User-Friendly urges Rand Capital shareholders to vote against East Asset deal
User-Friendly Phone Book, the largest shareholder of Rand Capital, owning 1,455,993 shares or approximately 23% of the company, committed to push for positive change at Rand on behalf of all shareholders. Upon shareholders rejecting the flawed take-over by East Asset Management, which would give away control of the company at a 41% discount to the company's net asset value, User-Friendly intends to take actions to effect significant change in Rand's board of directors, including proposing its own slate of directors and, if necessary, demanding the company to call a special meeting of shareholders for the election of directors. User-Friendly is confident that with new, qualified and independent directors, the company can perform a comprehensive review of all strategic options, leading to an outcome that yields substantially more value for Rand shareholders than the proposed transaction with East. User-Friendly continues to urge Rand shareholders to vote AGAINST Rand's proposed transaction with East using the WHITE proxy card at the special meeting of shareholders scheduled to take place on May 16. Bruce Howard, CEO of User-Friendly, said, "We believe the proposed transaction with East Asset Management transfers control of Rand at a substantial discount to Rand's true value, exploiting Rand's poor performance under its current management and board of directors. We have spoken with many Rand shareholders who share our deep concern and desperately want an alternate path in order to maximize the value of their investment. For this reason, we intend to push for meaningful change in Rand's board of directors once shareholders have rejected this takeover by East."