Seeking Alpha

Firsthand Technology Fund soars after settling with activist investor

  • Under pressure from Phil Goldstein's Bulldog Investors, Kevin Lanids' Firsthand Technology Value Fund (SVVC +10.6%) agrees to repurchase up to $10M of stock in the open market this year and to tender for at least $20M of stock at up to 95% of NAV by the end of next January.
  • Bulldog agrees to withdraw its board nominees and to stop fighting to end the fund's investment management agreement.
  • Source: Press Release
  • Previous: An Open Letter from Bulldog Investors
  • Is GSV Capital (GSVC +1.5%) next? As of his January 9 letter to Firsthand, Goldstein was long that name as well.
Comments (1)
  • Stone Fox Capital
    , contributor
    Comments (5756) | Send Message
     
    GSVC should do it without pressure.
    2 May, 11:21 AM Reply Like
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