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WOODSIDE, Calif., May 8, 2014 (GLOBE NEWSWIRE) --
GSV Capital Corp. ("GSV") (Nasdaq:GSVC), today announced financial results for the first quarter ended March 31, 2014.
"I'm pleased to report that despite a tumultuous period in the market for growth companies, our NAV was flat for the 1st Quarter ending March 31st, at $14.91, as compared to $14.91 on December 31, 2013," said Michael Moe, GSV's founder and CEO. "While our largest position Twitter's fair value declined $22.1 million for the quarter, it was offset by positive gains in positions such as Dropbox, Palantir, and 2U.
"Overall, the fundamentals of our portfolio are very strong with an estimated average revenue growth rate of over 90% year over year. Moreover, in the 1st Quarter we sold Facebook and Control4 shares, resulting in net realized gains of $7.9 million. Our fourth largest position 2U successfully completed an IPO on March 28, raising $104 million."
Given the material discount between the share price and NAV, GSV Capital's Board of Directors has authorized a share repurchase program of GSVC stock of up to $10 million over the next 12 months. Under the repurchase program, the Company may repurchase its outstanding common stock in the open market provided that the Company complies with the prohibitions under its Insider Trading polices and procedures and the guidelines specified in Rule 10-B-18 of the Securities Exchange Act of 1934.
GSV management anticipates liquidating its publicly held investments within one year of the expiration of the IPO lock-up.
As GSV's portfolio matures and realizes a cumulative net gain, GSV intends to distribute a portion of such gains to shareholders in the form of a distribution.
Additionally, in conjunction with our annual shareholders meeting, we will be hosting an investors day on Wednesday, June 4
th from 1-5pm PDT, at nestGSV in Redwood City, California.
Portfolio as of March 31, 2014
At March 31, 2014, the Company owns positions in 52 portfolio companies at an aggregate fair value of $368.0 million. Of GSV's 52 portfolio companies, the top 10 investments represented 80.5% of net asset value, and the top three investments represented 51.4% of net asset value.
Top Ten Investments at March 31, 2014
$ in millions
% of Net Asset Value
Palantir Technologies, Inc.
Avenues Global Holdings, LLC
Net assets totaled $288.0 million or $14.91 per share at March 31, 2014, as compared to $14.91 per share at December 31, 2013, and $12.69 per share at March 31, 2013.