CHARLOTTE, N.C., April 25, 2018 (GLOBE NEWSWIRE) -- The Board of Trustees of Barings Participation Investors (the "Trust") met on April 25, 2018. The Trust also conducted its 2018 Annual Meeting of Shareholders and a Special Meeting of Shareholders.
The Trust’s Trustees determined that the Trust’s March 31, 2018 net asset value ("NAV") is $145,920,470 or $13.93 per share based on 10,476,416 shares outstanding. The Trust's March 31, 2017 NAV was $141,119,693 or $13.56 per share based on 10,404,497 shares outstanding. The Trust reported a NAV of $145,480,065 or $13.91 per share as of December 31, 2017, based on 10,458,065 shares outstanding. All figures other than December 31, 2017 figures are unaudited.
The Trust’s net investment income for the quarter ended March 31, 2018 was $2,738,516 or $0.26 per share, compared to $2,977,417 or $0.29 per share, of which approximately $405,470 or $0.04 per share represented income due to nonrecurring items for the quarter ended March 31, 2017. For the previous year ended December 31, 2017, net investment income was $11,437,868 or $1.09 per share, of which approximately $1,342,134 or $0.13 per share represented income due to nonrecurring items.
The Trust declared a quarterly dividend of 27 cents per share payable on May 18, 2018 to shareholders of record on May 7, 2018. The Trust had previously paid a 27 cent-per-share dividend for the preceding quarter. The Board of Trustees also approved the continuance of the Trust’s current Investment Advisory and Administrative Services Contract with Barings LLC.
During the quarter ended March 31, 2018 net capital gains of 2,314,375 or $0.22 per share were realized by the Trust, compared to net capital gains of $333,072 or $0.03 per share for the quarter ended March 31, 2017. For the previous quarter ended December 31, 2017, net capital losses were $1,991,982 or $0.19 per share.
At the Annual Meeting, shareholders elected Edward P. Grace III and Clifford M. Noreen as Trustees for three-year terms.
At the Special Meeting, shareholders voted to adjourn the Special Meeting with respect to the proposals to eliminate the fundamental investment restriction concerning MPV’s maximum level of investment in non-investment grade securities and to eliminate the fundamental investment restriction prohibiting investment by MPV in debt securities rated below B, or determined by Barings LLC to be of a comparable quality, at the time of acquisition to permit further solicitation of proxies on the proposals. Only shareholders of record on February 28, 2018 will be entitled to vote at the reconvened Special Meeting to be held on May 8, 2018 at 3:00 p.m. in Charlotte, NC.
The market price of Barings Participation Investors as of March 31, 2018 was $14.70, which equates to a 5.53% premium over the March 31, 2018 NAV per share. The Trust’s average quarter-end premium for the 3, 5 and 10-year periods was 2.80%, 2.07% and 6.17%, respectively.
Barings Participation Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol ("MPV").
Per share amounts are rounded to the nearest cent.
Cautionary Notice: Certain statements contained in this press release may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.
The name Barings Participation Investors is the designation of the Trustees under a Declaration of Trust dated April 7, 1988, as amended from time to time. The name Barings Corporate Investors is the designation of the Trustees under a Declaration of Trust dated September 13, 1985, as amended from time to time. The obligations of such Trusts are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trusts Individually, but the Trusts’ assets and property only shall be bound.
About Barings
Barings is a $305+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries. Learn more at www.barings.com.
*As of March 31, 2018
Contact:
Brian Whelan, Barings, 704.805.7244, brian.whelan@barings.com
18-477231