Equus II Incorporated Announces Increase in Second Quarter Net Assets
August 12 2005 - 6:49PM
PR Newswire (US)
HOUSTON, Aug. 12 /PRNewswire-FirstCall/ -- Equus II Incorporated
(NYSE:EQS), a business development company reports an increase in
net assets as of June 30, 2005, to $84.1 million. Comparative data
is summarized below: 6/30/05 3/31/05 12/31/04 6/30/04 Net assets
$84,103,763 $75,515,326 $68,599,657 $70,528,424 Shares outstanding
7,376,592 6,506,692 6,506,692 6,541,068 Net assets per share $11.40
$11.61 $10.54 $10.78 The increase in net assets for the quarter was
primarily due to: * An increase in the valuation of Champion Window
Holdings ("Champion") of $4.0 million. Champion is Equus' largest
portfolio company and represented 45 percent of the portfolio
valuation at June 30, 2005. Equus' valuation in Champion has
increased $10.6 million from year-end 2004. Champion is considering
offers to purchase the company and a transaction is expected to be
completed by the end of 2005. * An increase in cash of $6.7 million
due to the exercise of 869,900 stock options by the officers and
directors of Equus. These stock options were previously issued
pursuant to the former Equus Stock Incentive Plan. After the
exercise of options, Equus has no stock options outstanding and has
formally cancelled its Stock Incentive Plan. The dilutive effect of
the exercise of the stock options was approximately $.47 per share.
The Company currently has approximately $25 million in cash. *
Non-recurring expenses of approximately $800,000 to facilitate the
completion of a change in investment advisers. On June 30th,
shareholders approved a new advisory agreement with Moore Clayton
Capital Advisors, Inc., an international private equity investment
and advisory firm. "By combining the strengths of the Equus
existing management team with the expertise of Moore Clayton, we
have built a foundation for greater wealth creation," said Anthony
R. Moore, recently appointed Co-Chairman, CEO and President of
Equus and Chairman of Moore Clayton Capital Advisors, Inc. "Because
Moore Clayton has an established presence across the globe, we are
exposed to numerous investment opportunities. We expect to see
accelerated deal flow, giving our shareholders the opportunity to
invest in an expanded portfolio of private companies, both in the
US and Europe." "With the cash on hand, we have approximately $25
million readily available for investment opportunities," commented
Sam P. Douglass, Co- Chairman of Equus. "As significant
shareholders, the leadership team will continue its active
management philosophy to help generate continued asset growth. This
includes board representation and financial oversight in the
companies in which we invest." Equus II Incorporated is a business
development company that 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. The current portfolio consists of investments in
14 businesses in various industries and two venture capital funds.
More information on Equus and its company investments may be
obtained from Equus' website at http://www.equuscap.com/ . This
press release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements
are based upon the Company'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 Company's filings with the
Securities and Exchange Commission. 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 Company 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 Company or any other person that the events or circumstances
described in such statement are material. CONTACT: Hank Nicodemus
(713) 529-0900 DATASOURCE: Equus II Incorporated CONTACT: Hank
Nicodemus of Equus II Incorporated, +1-713-529-0900 Web site:
http://www.equuscap.com/
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