PURCHASE, N.Y., Oct. 15, 2015 (GLOBE NEWSWIRE) — MVC Capital, Inc. (NYSE:MVC) (the “Company”), a publicly traded business development company that makes private debt and equity investments, provided guidance today on its estimated net asset value (“NAV”) indicating that it expects to report a net asset value (“NAV”), as of July 31, 2015, of between $12.75 and $13.55 per share. This NAV range is an estimate and it is possible that the actual NAV per share as of July 31, 2015 could fall outside of it. The NAV per share for October 31, 2014 as reported in the Company’s Form 10-K for fiscal 2014 filed earlier today was $15.15 per share.
Since October 31, 2014, the Company has experienced headwinds in the performance of some of its portfolio companies, including, for example, those with exposure to the Euro or the oil industry, and adverse changes in market multiples within certain sectors. However, MVC noted that U.S. Gas & Electric, Inc., its largest investment on a fair value basis, has performed as expected.
MVC is in the process of engaging a new auditor and completing its fiscal 2015 quarterly reports. At present, the Company is unable to provide a timetable for filing these reports.
Because of the Company’s delayed filings, the Company has provided more current estimated valuation guidance as set forth herein; however, the Company is not planning to do so in the future.
About MVC Capital, Inc.
MVC Capital 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.
Safe Harbor Statement
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, including: the timing of the filing of the 2015 quarterly reports; the actual financial results, including NAV per share as of July 31, 2015, and fair valuations to be contained in the reports; MVC Capital’s ability to execute its yield investment strategy; the performance of U.S. Gas & Electric and other MVC Capital investments; and changes in economic or financial market conditions and other factors that are enumerated in the Company’s periodic filings with the Securities and Exchange Commission. MVC Capital disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
CONTACT: Investor Relations Jackie Rothchild MVC Capital, Inc. 914-510-9400 or Jeffrey Goldberger / Brad Nelson KCSA Strategic Communications 212-896-1249 / 212-896-1217 Media Inquiries Nathaniel Garnick / Patrick Scanlan Sard Verbinnen & Co 212-687-8080