A Minnesota-based micro cap saw its shares pop early in Monday’s session after the company announced that its board of directors had declared a cash dividend of $0.10 per share on its outstanding common stock. Douglas M. Polinsky, CEO of Mill City Ventures III Ltd (OTCQB:MCVT) went on to say that their “lending business has continued to grow providing for a record setting-year with respect to both revenues and profits. Because of this performance we are thrilled to reward our patient stockholders with a cash dividend to help provide a return on investment for our record year. We continue to search out additional ways to bring value to our investors."
Mill City Ventures III Ltd is a business development company. The company is focused on investing in or lending to privately and small-capitalization public companies. Its objective is to obtain returns from investments in securities and other investment opportunities available to business development companies. It intends to invest capital in portfolio companies for purposes of financing acquisitions, recapitalizations, buyouts, organic growth and working capital.
Traders were bullish on the news as shares quickly traded up to an early session high of $3.90/share (+11.43%) following the announcement. This move is a glimmer of hope for long-term shareholders that have been riding the multi-month downtrend.
