NEW YORK, NY--(Marketwired - Apr 21, 2014) - Cornerstone Progressive Return Fund (NYSE MKT: CFP) (the "Fund") announced today that it has fixed the close of business on May 1, 2014 as the record date for determination of shareholders entitled to participate in the Fund's 1-for-3 rights offering. Each shareholder will receive one non-transferable right for each share of the Fund held as of the record date. For every three rights a shareholder receives, he or she will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund may offer a 100% over-allotment to oversubscribing shareholders. Shareholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares, to the extent available.
Shares will be issued within the 22-day period immediately following the record date of the Fund's monthly distribution to shareholders. Shareholders exercising their rights to purchase shares pursuant to the offering will not be entitled to receive such distribution with respect to the shares issued pursuant to such exercise.
The offering is subject to an effective registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. Any rights offering conducted by the Fund will be made only by means of a prospectus.
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 Manager, also serves as 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 each Fund please visit www.cornerstoneprogressivereturnfund.com, www.cornerstonestrategicvaluefund.com, and www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund's investment objective, risks, charges and expenses. Please read the Fund's disclosure documents before investing.
In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund's disclosure documents, filed with the SEC, and actual trends, developments and regulations, in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.