Rand Capital Announces Shareholder Election Results for Special Dividend
Rand Capital Corporation - Closed End Fund (RAND)
US:NASDAQ Investor Relations:
ir.randcapital.com
Company Research
Source: Business Wire
BUFFALO, N.Y.--(BUSINESS WIRE)--Rand Capital Corporation (Nasdaq: RAND) (“Rand” or “Rand Capital” or the “Company”), a business development company, today announced the results of shareholder elections for the special dividend of $23.7 million, or $1.62 per share, declared on March 3, 2020 in connection with the Company’s plans to elect to become a regulated investment company (“RIC”) for U.S. federal tax purposes. The total amount of the special dividend to be paid in cash is limited to 20% of the aggregate amount, or $4.7 million. The remaining $19.0 million will be paid in shares of Rand’s common stock using the volume weighted average price for Rand’s common stock for the three trading days that ended April 29, 2020, which was $2.20. As a result, total shares to be distributed will be approximately 8.6 million. Total shares outstanding following the distribution will be approximately 23.3 million.Approximately 69% of the shares outstanding elected to receive the special divide
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- RAND's page on the SEC website