MVC CAPITAL, INC. (NYSE:MVC) Files An 8-K Other EventsITEM 8.01 Other Events
On October 11, 2018 (the “Effective Date”), the Company entered into a Rule 10b5-1 Stock Repurchase Plan (the “10b5-1 Plan”) that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”). to the 10b5-1 Plan, an independent broker will make purchases of shares of the Company’s common stock (“Shares”) on the open market on behalf of the Company (including block purchases as permitted under Rule 10b-18(b)(4)) in accordance with purchase guidelines specified in the 10b5-1 Plan. The 10b5-1 Plan was established to the stock repurchase program approved by the Board on September 18, 2018.
The maximum aggregate purchase price of all Shares purchased under the 10b5-1 Plan is $10 million less the purchase price for any Shares purchased by the Company during the period from September 18, 2018 to, but not including, the Effective Date and less the purchase price for any Shares purchased by the Company to any tender offer completed after the Effective Date. The 10b5-1 Plan shall commence on the Effective Date and terminate upon the earlier to occur of: (i) the Company’s purchasing the maximum number of Shares under the 10b5-1 Plan; and (ii) March 15, 2019. The Company reserves the right to terminate the 10b5-1 Plan in the event that the Company commences a tender offer for the Shares in accordance with Rule 13e-4 under the Exchange Act.
About MVC CAPITAL, INC. (NYSE:MVC)
MVC Capital, Inc. (MVC Capital) is a non-diversified closed-end management investment company. MVC Financial Services, Inc. (MVCFS), a subsidiary of the Company, provides services to the Company and its portfolio companies. The Company’s segments include MVC and MVCFS. The Company’s segments are its investing operations as a business development company, MVC Capital, which includes MVC Cayman and MVC Turf, LLC (MVC Turf), and MVCFS provides advisory, administrative and other services. The Company’s investment objective is to seek to maximize total return from capital appreciation and/or income, though its focus is on yield generating investments. The Company provides equity and debt investment capital to fund growth, acquisitions and recapitalizations of small and middle-market companies in a range of industries located in the United States. The Company is externally managed by The Tokarz Group Advisers LLC (TTG Advisers).