Rand Capital: Glass Lewis recommends investors vote for East Asset transaction
Rand Capital Corporation announced that independent proxy advisory firm, Glass Lewis, has joined Institutional Shareholder Services, in recommending that Rand's shareholders vote "FOR" the transactions related to the $25M investment by East Asset Management and the transformation of Rand at the Special Meeting of shareholders to be held on May 16, 2019. In determining that shareholders should vote in favor of the proposals supporting the transactions, Glass Lewis cited the Board's process and thorough review of strategic options. The May 6, 2019 report noted: "In sum, considering the exhaustive review conducted by the company's board, the anticipated benefits of the Transactions, and in the absence of any viable superior alternatives, GL believes that shareholders should support the Transaction by voting in favor of each of the proposals to be brought forth at this meeting." Erland "Erkie" Kailbourne, Chairman of the Board, commented, "We believe that Glass Lewis joining ISS in support of the transactions to transform Rand is a testament to the diligent effort of the board and management to provide the best available alternative for creating future value for our shareholders. We are encouraged that both firms have validated the significant time and effort that we have invested. We are reinforcing our own commitment by intending to receive the expected $1.50 Special Dividend all in stock."