 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 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 of the date hereof. 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 statement
are material. For Information Contact: Sam P. Douglass 713-529-0900
Kenneth Denos 801-816-2511 DATASOURCE: Equus II Incorporated
CONTACT: Sam P. Douglass, +1-713-529-0900, or Kenneth Denos,
+1-801-816-2511, both of Equus II Incorporated Web site:
http://www.equuscap.com/
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