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Equus Total Return shareholders authorize BDC election withdrawal again

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Equus Total Return shareholders authorize BDC election withdrawal again

Equus Total Return Inc. shareholders authorized the board again to withdraw the company's election to be classified as a business development company.

The authorization will expire Aug. 31.

This is the third time shareholders granted the authorization. Authorizations given Jan. 6, 2017, and Aug. 25, 2017, have both expired. The authorization is a result of the company's reorganization plan in 2014. As part of that plan, Equus intended to acquire or merge with an operating company.

The company said it will not withdraw or terminate its business development company election until it enters a definitive agreement to acquire another company. It added that its board and management have been reviewing potential transactions but gave no assurance that it will be able to complete a consolidation before the Aug. 31 expiry date.