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American Capital, Ltd. Message Board

  • sandy.criscione sandy.criscione Dec 30, 2013 5:13 PM Flag

    8.9 million @ 14.88

    tidy gain on q4 2013 buyback already.

    Sentiment: Strong Buy

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    • I wonder what is the NAV now. If, for the sake of simplicity, I use $20 as the previous quarter NAV, then the buyback done in Q4 increases the NAV by $0.17.

    • Almost 5 million fewer shares repurchased than in Q3.

      I would say the company might have shied away from purchases as the stock rose toward it's 52 week high, but that would be counter to the fact that they waited until the 31st to announce it.

      With the slowdown in re-purchases, all eyes will be on what they did with the money instead. We did know that carrying more lending paper on the books (in order to have greater control over dividend issuance by operating companies and thus shore up NOI) was a priority going into the autumn months, so the push to boost NOI may have come at the expense of more buybacks.

      All in all, most BDCs are reporting big gains in portfolio operating companies. Because ACAS reported a decline in NAV after you remove the effects of the Q3 buybacks, it's fair to say that ACAS did not participate in the parade of portfolio gains during the first 9 months of 2013...

      ... so, hopefully, realized and mark-to-market gains in Q4 showed some improvement.


    • BETHESDA, Md., Dec. 30, 2013 /PRNewswire/ -- American Capital, Ltd. (ACAS) ("American Capital" or the "Company") announced today that in the fourth quarter of 2013, it made open market purchases of approximately 8.9 million shares of American Capital common stock, or 3.2% of the Company's outstanding shares as of September 30, 2013. The shares were purchased at an average price of $14.88 per share, totaling approximately $132.5 million.

      Sentiment: Strong Buy

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