User-Friendly urges Rand stockholders to vote against East transaction
User-Friendly Phone Book, the largest shareholder of Rand Capital Corporation owning 1,455,993 shares or 23.0% of the Company, announced that it had filed its definitive proxy and an open letter to fellow shareholders urging them to vote AGAINST the proposed transaction with East Asset Management, using the WHITE proxy card at the special meeting of shareholders scheduled to take place on May 16, 2019. User-Friendly said, "As presented in the letter, the transaction proposed by Rand management would sell a majority of the Company at a grossly inadequate price relative to the Company's net asset value, transferring control and over $7.8 million in wealth from Rand shareholders to the owners of East immediately upon closing of the transaction. Further, if the Board proceeds with the Transaction and declares the proposed special dividend, it will cost current shareholders even more, both in terms of dilution and potential out-of-pocket tax expenses...User-Friendly strongly believes Rand shareholders should not be asked to give up control of their Company at a significant, 41% discount to its NAV. It urges fellow shareholders to vote AGAINST all proposals on the WHITE proxy card and to discard any card they have received from the Company."