Business
Sutter Rock Capital Corp. Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Net Asset Value of $11.38 per Share as of December 31, 2019 Board of Directors Approves Additional $5.0 Million for Share Repurchase Program; Bringing Share
About this update from Suro Capital Corp.
[{"type":"text","content":"Net Asset Value of $11.38 per Share as of December 31, 2019\n Board of Directors Approves Additional $5.0 Million for Share Repurchase Program; Bringing Share Repurchase Program and Tender Offer Total to $40.0 Million SAN FRANCISCO, March 10, 2020 (GLOBE NEWSWIRE) -- Sutter Rock Capital Corp. (“Sutter Rock” or the “Company”) (Nasdaq:SSSS) today announced financial results for the quarter and fiscal year ended December 31, 2019. Net assets totaled approximately $199.9 million, or $11.38 per share at December 31, 2019, inclusive of dividends totaling $0.32 per share declared during during the fourth quarter, as compared to $11.24 per share at September 30, 2019 and $9.89 per share at December 31, 2018. “We are pleased to report a strong fourth quarter for Sutter Rock, which was driven by positive developments across our investment portfolio,” said Mark Klein, President and Chief Executive Officer of Sutter Rock. “We believe that Parchment Inc.’s successful merger with Credentials Solutions is a strong positive signal for other top names in the Sutter Rock portfolio, and we are encouraged by the fundamentals of the portfolio.” “Sutter Rock is committed to initiatives that enhance shareholder value and we believe the market is undervaluing our portfolio. Accordingly, our Board of Directors has authorized an additional $5.0 million for share repurchases, bringing our Share Repurchase Program total to $30.0 million, not including the $10.0 million Tender Offer effectuated in the fourth quarter. Given the significant discount at which our stock is trading compared to net asset value, we determined that this authorization is an efficient deployment of capital.” “Looking forward, a key area of continued focus is selectively adding new investments to our portfolio to drive long-term value for shareholders. The recent appointment of Keri Findley to Senior Managing Director and Senior Member of the Investment Committee will enhance this investment process by providing Sutter Rock with strategic guidance throughout our investment diligence and by introducing a credit-based investment strategy that will be complementary to our current equity approach. We believe that Keri’s appointment, in combination with our healthy cash balance during ongoing dislocation in global equity markets, leaves us well positioned to opportunistically execute new i...