NEW YORK, NY--(Marketwired - Jun 2, 2014) - Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, May 30, 2014 (the "Offering"). The offering was over-subscribed. Under the terms of the Offering, record date shareholders were entitled to purchase one newly issued share of beneficial interest of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $4.61 which, under the terms of the prospectus, was equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 90% of the market price per share at such time.
Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately $118.9 million of its shares.
The subscription price is lower than the original estimated subscription price of $4.77. Under the prospectus, any excess payment received from a shareholder will, unless otherwise indicated on the subscription certificate received from such shareholder, be applied towards the purchase of unsubscribed shares. It is anticipated that shares will be issued on or about Friday, June 6, 2014. Shareholders are encouraged to contact their broker regarding the specifics of their account. Newly-issued shares will be entitled to the Fund's distribution to stockholders for the month of June.
Cornerstone Progressive Return Fund is a closed-end, diversified management investment company and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended.
Cornerstone Progressive Return Fund is traded on the NYSE MKT LLC under the trading symbol "CFP". Cornerstone Advisors, Inc., the Fund's investment adviser, also serves as the investment adviser to two other closed-end funds, Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM) and Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF) For more information regarding Cornerstone Progressive Return Fund, Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. please visit www.cornerstoneprogressivereturnfund.com, www.cornerstonestrategicvaluefund.com, and www.cornerstonetotalreturnfund.com.