- Frustrated by the "paradox" of company investments performing well, but said performance not being translated into a stronger NAV or share price, Harris & Harris (TINY) announces four steps to be taken immediately:
- 1) Cut net operating losses by 25-30% next year by slashing some $4M in expenses;
- 2) Return a higher portion of future realized gains to owners in the form of dividends and buybacks. The company launched a $2.5M six-month buyback plan in Q3, and to date has repurchased 418.2K shares;
- 3) Focus new investments on companies with the potential to generate near-term income;
- 4) Seek to build certain current/future portfolio companies addressing the precision health and medicine markets as majority-owned subsidiaries or controlled partner companies.
- NAV per share of $2.80 as of Sept. 30 fell from $3.34 one quarter earlier. Last night's close was $2.11.
- Source: Press Release