Rand Capital: Soars on $25 mln investment, plans to declare special dividend

Rand Capital

25/01/2019 14:12

** Investment company's shares  RAND.O  up 37.2 pct at $3.10
premarket on $25 mln investment from East Asset Management 
    ** Top pct gainer among U.S. stocks before the bell and is
on pace for its best day in at least 14 years
    ** East Asset to buy 8.3 mln RAND shares for $3, implying a
~33 pct premium to stock's last close; EAM will have ~57 pct
stake following deal 
    ** A new entity, Rand Capital Management will be established
as an external management company and be retained by Rand
Capital as its investment adviser  urn:newsml:reuters.com:*:nBwlqjFpa
    ** Rand plans to declare special dividend of an estimated
$1.50 per share in combination of cash and stock
    ** Stock had lost 17 pct of its value in 2018

 (Reporting by Amy Caren Daniel in Bengaluru)
 ((Reuters Messaging:
Amy.CarenDaniel.thomsonreuters.com@reuters.net))