Cornerstone Progressive Return Fund Announces Completion of Rights Offering
NEW YORK, NY -- (Marketwire) -- 06/25/12 -- Cornerstone Progressive Return Fund (CFP) (the "Fund") (NYSE MKT: CFP) (NYSE Amex: CFP) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, June 22, 2012 (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 $5.08 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 $48.9 million of its shares. Additional information regarding the method for allocating shares under the over-subscription privilege may be found in the prospectus.
The subscription price is lower than the original estimated subscription price of $6.31. It is anticipated that shares will be issued on or shortly after Wednesday, June 27, 2012. Shareholders are encouraged to contact their broker regarding the specifics of their account. Newly issued shares will not be entitled to the June distribution.
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".
Contact: Cornerstone Progressive Return Fund (513) 326-3597
Source: Cornerstone Progressive Return Fund