UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: July 30, 2013
(Date of earliest event reported)
Rand Capital Corporation
(Exact name of registrant as specified in its charter)
NY
(State or other jurisdiction
of incorporation)
811-1825
(Commission File Number)
16-0961359
(IRS Employer
Identification Number)
2200 Rand Building, Buffalo, NY
(Address of principal executive offices)
14203
(Zip Code)
716-853-0802
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: July 30, 2013 |
RAND CAPITAL CORPORATION
By: /s/ Daniel P. Penberthy |
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Exhibit No. | Description |
99.1 | Press Release of Rand Capital Corporation dated July 30, 2013 |
BUFFALO, NY -- (Marketwired - July 30, 2013) - Rand Capital Corporation (NASDAQ: RAND)
Rand Capital Corporation ("Rand") (NASDAQ: RAND) announced strong operating results grew its June 30, 2013 net asset value to $31.9 million, or $3.93 per share, representing a $.06 per share increase from March 31, 2013.
Portfolio activity during the second quarter of 2013 included:
During the quarter Rand repurchased 115,175 of the previously approved 500,000 shares at an average price of $2.90 per share, or a 26% discount from the quarter's net asset book value of $3.93.
Rand's CFO, Daniel Penberthy, stated, "The Corporation's active treasury stock buyback program is accretive to net asset value per share and we will continue to repurchase shares when the market pricing is deemed appropriate." Rand now holds 367,973 shares in Treasury with 132,027 authorized shares remaining to be repurchased.
Allen F. Grum, President of Rand Capital, stated, "Our portfolio companies continue to produce strong operating results. Additionally, we are pursuing numerous new investments as we grow the investment portfolio of Rand Capital SBIC."
Safe Harbor Statement
Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to inherent uncertainties in predicting future results and conditions. These statements reflect the Corporation's current beliefs and are subject to a number of risk-factors, including: general economic conditions which affect Rand and our portfolio companies' operations; valuation and illiquid nature of the portfolio investments; high degree of risk from investing in private companies; the regulated environment in which we operate; the amount of debt resulting from borrowing funds from the SBA; dependency upon key management for investment decisions; and the competitive market for investment opportunities and fluctuations in quarterly results. Please see the Corporation's Form 10-Q, Item 1A, previously filed with the Securities and Exchange Commission for a detailed discussion of the risks and uncertainties associated with the Corporation's business. Except as otherwise required by Federal securities laws, Rand Capital Corporation and Rand Capital SBIC, Inc. undertakes no obligation to update or revise forward-looking statements for new events and uncertainties.
ABOUT RAND CAPITAL
Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiary provide capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND" and is headquartered in Buffalo, NY. www.randcapital.com
Investor Contact: Allen F. Grum President 716-853-0802 pgrum@randcapital.com