180 Degree Capital Corp. Reports Net Asset Value Per Share of $2.68 as of September 30, 2017; Third Consecutive Quarter of N...
November 01 2017 - 3:30PM
180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”),
today reported its financial results as of September 30,
2017. Key results include:
- Increases in stock price, net asset value per share (NAV) and
cash + liquid securities:
- Stock Price: $1.62 -> $1.74 (+7.4%)
- NAV/Share: $2.44 -> $2.68 (+9.8%)
- First time in over 7 years that our NAV/share increased
in three consecutive quarters
- Cash + Liquid Securities: $22.6mm -> $30.0mm
(+32.7%)
- Overall positive performance of investment portfolio
- Publicly traded position net change in value: $7.8 million
- Privately held position net change in value: $1.0
million
- Establishing resources for future growth of the Company
- Hired head of fund development
- Initiated process to establish wholly owned broker dealer
subsidiary
The Company also published a letter to
shareholders that can be viewed at
http://ir.180degreecapital.com/letters.cfm.
“We are pleased to report the results from this
quarter, particularly the meaningful increase in our NAV,” said
Kevin M. Rendino, Chairman and Chief Executive Officer of
180. “This is the first time in over seven years that we have
increased our NAV in three consecutive quarters. Our new
structure allowed us to reduce our ongoing run-rate of expenses by
over 40%; we now have an easier path to grow NAV. This
quarter, nearly 90% of the growth of our NAV came from our publicly
traded holdings. In fact, on average, our publicly traded
holdings increased by an average of 44% in the quarter. We
remain focused on increasing our liquid assets as a percentage of
our net assets. At quarter end, our cash and liquid
securities totaled $30 million, equating to 36% of our quarter
ending net assets. Relative to our quarter end stock price of
$1.74, our liquid assets represented over half of our market
capitalization. We are proud to share these results and
believe we are well positioned to continue to build value for
shareholders.”
Mr. Rendino and Daniel Wolfe, President, Chief
Financial Officer and Portfolio Manager, will host a conference
call tomorrow, Thursday, November 2, 2017, at 9am Eastern Time, to
discuss the results from the third quarter of 2017. The call
can be accessed by phone at (641) 715-0632 passcode 415049 or via
the web at join.freeconferencecall.com/daniel8166.
Additionally, slides that will be referred to during the
presentation can be found on 180’s investor relations website at
ir.180degreecapital.com under the menu option, Calendar of
Events.
About 180 Degree Capital
Corp.
180 Degree Capital Corp. is a publicly traded
registered closed-end fund focused on investing in and providing
value-added assistance through constructive activism to what we
believe are substantially undervalued small, publicly traded
companies that have potential for significant turnarounds.
Our goal is that the result of our constructive activism leads to a
reversal in direction for the share price of these investee
companies, i.e., a 180-degree turn. Detailed information
about 180 and its holdings can be found on its website at
www.180degreecapital.com.
Press Contact:Daniel B. Wolfe180 Degree Capital
Corp.973-746-4500
Forward-Looking Statements
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's securities filings filed with the Securities and Exchange
Commission for a more detailed discussion of the risks and
uncertainties associated with the Company's business and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The reference and link to the website www.180degreecapital.com has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release. 180 is not responsible for the contents of third party
websites.
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