MVC Capital Commences Tender Offer
New York, NY - November 26, 2003 - MVC Capital (NYSE: MVC) today commenced a tender offer to acquire up to twenty-five percent (25%) of its outstanding shares of common stock at a per share cash purchase price equal to ninety-five percent (95%) of net asset value per share as of December 31, 2003, the day the offer expires (or, if the offer is extended, as of the date to which the offer is extended). In the event that shares tendered exceed 25% of the shares outstanding, the number of shares purchased will be pro-rated in accordance with the number of shares tendered by each shareholder. Pursuant to Rule 13e-4(f)(3)(i) under the Securities Exchange Act of 1934, as amended, the Fund reserves the right to accept all shares tendered by persons who own, beneficially or of record, an aggregate of less than 100 shares ("odd lots") and who tender all their shares, before pro-rating shares tendered by others.
This announcement is not an offer to purchase or the solicitation of an offer to sell shares of the Fund. The tender offer will be made only by the Offer to Purchase and the related Letter of Transmittal. Shareholders should read these documents carefully when they are available to investors for free both at the web site of the Securities and Exchange Commission (www.sec.gov) and of the Fund (www.mvccapital.com). Neither the offer to purchase shares will be made to, nor tenders pursuant to the offer to purchase accepted from, or on behalf of, holders of shares in any jurisdiction in which making or accepting the offer to purchase would violate that jurisdiction's laws.
MVC Capital is a Business Development Company traded on the New York Stock Exchange. For additional information about MVC, please contact Kim Levy or Keil Decker at 212-687-8080.