Equus Announces Fourth Quarter Net Asset Value and Portfolio Updates
3/18/2011 4:30:32 PM - Market Wire
HOUSTON, TX, Mar 18, 2011 (MARKETWIRE via COMTEX News Network) -- Equus Total Return, Inc. (NYSE: EQS) (the "Fund" or "Equus") reports net assets as of December 31, 2010, of $38.1 million, an increase of $6.6 million since September 30, 2010. Net assets per share increased to $4.29 as of December 31, 2010 from $3.55 as of September 30, 2010. Comparative data is summarized below (in thousands, except per share amounts): As of the Quarter Ended 12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
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Net assets $38,051 $31,474 $37,888 $50,151 $50,901
Shares outstanding 8,862 8,862 8,862 8,862 8,862
Net assets per share $4.29 $3.55 $4.28 $5.66 $5.74
The overall increase in net asset value during the fourth quarter of 2010 resulted principally from the following events and other changes in the fair values of certain portfolio holdings as summarized below: -- Sale of Assets by Riptide Entertainment, LLC ("Riptide") and the
Fund's Holdings in 1848 Capital Partners, LLC ("1848"), Big Apple
Entertainment Partners, LLC ("Big Apple"), and London Bridge
Entertainment Partners Ltd ("London Bridge"). On January 26, 2011,
Riptide, a controlled subsidiary of the Fund, sold certain assets and
the Fund sold its interests in 1848, Big Apple, and London Bridge,
collectively in exchange for $10.0 million in cash to Capital Markets
Acquisition Partners, LLC ("CMAP"). The Fund was introduced to CMAP,
as the buyer of these holdings, in mid-January, 2011. The dispositions
resulted in an increase in the collective values for Riptide, 1848,
Big Apple, and London Bridge from $3.4 million to $9.2 million.
-- ConGlobal Industries Holding, Inc. ("ConGlobal"). The Fund increased
the fair value of its holding in ConGlobal from $6.0 million to $8.4
million due to an increase in operating results and the indicative
value resulting from a partial share buyback that occurred during the
quarter.
-- Sovereign Business Forms, Inc. ("Sovereign"). The Fund wrote down the
fair value of its holding in Sovereign from $7.7 million to $6.6
million due to decreased operating results and the repayment to the
Fund of
.4 million during the quarter.
-- Spectrum Management, LLC ("Spectrum"). The Fund wrote down the fair
value of its investment in Spectrum from $2.3 million to $1.4 million
due to decreased operating results. |