Breaking News Instant updates and real-time market news.

RAND

Rand Capital

$2.81

(0.00%)

08:34
05/09/19
05/09
08:34
05/09/19
08:34

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."

  • 16

    May

RAND Rand Capital
$2.81

(0.00%)

05/06/19
05/06/19
NO CHANGE

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. The letter read in part, "We are leading an initiative to stop Rand from giving away control the Company in the proposed transaction with East Asset Management for far too little money. If the Board proceeds with the East transaction and declares the proposed dividend, it will COST YOU MONEY and ownership, as we describe below. The cash limitation on the Special Dividend could require you to pay your resulting tax with YOUR OWN money. The Special Dividend also will further dilute your ownership in Rand...We are extremely disappointed that Rand's board of directors has chosen to move forward with such a transaction and we urge you to VOTE AGAINST all of the proposals to be voted upon at the Special Meeting because we believe the transaction is bad for shareholders for the following reasons: INADEQUATE PRICE: East's $3.00 per share acquisition price represents an approximately 41% discount to the Company's stated net asset value of $5.06 per share as of March 31, 2019. This is in spite of the fact that East will gain a controlling interest, for which acquirers typically must pay a premium. GREATER RETURN UPON LIQUIDATION: put another way, Rand shareholders would receive an approximately 69% greater return, relative to East's $3.00 per share acquisition price, if Rand simply sold off its assets for their NAV of $5.06 per share, as recent transactions by the Company prove can be done. SUBSTANTIAL DILUTION: current shareholders' investment in Rand will be diluted by approximately 24% as a result of the East transaction, reducing the NAV per share by $1.24 to $3.82 per share. At the same time, East will see the NAV of their investment increase 82 cents per share, or 27%. This significant transfer of wealth from current shareholders to East has been approved by Rand management. POTENTIAL TAX CONSEQUENCES: there is no assurance that Rand will declare the Special Dividend, and if it does declare the Special Dividend, the Special Dividend may not include sufficient cash to provide shareholders with the ability to fully satisfy the resulting tax obligation. CONFLICTS OF INTEREST: the Adviser's fee structure under the proposed Investment Management Agreement misaligns the interests of the Adviser and the Company's shareholders. QUESTIONABLE VALUATIONS: there is no credible support that the value of the assets to be contributed by East, which comprise 52.4% of the aggregate consideration to be received by Rand, have been accurately measured. Please remember, you are not getting paid anything for your shares if the transaction is approved, but you will be selling control of the Company...As outlined above, our opinion is clear that the proposed transaction gives away control of the Company without getting paid adequately, shareholders are not being compensated adequately and the East transaction is not in the best interests of shareholders and should not be approved at the Special Meeting. We are disappointed that Rand's management and Board have chosen to move forward with such an inadequate transaction. It appears to us that the Board abrogated its duty to Rand's shareholders by agreeing to a deal that is favorable to East at the expense of the current shareholders.

TODAY'S FREE FLY STORIES

GE

General Electric

$10.04

-0.2 (-1.95%)

21:05
06/17/19
06/17
21:05
06/17/19
21:05
Periodicals
General Electric to cut another 450 jobs in Switzerland, Reuters says »

General Electric will lay…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

AJG

Arthur J. Gallagher

$86.25

-1.52 (-1.73%)

20:00
06/17/19
06/17
20:00
06/17/19
20:00
Hot Stocks
Arthur J. Gallagher acquires P2 Group, terms not stated »

Arthur J. Gallagher &…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 19

    Jun

  • 20

    Jun

AGLNF

AGL Energy

$0.00

(0.00%)

19:28
06/17/19
06/17
19:28
06/17/19
19:28
Upgrade
AGL Energy rating change at Macquarie »

AGL Energy upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SPWR

SunPower

$8.27

0.03 (0.36%)

, RUN

Sunrun

$17.09

0.64 (3.89%)

19:02
06/17/19
06/17
19:02
06/17/19
19:02
Upgrade
SunPower, Sunrun, SolarEdge rating change at Goldman Sachs »

SunPower, Sunrun upgraded…

SPWR

SunPower

$8.27

0.03 (0.36%)

RUN

Sunrun

$17.09

0.64 (3.89%)

SEDG

SolarEdge

$56.58

0.09 (0.16%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

MGI

MoneyGram

$1.44

-0.06 (-4.00%)

, PHAS

PhaseBio

$12.25

0.74 (6.43%)

18:48
06/17/19
06/17
18:48
06/17/19
18:48
Hot Stocks
Fly Intel: After Hours Movers »

HIGHER: MoneyGram (MGI)…

MGI

MoneyGram

$1.44

-0.06 (-4.00%)

PHAS

PhaseBio

$12.25

0.74 (6.43%)

SPWR

SunPower

$8.27

0.03 (0.36%)

RUN

Sunrun

$17.09

0.64 (3.89%)

STLD

Steel Dynamics

$26.23

-0.19 (-0.72%)

BHVN

Biohaven Pharmaceutical

$57.33

-5.63 (-8.94%)

RMTI

Rockwell Medical

$4.39

0.2 (4.77%)

CALA

Calithera Biosciences

$5.87

0.64 (12.24%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Jun

  • 27

    Jun

  • 27

    Jun

  • 18

    Jun

  • 19

    Jun

AAPL

Apple

$193.90

1.06 (0.55%)

18:44
06/17/19
06/17
18:44
06/17/19
18:44
Periodicals
Apple's tvOS 13 beta 2 includes Picture-in-Picture support, 9to5Mac reports »

Apple's tvOS 13 beta…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SEDG

SolarEdge

$56.58

0.09 (0.16%)

18:33
06/17/19
06/17
18:33
06/17/19
18:33
Upgrade
SolarEdge rating change at Goldman Sachs »

SolarEdge upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

RUN

Sunrun

$17.09

0.64 (3.89%)

18:33
06/17/19
06/17
18:33
06/17/19
18:33
Upgrade
Sunrun rating change at Goldman Sachs »

Sunrun upgraded to Buy…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SPWR

SunPower

$8.27

0.03 (0.36%)

18:33
06/17/19
06/17
18:33
06/17/19
18:33
Upgrade
SunPower rating change at Goldman Sachs »

SunPower upgraded to Buy…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BLSFY

Bluescope Steel

$0.00

(0.00%)

18:32
06/17/19
06/17
18:32
06/17/19
18:32
Hot Stocks
Bluescope Steel cuts FY19 EBIT growth view to up 6% from up 10% »

BlueScope announced that…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

IFF

International Flavors

$147.54

-1.25 (-0.84%)

18:24
06/17/19
06/17
18:24
06/17/19
18:24
Hot Stocks
International Flavors CEO: We have planned for Brexit and China is benign for us »

In an interview on…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

VZ

Verizon

$57.63

-0.65 (-1.12%)

18:24
06/17/19
06/17
18:24
06/17/19
18:24
Periodicals
Senator aims to bar Huawei from seeking damages in patent courts, Reuters says »

U.S. Senator Marco Rubio…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Jun

  • 20

    Jun

  • 26

    Jun

  • 27

    Jun

  • 09

    Jul

  • 01

    Aug

BHVN

Biohaven Pharmaceutical

$57.33

-5.63 (-8.94%)

18:12
06/17/19
06/17
18:12
06/17/19
18:12
Hot Stocks
Breaking Hot Stocks news story on Biohaven Pharmaceutical »

Biohaven Pharmaceutical…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

DISH

Dish

$39.00

1.46 (3.89%)

18:04
06/17/19
06/17
18:04
06/17/19
18:04
Hot Stocks
Dish launches OnTech Smart Services »

Dish announced the launch…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

T

AT&T

$32.30

-0.06 (-0.19%)

18:03
06/17/19
06/17
18:03
06/17/19
18:03
Hot Stocks
AT&T wins 24 GHz spectrum following FCC Auction 102 »

AT&T is the winning…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 24

    Jul

BHVN

Biohaven Pharmaceutical

$57.33

-5.63 (-8.94%)

18:02
06/17/19
06/17
18:02
06/17/19
18:02
Syndicate
Biohaven Pharmaceutical offers to sell $300M in common stock »

Goldman Sachs & Co.…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

VSM

Versum Materials

$51.42

0.01 (0.02%)

, MKGAY

Merck KGaA

$0.00

(0.00%)

18:01
06/17/19
06/17
18:01
06/17/19
18:01
Hot Stocks
Versum Materials shareholders approve merger with Merck KGaA »

Versum Materials (VSM)…

VSM

Versum Materials

$51.42

0.01 (0.02%)

MKGAY

Merck KGaA

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 17

    Jun

VLO

Valero

$76.93

0.19 (0.25%)

18:00
06/17/19
06/17
18:00
06/17/19
18:00
Periodicals
Valero restarting Port Arthur, Texas refinery hydrocracker, Reuters says »

Valero is restarting the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 25

    Jul

VLO

Valero

$76.93

0.19 (0.25%)

17:59
06/17/19
06/17
17:59
06/17/19
17:59
Periodicals
Valero restarting Meraux, Louisiana refinery hydrocracker, Reuters says »

Valero is restarting the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 25

    Jul

MGI

MoneyGram

$1.44

-0.06 (-4.00%)

17:44
06/17/19
06/17
17:44
06/17/19
17:44
Hot Stocks
MoneyGram spikes almost 140% after blockchain company Ripple investment »

Money transfer company…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Jun

JKS

JinkoSolar

$22.59

-2.08 (-8.43%)

17:37
06/17/19
06/17
17:37
06/17/19
17:37
Downgrade
JinkoSolar rating change at UBS »

JinkoSolar downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    Jun

FCEL

FuelCell

$0.33

-0.0231 (-6.56%)

17:26
06/17/19
06/17
17:26
06/17/19
17:26
Earnings
FuelCell reports Q2 ($2.06), consensus ($2.24) »

Reports Q2 revenue $9.2M,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

RMTI

Rockwell Medical

$4.39

0.2 (4.77%)

17:25
06/17/19
06/17
17:25
06/17/19
17:25
Hot Stocks
Breaking Hot Stocks news story on Rockwell Medical »

Rockwell Medical down 21%…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 18

    Jun

VRS

Verso

$17.91

-0.24 (-1.32%)

17:21
06/17/19
06/17
17:21
06/17/19
17:21
Hot Stocks
Verso adopts limited duration stockholder rights plan »

Verso announced that its…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CHVKF

China Vanke Co

$0.00

(0.00%)

17:19
06/17/19
06/17
17:19
06/17/19
17:19
Downgrade
China Vanke Co rating change at Morgan Stanley »

China Vanke Co downgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.