Cornerstone Progressive Return Fund Announces the Suspension of Its Rights Offering
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 06/24/13 -- Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) announced today that the rights offering of shares of the Fund's common stock (the "Rights Offering") will be suspended until further notice.
In accordance with an undertaking made by the Fund in the Registration Statement it filed with the Securities and Exchange Commission in connection with the Rights Offering, the Fund is suspending its Rights Offering until further notice due to the Fund's net asset value having declined more than 10% from $4.74 on May 17, 2013 (the effective date of the Fund's registration statement) to $4.24 on June 21, 2013. All subscriptions and payments received by the Fund will be returned to subscribing shareholders.
The Rights Offering will be suspended until such time as the Board of Trustees of the Fund determines that market conditions and other factors make it appropriate to resume the Rights Offering. The Fund will continue to review market conditions and will make an announcement if it decides to resume the Rights Offering. There can be no assurance that the Fund will resume the Rights Offering.
Cornerstone Progressive Return Fund is a diversified, closed-end management investment company organized as an unincorporated Delaware statutory trust and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The Fund is listed on the NYSE MKT under the ticker symbol "CFP".
For further information regarding the Fund's rights offering, or to obtain a Prospectus, please contact AST Fund Solutions, LLC, the Fund's Information Agent, toll-free at (800) 581-4001. For more information regarding the Fund, please visit .
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Datum: 24.06.2013 - 16:41 Uhr
Sprache: Deutsch
News-ID 272589
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