The board of FirsthandTechnology Value Fund Inc., a publicly traded venture capital firm,has approved a share repurchase plan for up to $2 million worth of stock.
Calling the disconnect between the fund's current share priceand the value of the companies in its portfolio "dramatic," CEO KevinLandis said buying back the fund's own shares is one of the best investments Firsthandcan make.
The repurchase plan allows the fund to acquire its shares atcertain thresholds below its net asset value per share. Based on a closing priceof $7.40 per share as of April 26, the program allows for the repurchase of about3.5% of its outstanding common stock.
Firsthand expects the plan to be in effect until Sept. 30 oruntil the approved dollar amount has been used.