NEW YORK (TheStreet) --Shares of Firsthand Technology Value Fund Inc. (SVVC) are higher 10.25% to $21.58 on Friday after the investment company announced it has settled its proxy contest with Bulldog Investors LLC, the fund's largest shareholder group.
Under the terms of the settlement Firsthand has agreed to a $10 million common stock repurchase plan and to conduct a self-tender offer for at least $20 million worth of common stock to be completed by January 31, 2015.
As part of the agreement Bulldog Investors will withdraw its two nominees running for Firsthand's board of directors.
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TheStreet Ratings team rates FIRSTHAND TECHNOLOGY VALU FD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FIRSTHAND TECHNOLOGY VALU FD (SVVC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, compelling growth in net income, increase in stock price during the past year and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company shows weak operating cash flow."