Harris & Harris issues quarterly letter to shareholders

theflyonthewall.com

The letter stated, "Our priorities remain focused for 2012 and beyond. We have three priorities. First we will continue to work with our existing portfolio companies to reach positive liquidity events. Second, we are working to generate predictable and near-term income by increasing our venture debt investments and taking advantage of opportunities provided to us by our newly publicly traded positions. Third, we are working to increase our assets under management without issuing common stock. Of these priorities, the first and third create the potential to fundamentally change the return potential of Harris & Harris Group, as they give us new capital to manage and provide the spark for movement in net asset value per share (“NAV”). The second priority permits us to have more control over our future by offsetting expenses in a more predictable manner and reducing the downward pressure caused by these expenses on NAV. As we have stated previously, we believe our late-stage companies are well positioned for liquidity events between now and 2014. We believe many of our mid-stage companies could be in a position to complete transactions that create liquidity over this same time period."

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