User-Friendly Phone Book, LLC Responds to Rand Capital’s (NASDAQ:RAND) April 29, 2019 Investor Presentation
May 01 2019 - 8:30AM
Business Wire
On April 29, 2019, Rand Capital Corporation (Rand)
(NASDAQ:RAND), announced that it has filed an updated investor
presentation which includes a response to User-Friendly Phone Book,
LLC’s (“User-Friendly”) belief that Rand shareholders would receive
an approximately 66% greater return than that offered by the East
Asset Management, LLC transaction simply from liquidating Rand’s
portfolio. User-Friendly’s belief is based on Rand’s own reported
Net Asset Value (“NAV”) of $4.99 as of December 31, 2018, contained
in Rand’s SEC reports, which are personally certified as accurate
by Rand’s CEO and CFO. Rand’s new statement that “likely realizable
value of assets in liquidation [are] expected to be less than $3.00
per share,” does not disclose that it is based on a “fire sale” of
Rand’s assets “being sold immediately or over a relatively short
period of time,” which User-Friendly believes is
misleading.1
User-Friendly never suggested a “fire sale” and does not believe
there needs to be a “fire sale” in order to benefit Rand
shareholders. User-Friendly believes that a competent execution of
an orderly liquidation of Rand’s assets—especially considering the
quality of Rand’s assets like ACV Auctions, Inc., Carolina Skiff
LLC, and Microcision LLC— over the necessary period of time,
whatever that may be, should result in a realized value well in
excess of $3.00 per share.
CERTAIN INFORMATION CONCERNING THE PARTICIPANT
User-Friendly Phone Book, LLC (“User-Friendly”) is the sole
participant in this solicitation. User-Friendly has filed a
preliminary proxy statement with the Securities and Exchange
Commission (“SEC”) consisting of a proxy statement and accompanying
WHITE proxy card to be used to solicit proxies to vote against the
proposed transaction with East Asset Management, LLC at the Special
Meeting of Stockholders of Rand Capital Corporation (the “Company”)
scheduled to be held on May 16, 2019.
USER-FRIENDLY STRONGLY ADVISES ALL STOCKHOLDERS OF THE
COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS
THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC’S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION,
USER-FRIENDLY WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT
CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
USER-FRIENDLY’S PROXY SOLICITOR, MACKENZIE PARTNERS, INC.,
TOLL-FREE AT (800) 322-2885 or (212) 929-5500.
As of the date hereof, User-Friendly owns 1,455,993 shares of
common stock of the Company, representing approximately 23.0% of
the issued and outstanding shares of the Company.
About User-Friendly Phone Book
Operating since 1999, User Friendly Media boasts a portfolio of
print, digital and mobile marketing solutions for small business.
The company’s product suite includes 35 print directories, User
Friendly Apps, a mobile app builder, User Friendly Mobile ads, a
platform for serving locally-targeted mobile ad impressions and
GoLocal247.com, one of the fastest growing local business directory
websites in the country.
1 Page 3 of Appendix F in Rand’s definitive proxy statement
filed April 18, 2019
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version on businesswire.com: https://www.businesswire.com/news/home/20190501005267/en/
Matthew BretziusFischTank Marketing and
PRmatt@fischtankpr.com
Rand Capital (NASDAQ:RAND)
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