User-Friendly urges Rand stockholders to vote against East transaction
User-Friendly Phone Book announced that it has sent a letter to the stockholders of Rand notifying them that User-Friendly plans on filing with the Securities and Exchange Commission, and delivering to stockholders, its own proxy materials, which will detail User-Friendly's reasons for voting against all of the proposals to be voted upon at the special meeting of stockholders of Rand, scheduled for May 16, 2019. The letter read, in part, "I am Bruce Howard, CrEO of User-Friendly Phone Book, the largest individual stockholder of Rand Capital Corporation. User-Friendly is very concerned that Rand's proposed transaction with East Asset Management is not in the best interests of the company or its stockholders. We plan on filing a proxy statement with the Securities and Exchange Commission and will soon provide you with information regarding why User-Friendly believes that the terms of the proposed transaction with East are inadequate and not in the best interests of the company or its stockholders. User-Friendly urges you to refrain from voting until you have had an opportunity to review our proxy materials and to understand better our objections to the proposed transaction with East. You deserve the opportunity to review the information regarding why we believe the terms of the proposed transaction are inadequate and to decide for yourself what best serves your interests. Under the Stock Purchase Agreement with East, Rand has agreed to sell control of the company for $3.00 per share, or aggregate consideration of $25M n in a mix of cash and private investments. For the reasons that will be explained in detail in our proxy materials to be delivered to you shortly, we intend to vote AGAINST the proposed transaction. By now you have likely received the proxy materials and a proxy card from Rand for the Special Meeting scheduled to be held on May 16, 2019. The Rand proxy statement, among other things, is asking you to approve the proposed transaction with East. Please do NOT respond to any solicitation made by Rand's management and do NOT return a proxy card voting for the proposed transaction with East. You will soon be receiving our proxy statement and our WHITE proxy card urging you to vote AGAINST the proposed transaction with East by voting AGAINST each proposal to be voted upon at the Special Meeting. Our interests are aligned with yours-to maximize the value of our investment in Rand. "