HOUSTON, Nov. 19, 2019 -- Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Company”) today announced that its shareholders have authorized the Company’s Board of Directors.

Net asset value per share decreased to $3.40 as of December 31, 2019 from $3.63 as of September 30, 2019. The Fund established Equus Energy, LLC (“Equus Energy”) as a wholly-owned subsidiary in 2011 to be used as a platform for energy-related investments, with particular emphasis on oil and gas enterprises. Equus Energy owns various working interests, which are presently derived from 141 producing and non-producing oil and gas wells, including associated development rights of approximately 21,520 acres, situated on 11 separate properties in Texas and Oklahoma.

Net asset value per share increased to $3.55 as of June 30, 2019 from $3.44 as of March 31, 2019. Increase in Value of PalletOne. Equus holds an 18.7% fully-diluted share interest in PalletOne, Inc. (“PalletOne”) one of the nation’s largest wooden pallet manufacturers and a major supplier of treated lumber in the southeastern United States.

Net asset value per share decreased to $2.88 as of March 31, 2020 from $3.40 as of December 31, 2019. The Fund received advice and assistance from a third-party valuation firm to support its determination of the fair value of this investment (see A Note About the Coronavirus and Other Events below).

Net asset value per share increased to $3.63 as of September 30, 2019 from $3.55 as of June 30, 2019. The overall increase in net asset value during the third quarter of 2019 was principally due to an increase in the value of the Fund’s shareholding in PalletOne, Inc. (“PalletOne”). Equus holds an 18.7% fully-diluted share interest in PalletOne, Inc. (“PalletOne”) one of the nation’s largest wooden pallet manufacturers and a major supplier of treated lumber in the southeastern United States.

Holders of 83.09% of the Company’s outstanding shares were present in person or represented by proxy at the Annual Meeting. The shareholders also overwhelmingly approved the appointment of BDO as the Company’s independent accountants for fiscal year 2020, with 11.0 million votes cast in favor the appointment, 0.2 million votes against, and 0.003 million votes abstaining. With respect to a non-binding vote regarding compensation paid to the Company’s named executive officers in 2019, approximately 8.8 million votes were cast in favor, 0.5 million votes against, and 0.006 million votes abstaining.