PURCHASE, N.Y., April 3, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC) (the "Company"), a publicly traded business development company that makes private debt and equity investments, announced today that with the gross proceeds received from the sale of Summit Research Labs, Inc., and with the Company's debt retirement, MVC's board of directors has authorized an expanded share repurchase program to opportunistically buy back shares in the market in an effort to narrow the discount. The previously authorized $5 million limit has been eliminated.
Under the repurchase program, shares may be repurchased from time to time at prevailing market prices. The repurchase program does not obligate the Fund to acquire any specific number of shares and may be discontinued at any time.
"We're pleased that our strengthened balance sheet has afforded us the opportunity to expand our share repurchase program," said Michael Tokarz, Chairman and Portfolio Manager of MVC Capital.
The repurchases are intended to enhance shareholder value because at their discount levels they are accretive to net asset value. They also may have the effect of narrowing the discount. The number of shares repurchased each month will be posted on the Fund's website at www.mvccapital.com. The Board expects to monitor the activity and re-evaluate the program periodically.
This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of the Fund's common stock. There is no assurance that the market price of the Fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that the program will enhance shareholder value over the long-term.
About MVC Capital, Inc.
MVC Capital, Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in the company's periodic filings with the Securities and Exchange Commission.
CONTACT: Investor Relations Jackie Rothchild MVC Capital, Inc. 914-510-9400 or Jeffrey Goldberger / Garth Russell KCSA Strategic Communications 212-896-1249 / 212-896-1250 Media Inquiries Nathaniel Garnick / Patrick Scanlan, Sard Verbinnen & Co 212-687-8080Source:MVC Capital