Rand Capital Corporation Announces $0.10 Per Share Regular Quarterly Cash Dividend for Fourth Quarter 2021 and $0.04 Per Share Supplemental Cash Dividend
December 10 2021 - 11:30AM
Business Wire
Rand Capital Corporation (Nasdaq: RAND) (“Rand” or the
“Company”), a business development company providing alternative
financing for lower middle market companies, announced today a
regular quarterly dividend of $0.10 per share.
Rand also announced a net supplemental dividend of $0.04 per
share that includes the spill over from additional taxable income
generated in 2020 and short-term gains in 2021, offset by increased
expenses related to Rand’s surrender of its SBIC license and fees
payable for capital gains.
The Company’s Board of Directors declared the combined $0.14 per
share dividend on December 10, 2021, based on the Company’s
estimated financial results for 2021. This $0.14 per share cash
dividend will be distributed on or about December 31, 2021, to
shareholders of record as of December 20, 2021.
The amount and timing of dividend distributions, including
future dividend distributions, are subject to the discretion of
Rand’s Board of Directors. When declaring distributions, Rand’s
Board of Directors reviews estimates of taxable income available
for distribution, which may differ from consolidated net income
under generally accepted accounting principles due to (i) changes
in unrealized appreciation and depreciation, (ii) temporary and
permanent differences in income and expense recognition, and (iii)
the amount of spillover income carried over from a given year for
distribution in the following year.
The final determination of taxable income for each tax year, as
well as the tax attributes for distributions in such tax year, will
be made after the close of the tax year.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: RAND) is an externally-managed business
development company (BDC). The Company’s investment objective is to
maximize total return to its shareholders with current income and
capital appreciation by focusing its debt and related equity
investments in privately-held, lower middle market companies with
committed and experienced managements in a broad variety of
industries. Rand invests in early to later stage businesses that
have sustainable, differentiated and market-proven products,
revenue of more than $2 million and a path to free cash flow or up
to $5 million in EBITDA. The Company’s investment activities are
managed by its external investment adviser, Rand Capital
Management, LLC. Additional information can be found at the
Company’s website where it regularly posts information:
https://www.randcapital.com/.
Safe Harbor Statement
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than historical facts, including but
not limited to statements regarding the strategy of the Company and
its outlook, the timing and amount of future dividend distributions
and any assumptions underlying any of the foregoing, are
forward-looking statements. Forward-looking statements concern
future circumstances and results and other statements that are not
historical facts and are sometimes identified by the words “may,”
“will,” “should,” “potential,” “intend,” “expect,” “endeavor,”
“seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,”
“believe,” “could,” “project,” “predict,” “continue,” “target” or
other similar words or expressions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. The inclusion of such statements should
not be regarded as a representation that such plans, estimates or
expectations will be achieved. Important factors that could cause
actual results to differ materially from such plans, estimates or
expectations include, among others, (1) evolving legal, regulatory
and tax regimes; (2) changes in general economic and/or industry
specific conditions; and (3) other risk factors as detailed from
time to time in Rand ’s reports filed with the Securities and
Exchange Commission (“SEC”), including Rand’s annual report on Form
10-K for the year ended December 31, 2020, quarterly reports on
Form 10-Q, and other documents filed with the SEC. Consequently,
such forward-looking statements should be regarded as Rand’s
current plans, estimates and beliefs. Except as required by
applicable law, Rand assumes no obligation to update the
forward-looking information contained in this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211210005351/en/
Company: Daniel Penberthy President and CEO Phone:
716.853.0802 Email: dpenberthy@randcapital.com Investors:
Deborah K. Pawlowski Kei Advisors LLC Phone: 716.843.3908 Email:
dpawlowski@keiadvisors.com
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