Equus II Incorporated Announces Stock Repurchase Program
May 24 2004 - 10:00AM
PR Newswire (US)
Equus II Incorporated Announces Stock Repurchase Program HOUSTON,
May 24 /PRNewswire-FirstCall/ -- Equus II Incorporated today
announced that pursuant to its previously expressed intention to
seek to reduce market value discount from net asset value through
share repurchases, it is resuming the share repurchase program that
it began in September 1999 and suspended at the end of 2001. The
Board of Directors has authorized an initial expenditure of up to
$3 million for share repurchases. Equus II has approximately 6.6
million shares outstanding. "With a net asset value of $10.54 at
the end of the first quarter our shares are trading at a
substantial discount," stated Sam P. Douglass, Chairman of Equus.
"We believe that the current market value of our shares does not
adequately reflect the value of our Fund's portfolio of businesses
and future business prospects. As a result, we believe that EQS
shares represent an attractive investment and a desirable use of a
portion of our available funds." Under the plan, all purchases of
shares will be made at the discretion of the Fund's management and
will be made in the open market or through privately negotiated
transactions from time to time in compliance with the Securities
and Exchange Commission's Rule 10b-18, subject to market
conditions, applicable legal requirements and other factors. The
repurchase plan does not obligate the Fund to acquire any specific
number of shares and may be suspended at any time. The price that
the Fund will pay for shares acquired by it will be the market
price of the shares at the time of acquisition. Equus II is a
business development company and 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 firms. Information on Equus II Incorporated and other Equus
entities may be obtained on the Internet. The company's home page
address is http://www.equuscap.com/ . "Safe Harbor" Statement Under
the Private Securities Litigation Reform Act of 1995: This press
release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under
the Fund's control which may cause the actual results, performance
or achievement of the Fund to be materially different from the
results, performance or other expectations implied by these
forward-looking statements. These factors include, but are not
limited to, those disclosed in the Fund's periodic filings with the
Securities and Exchange Commission. 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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