Name and Fund Structure Changes
Renaissance Capital Group
Dallas, TX. May 20, 2009 -- On Friday, May 15, 2009, at the Annual Shareholders Meeting, a majority of the shareholders approved restructuring the Fund by changing from a Business Development Company to a registered non-diversified closed-end fund. Additionally, the name of the Fund was changed to RENN Global Entrepreneurs Fund, Inc. The symbol will remain the same (NYSE-AMEX:RCG). The core investment strategy of investing in growing entrepreneurially-managed companies will remain the same. Switching to a registered non-diversified closed-end fund will give more flexibility to invest in open market purchases including Chinese and other foreign corporations traded in the United States.
RENN Global Entrepreneurs Fund, Inc. was incorporated in 1994 as a Business Development Company with an offering price of $10.00 per share and began publicly trading in 1996. Beginning with $39 million in net capital, the Fund has distributed $83.4 million in cash and deemed dividends ($68.9 million after consideration of taxes and the amounts retained from the deemed dividends). On a per-share basis, this would be $19.19 and $15.95 on gross and net bases, respectively. If RENN had retained these dividends, the NAV per share would now be $20.13 ($4.18 as of May 15, 2009 plus $15.95).
About RENN Global Entrepreneurs Fund, Inc.
RENN Global Entrepreneurs Fund, Inc. will be a registered non-diversified closed-end fund concentrating on investing in emerging publicly-traded growth companies. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund's current portfolio consists of investments in 30 businesses in various industries.
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