Equus Announces First Quarter Net Asset Value
May 17 2011 - 2:12PM
Marketwired
Equus Total Return, Inc. (NYSE: EQS) (the
"Fund" or "Equus") reports net assets as of March 31, 2011, of
$36.3 million, a decrease of $1.7 million since December 31, 2010.
Net assets per share decreased to $4.10 as of March 31, 2011 from
$4.29 as of December 31, 2010. Comparative data is summarized below
(in thousands, except per share amounts):
As of the Quarter Ended 3/31/2011 12/31/2010 9/30/2010 6/30/2010 3/31/2010
--------- ---------- --------- --------- ---------
Net assets $36,333 $38,051 $31,474 $37,888 $50,151
Shares outstanding 8,862 8,862 8,862 8,862 8,862
Net assets per share $4.10 $4.29 $3.55 $4.28 $5.66
The overall decrease in net asset value during the first quarter
of 2011 resulted principally from the decrease in the fair value of
the Fund's investment in ConGlobal Industries Holding, Inc., from
$8.4 million to $7.0 million. This decrease was due to a decline in
ConGlobal's operating results caused by lower revenues from
shipping container storage fees.
Significant events during the quarter included the
following:
- Sale of Holdings in 1848, Big Apple, London
Bridge, and Assets in Riptide. We sold our promissory notes in
1848 Capital Partners, LLC ("1848"), Big Apple Entertainment
Partners, LLC ("Big Apple"), and London Bridge Entertainment
Partners, Ltd ("London Bridge") and certain assets of Riptide
Entertainment Partners, LLC ("Riptide") in which we hold a 64.67%
membership interest. All of these assets were sold to Capital
Markets Acquisition Partners, LLC for a combined price of $10.0
million, with $9.8 million allocated to the promissory notes held
by the Fund and $0.2 million to Riptide.
- Sale of RP&C Investment. We also
received $0.8 million in connection with the sale and redemption of
our membership interest in RP&C International Investments
LLC.
Significant events subsequent to the end of the quarter were as
follows:
- Purchase of Orco Germany S.A. ("Orco Germany")
Bonds. On April 27, 2011, the Fund announced that it had
entered into two separate transactions involving the purchase of an
aggregate of 11,408 bonds ("Bonds") issued by Orco Germany S.A., a
commercial and multi-family residential real estate holding company
and developer based in Berlin. The consideration provided to the
selling bondholders consists of an aggregate of 1,700,000 newly
issued shares of common stock of the Fund. The Fund received 8,890
of the Bonds on April 27, 2011. On May 9, 2011, one of these
agreements was amended and restated to provide for an additional 45
days to deliver 2,518 of the Bonds in exchange for providing to the
Fund approximately $1.7 million in cash as security for such
delivery. As a result of this transaction, the number of Equus
shares outstanding increased from 8,861,646 to 10,561,646
shares.
- Announcement of Annual Shareholder
Meeting. On May 2, 2011, the Fund announced that it will hold
its annual meeting of shareholders on June 10, 2011. The record
date in respect of shares entitled to vote at the annual meeting
was May 10, 2011. The purpose of the meeting is to: (i) elect 9
directors, each for a term of one year; (ii) ratify the appointment
of UHY LLP as the Fund's independent auditor for fiscal year ending
December 31, 2011; (iii) approve, on a non-binding advisory basis,
the compensation paid to the Fund's named executive officers in
2010; (iv) approve, on a non-binding advisory basis, the frequency
of shareholder advisory votes concerning the Fund's executive
compensation; and (v) transact such other business as may properly
come before the annual meeting.
About Equus The Fund 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 the Fund may be obtained from the Fund's website at
www.equuscap.com.
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 to 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
statements are material.
Contact: Patricia Baronowski Pristine Advisers, LLC (631)
756-2486
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