American Capital Announces Open Market Purchase Of About 13.4 Mln Of Its Shares

(RTTNews) - American Capital, Ltd. (ACAS) announced that in the third quarter of 2013, it made open market purchases of about 13.4 million shares of American Capital common stock, or 4.6% of the company's outstanding shares as of June 30, 2013.

The shares were purchased at an average price of $13.11 per share, totaling approximately $175.5 million, the company said.

American Capital stated that, starting in the third quarter of 2011, the company has made open market purchases of 83.8 million shares, or 24.3% of the company's outstanding shares as of June 30, 2011, at an average price of $11.02 per share, totaling $923.9 million.

Purchases starting in the third quarter of 2011 through June 2013 were $1.40 per share accretive to the company's $19.28 net asset value per share or NAV as of June 30, 2013. Had these shares not been repurchased, American Capital would have had to earn an additional $405 million during that eight quarter period to have produced the same NAV per share, the company noted.