Equus Total Return, Inc. Announces Increase in Net Assets for Third Quarter
November 14 2006 - 7:00PM
PR Newswire (US)
HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- Equus Total Return, Inc.
(NYSE:EQS) ("Equus" or the "Fund") reports net assets as of
September 30, 2006, of $92.9 million, equivalent to $11.47 per
share. This represents a 10% increase from the second quarter of
2006 and an increase of approximately 14% since the end of 2005 and
adjusted for the effect of the $2.50 per share dividend declared on
February 2, 2006. Comparative data is summarized below: 9/30/06
6/30/06 3/31/06 12/31/05 Net assets $92,943,564 $84,307,330
$80,065,212 $92,602,338 Shares outstanding 8,106,365 8,106,365
8,106,365 7,376,592 Net assets per share $11.47 $10.40 $9.88 $12.55
Significant events for the third quarter of 2006 are as follows: *
Portfolio Company Increase. ConGlobal Industries, Inc., Jones
Industrial Holdings, Inc., PalletOne, Inc., Sovereign Business
Forms, Inc. and Spectrum Management, LLC collectively increased
approximately $8.9 million in value due to improved operating
performance. These portfolio companies comprise approximately 42%
of the Fund's net assets. Of the $8.9 million increase, ConGlobal
Industries, Inc. represented an increase of approximately $5.7
million. * Change in Fund's Name and Objective. In August,
shareholders of the Fund approved the change of the Fund's
investment strategy to one reflecting a total return investment
objective. This new strategic focus targets investments with
capital appreciation and current income features. Shareholders also
approved the change of the Fund's name from Equus II Incorporated
to Equus Total Return, Inc. * Healthcare Investment. The Fund
committed to invest up to $11,100,000 in RP&C International
Investments LLC ("RP&C") to make investments in the assisted
living market. RP&C will invest in preferred equity or provide
subordinated debt to companies which will acquire nursing and
residential care homes in the United Kingdom and/or Germany. *
Credit Agreement. The Fund secured a new revolving line of credit
agreement with Regions Bank for $10 million. "We are pleased with
the second consecutive quarterly increase in net assets for the
Fund. In October, while adhering to our total return strategy, the
Board adopted a managed distribution policy and approved an annual
dividend of $0.50 per share. The first quarterly dividend payment
of $0.125 will be made on December 7, 2006 to shareholders of
record as of November 7, 2006. This dividend feature reflects our
ongoing commitment to the enhancement of shareholder value,"
commented Anthony Moore, Co-Chairman, CEO and President of the
Fund. Equus 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 Equus may be obtained from the
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 to 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 statements are material. CONTACT: Brett Chiles
(713) 529-0900 DATASOURCE: Equus Total Return, Inc. CONTACT: Brett
Chiles of Equus Total Return, Inc., +1-713-529-0900 Web site:
http://www.equuscap.com/
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