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 approximately 23.0% of the Company, highlighted the fact that a leading independent proxy advisory firm, Institutional Shareholder Services recommended in 2017 that Rand shareholders vote against all of the current directors of the company. User-Friendly is urging Rand shareholders to vote AGAINST Rand's 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. In the 2017 report, ISS's takeaway was: "The board unilaterally amended the company bylaws which, among other things, removed the shareholder right to call a special meeting and to remove a director with or without a cause." Bruce Howard, Chief Executive Officer of User-Friendly, said, "On the heels of such a damning recommendation from ISS, Rand, after diminishing shareholder rights and democracy, entered into a transaction that gives away control of the company at a severe discount to net asset value. We believe this is a sweetheart deal for East Asset Management and a disaster for Rand shareholders. In our view, the only available option for shareholders is to vote against the East transaction and demand a full review of strategic alternatives that could result in a better and fairer transaction with East or another party, or the full liquidation of the Rand portfolio."