Equus Announces Third Quarter Net Asset Value
November 14 2017 - 7:47PM
Equus Total Return, Inc. (NYSE:EQS) (the “Fund” or
“Equus”) reports net assets as of September 30, 2017, of $42.0
million, a decrease of approximately $0.1 million since June 30,
2017. Net asset value per share decreased to $3.11 as of
September 30, 2017 from $3.12 as of June 30, 2017.
Comparative data is summarized below (in thousands, except
per share amounts):
As of
the Quarter Ended |
9/30/2017 |
6/30/2017 |
3/31/2017 |
12/31/2016 |
9/30/2016 |
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
$ |
41,999 |
$ |
42,122 |
$ |
41,422 |
$ |
42,740 |
$ |
41,506 |
Shares outstanding |
|
13,518 |
|
13,518 |
|
13,518 |
|
12,674 |
|
12,674 |
Net
assets per share |
$ |
3.11 |
$ |
3.12 |
$ |
3.06 |
$ |
3.37 |
$ |
3.27 |
|
|
|
|
|
|
|
|
|
|
|
The following were the portfolio companies that
had significant changes to their fair values during the third
quarter of 2017:
- Increase in the Value of Equus Energy.
The Fund established Equus Energy, LLC (“Equus Energy”) as a
wholly-owned subsidiary to be used as a platform for energy-related
investments, with particular emphasis on oil and gas
enterprises. Equus Energy owns various working interests,
which are presently derived from 144 producing and non-producing
oil and gas wells, including associated development rights of
approximately 22,360 acres, situated on 12 separate properties in
Texas and Oklahoma. The working interests range from a de minimus
amount to 50% of the leasehold that includes these wells. Also
included in the interests acquired by Equus Energy are working
interests of 7.5% and 2.5% in the Burnell and North Pettus Units,
respectively, which collectively comprise approximately 13,000
acres located in the area known as the “Eagle Ford Shale”
play. The fair value of the Fund’s holding in Equus Energy
increased from $6.25 million to $6.50 million during the third
quarter of 2017, principally due to improved economic prospects
affecting mineral rights held by Equus Energy. The Fund
received advice and assistance from a third-party valuation firm to
support its determination of the fair value of this
investment.
- Increase in the Value of MVC Capital
Shares. MVC Capital, Inc.’s (“MVC”) common stock
increased from $9.86 per share on June 30, 2017 to $10.01 per share
on September 30, 2017. In addition to the 483,090 MVC shares
held by Equus at June 30, 2017, the Fund received 6,319 MVC shares
as a dividend during the third quarter of 2017. The receipt of
share dividends and increase in the MVC share price led to a
corresponding increase in the fair value of this holding from $4.8
million to $4.9 million during the third quarter of 2017.
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 performance of the Fund, including
our ability to achieve our expected financial and business
objectives, and the other 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. Except as required by law, 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
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Sep 2023 to Sep 2024