MVC Capital Inc. on Oct. 11 entered into a Rule 10b5-1 stock repurchase plan.
According to the 10b5-1 plan, an independent broker will purchase MVC Capital common shares on behalf of the company on the open market.
The maximum total purchase price for the shares is $10 million minus the purchase price for any shares purchased by MVC Capital between Sept. 18 and Oct. 11 and minus the purchase price for any shares purchased by MVC Capital pursuant to any tender offer completed after the effective date.
The repurchase plan will start at the effective date and will end when the company purchases the maximum number of shares under the plan. The company also has the right to terminate the 10b5-1 plan if it initiates a share tender offer pursuant to Rule 13e-4.