Shareholder Proposal to Terminate SVVC’s Investment Management Agreements

New York City, New York Mar 10, 2022 (Issuewire.com) – Donald R Chambers has submitted a proposal for the termination of Firsthand Technology Value Fund’s (SVVC’s) investment advisory and management agreements with Firsthand Capital Management, Inc. Chambers submitted the proposal for consideration at SVVC’s next shareholder meeting.

Chambers noted that “ISS (Institutional Shareholder Services) has issued a scathing analysis of SVVC’s governance and opined that support for governance changes at SVVC was warranted.”

SVVC’s stock price has been trading recently at roughly a 75% discount from its NAV. Chambers believes that “…the enormous discount is attributable to high fees and poor investment management.”

Two years ago Chambers submitted a proposal that was approved by SVVC shareholders.  That proposal called for SVVC to  “…pursue any and all measures to enhance shareholder value including (1) orderly termination of the fund, (2) orderly liquidation of SVVC assets with the distribution of available cash to shareholders, (3) tender offers for SVVC shares using available cash from any and all investment exits, (4) merger of the fund into an entity offering shareholder exits near NAV (net asset value), or (5) other measures likely to allow shareholders to exit SVVC near its NAV.”