Rand Capital Increases Cash Dividend 50% to $0.15 Per Share for First Quarter 2022
February 28 2022 - 4:30PM
Business Wire
Rand Capital Corporation (Nasdaq: RAND) (“Rand”), a business
development company providing alternative financing for lower
middle market companies, announced today that its Board of
Directors declared its regular quarterly cash dividend distribution
of $0.15 per share. This quarterly dividend represents a $0.05 per
share increase from the previous regular quarterly dividends in
2021. The cash dividend will be distributed on or about March 28,
2022, to shareholders of record as of March 14, 2022.
“This dividend increase reflects the continued transformation of
our portfolio to contain more income producing investments and
takes into account our conservative expectations of the income from
our current portfolio and our initial tax-based expense
projections,” commented, Daniel P. Penberthy, President and Chief
Executive Officer of Rand. “We have expectations of continued
growth and remain committed to delivering value to our
shareholders.”
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 income and expense projections for 2022, 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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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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