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October 24, 2012
15:55 EDTSVVCBulldog raises stake in Firsthand Technology Value Fund to 8.85% from 7.45%
Bulldog believes that the company's shares trade at a large discount (currently about 25%) to net asset value. They have proposed that management and the Board consider measures to address the discount including causing the company to repurchase its shares in the stock market and/or conduct a self-tender offer. Since the Company has more than $160M in cash (as of September 30), Bulldog thinks there is no better current investment for the company than buying its own shares at a sizeable discount.
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May 11, 2015
15:15 EDTSVVCFirsthand to transfer assets to new subsidiary, sees improved tax efficiency
In a regulatory filing earlier, Firsthand Technology Value Fund reported that on May 8, its board of directors approved the formation of a fully owned subsidiary of Firsthand named Firsthand Venture Investors. Firsthand will contribute substantially all of its assets to the subsidiary in return for ownership interest. The transaction is expected to finish after the close of business on June 30. Firsthand will have all or substantially all of its investment activities conducted through the subsidiary. The board believes this new structure has the potential to improve the operational and tax efficiency of Firsthand.

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