Brief: Rand Capital Announces $25 Million Strategic Investment By East Asset Management And Establishment Of External Management Structure

Rand Capital

25/01/2019 11:37

Jan 25 (Reuters) - Rand Capital Corp  RAND.O :
    * RAND CAPITAL ANNOUNCES $25 MILLION STRATEGIC INVESTMENT BY
EAST
ASSET MANAGEMENT AND ESTABLISHMENT OF EXTERNAL MANAGEMENT
STRUCTURE
    * RAND CAPITAL CORP - BOARD OF DIRECTORS PLANS TO DECLARE
SPECIAL
DIVIDEND OF AN ESTIMATED $1.50 PER SHARE IN COMBINATION OF CASH
AND STOCK
    * RAND CAPITAL - EAST ASSET MANAGEMENT TO MAKE $25 MILLION
STRATEGIC INVESTMENT INTO CO FOR ABOUT 8.3 MILLION SHARES OF
RAND CAPITAL COMMON STOCK
    * RAND CAPITAL CORP - PURCHASE PRICE IS OF $3.00 PER SHARE
    * RAND CAPITAL - RAND TO EXTERNALIZE MANAGEMENT: RETAINING
CURRENT
TEAM AND CREATING A LOWER EXPENSE-TO-ASSET RATIO STRUCTURE
    * RAND CAPITAL - INTENDS TO PAY GREATER THAN 90% OF ITS
INVESTMENT
CO TAXABLE INCOME IN REGULAR CASH DIVIDENDS TO SHAREHOLDERS
    * RAND CAPITAL - RETENTION OF RCM TO EXTERNALIZE MANAGEMENT
STRUCTURE IS ALSO SUBJECT TO SHAREHOLDER APPROVAL

Source text for Eikon:  ID:nBwlqjFpa 
Further company coverage:  RAND.O 

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