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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tucows Inc | NASDAQ:TCX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.53% | 18.97 | 17.37 | 85.00 | 19.05 | 18.42 | 19.05 | 16,416 | 01:00:00 |
The following are Mr. Ralls observations based on his investment experience and facts from SVVC’s public filings:
1. | SVVC’s performance has been abysmal and is even more alarming given that it occurred during one of the biggest bull markets in recent history. | |||||
2. | As illustrated in SVVC’s recent Form 10-K, a $10,000 investment in SVVC stock at its inception on April 18, 2011 would be down 78% in value and worth just $2,190 on December 31, 2020, while investments in the broader markets like the SP500 and Nasdaq are up 350-500% over the same period. According to cfainstitute.org data, venture capital fund returns are even higher. | |||||
3. | Yet according to SVVC’s annual 10-K filings, Mr. Landis’ company, Firsthand Capital Management, has been paid over $33.8M in advisory fees over the last 10 years, while the Fund has suffered losses of well over $100M in total assets from its peak in 2014. | |||||
4. | Mr. Landis’ investment selection and stewardship has been dreadful with an intolerable number of his substantial investments resulting in “ZEROS.” Below are a few examples: | |||||
Investment | Total Investment | Investment Duration | Year Written Down to Zero | |||
QMAT | $20.7M | ~7 years | 2019 | |||
Telepathy | $7.95M | ~ 5 years | 2019 | |||
Aliphcom | $10.1M | ~ 4 years | 2017 | |||
VuFine | $5M | ~ 4 years | 2019 | |||
Total | $43.75M | |||||
5. | The current portfolio holdings performance has also been dismal. Below are the top portfolio positions using year-end valuations vs. total invested capital as of December 31, 2020 (Form 10-K). | |||||
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The only real winner in the current portfolio, Pivotal Systems, looks to have been Firsthand’s ‘source of funds’ over the last year or longer. Mr. Landis has been selling this winner so he can re-invest in the portfolio’s losers. One year ago, the Fund owned 45M shares of Pivotal Systems vs. the 31M shares owned as of December 31, 2020. Mr. Landis has a long history of selling his winners to prop up his losers (the portfolio once included FB, NFLX, NUTX, ROKU, TWTR and WKDY).
In summary, the portfolio’s long-term results strongly confirm that Mr. Landis and his firm’s management contract should be terminated. The the current board should easily be able to manage the portfolio in the interim while seeking an alternative management solution, and Mr. Ralls is willing to volunteer his time, resources and experience to assist with this process at no cost to SVVC stockholders.
Mr. Ralls has over 30 years experience in the investment community, including an eight-year career at Goldman Sachs and as co-founder of two investment funds, Precept Capital Management and Lacuna Capital LLC. He is currently a director on six company boards, including one public (Tucows, Inc. Nasdaq: TCX) and five private companies in the software and technology space. Mr. Ralls has been on numerous other company boards, raised considerable investment capital and advised many public and private company management teams.
Mr. Ralls graduated from the University of Arkansas in 1984 and received an MBA from Southern Methodist University.
IMPORTANT INFORMATION CONCERNING THIS COMMUNICATIONThis press release is being issued pursuant to Rule 14a-2(b)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy. I am not asking for your proxy card and will not accept proxy cards if sent. The cost of this communication is being borne entirely by Rawleigh Ralls.
Contact:Rawleigh Rallsrallsrawleigh@gmail.com
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