Fourth Quarter Distribution and New Deemed Dividend Policy
Renaissance Capital Group
Dallas, November 13, 2006 -- Renaissance Capital Growth & Income Fund III, Inc. (RENN), a convertible closed-end fund, on November 9, 2006 announced that the Board of Directors has approved a dividend distribution of $0.10 per share. The dividend will be payable on December 1, 2006, to shareholders of record as of November 17, 2006.
With this dividend, the Fund will have paid its investors a total of $13.81 per share in cash distributions since its initial public offering in 1994 at $10.00.
The Board of Directors, after careful deliberation and the review of feedback from shareholders, has decided that it is in the best interest of the Fund and its continued growth to adopt a deemed dividend policy. By allowing the Fund to retain capital, the deemed dividend policy will enable the Fund to take advantage of future investment opportunities and allow the net asset value to grow. Thus, future cash dividends will not be made unless and until this policy is changed. A complete description of the deemed dividend program and its benefits will be sent to shareholders in the next few months.
About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end Business Development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. 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 25 businesses in various industries.
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