MVC Capital (MVC) Reports Max $15M Share Buyback

MVC Capital, Inc. (NYSE: MVC) after discussions with various large shareholders and taking into account Management’s recommendations, the Board has approved the Company’s implementation of a $10 million stock repurchase program. The program, which is to be completed by the end of the 2018 calendar year, will consist of an issuer tender offer and/or open market repurchases. The offer price of any tender offer would be determined prior to the commencement of the offer based upon market and other factors.

In addition, the Board directed the Company to pursue an additional $5 million in stock repurchases in the open market in 2019, using a portion of the proceeds of equity monetizations and subject to MVC’s common stock continuing to trade at a significant discount to NAV. Open market repurchases would be made pursuant to the Company’s unlimited stock repurchase program adopted in 2013.

Additionally, the Board announced that, also as a result of company discussions with certain shareholders, it has determined to nominate an additional director, Scott Krase, for election at the 2018 Annual Meeting of the shareholders of MVC. The other nominees for election at the 2018 Annual Meeting are the current seven directors of MVC. The 2018 Annual Meeting will be held on October 30, 2018. Further information on the nominees will be included in the Company’s proxy statement to be filed in connection with the 2018 Annual Meeting.

The repurchases being announced today represent the Board’s further steps to address MVC’s share price discount to NAV. In 2017, the Company repurchased a total of $40 million of shares through two dutch tender offers. In addition, MVC continues to be focused on yield investment activity seeking to drive value for all shareholders.

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