By a News Reporter-Staff News Editor at Computer Weekly News -- BDCA Venture, Inc., a closed-end fund that has elected to be regulated as a business development company under the Investment Company Act of 1940 and formerly known as Keating Capital, Inc. ("BDCA Venture") (Nasdaq: BDCV), announced operating and financial results for the three months ended June 30, 2014. Management Commentary "Despite the fact that 31% of our $71.6 million of net assets as of June 30, 2014 consisted of either cash ($9.8 million, 14%) or publicly traded securities ($11.9 million, 17%), our quarter-end stock price of $5.91 reflected a 19% discount to the net asset value of $7.32," stated Timothy J. Keating, CEO of BDCA Venture, Inc. "Based on our current discount to NAV, our Board of Directors has been, and will continue to be, committed to instituting programs and policies designed to narrow, or ideally eliminate, any discount to NAV. In light of the stock price discount to our NAV of 19% as of June 30, 2014, our Board of Directors has authorized management to assess various programs and policies, and recommend a plan to address this discount. Such plan may include repurchases of our common stock up to $5 million," added Mr. Keating. Second Quarter 2014 Portfolio Activity and Analysis Portfolio Company IPO TrueCar, Inc., a portfolio company, completed the pricing of its initial public offering of 7,775,000 shares of common stock at a price to the public of $9.00 per share on May 15, 2014. The shares began trading on the Nasdaq Global Select Market under the ticker symbol "TRUE" on May 16, 2014.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. Cowen & Company, LLC and JMP Securities, LLC acted as co-managers for the offering.
Founded in 2005 and based in Santa Monica, California, TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing info, a guaranteed savings certificate, and a connection to a trusted TrueCar Certified Dealer to seamlessly complete the car purchase.
On September 26, 2011, BDCA Venture purchased 377,358 shares of TrueCar's common stock for $7.95 per share (after giving effect for a two-for-three reverse stock split before the IPO), for a total investment of $3 million. Based on a closing stock price of $14.78 as of June 30, 2014, TrueCar's common stock had a value of approximately $5.0 million, after giving effect to a 10% discount for lack of marketability, representing 1.7x our initial investment cost. New Portfolio Company Investment On May 16, 2014, BDCA Venture completed a $3 million Series E convertible preferred stock investment in Centrify Corporation.
Founded in 2004, and headquartered in Santa Clara, California, Centrify provides identity management software that allows users to access data center, cloud, and mobile devices and applications with a single sign-on. According to Centrify, more than 5,000 customers, including approximately half of the Fortune 50 companies, have deployed Centrify's software to unify their identity infrastructures and improve network security.
Keywords for this news article include: Software, BDCA Venture Inc..
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