Business News • MarketWire • Cornerstone Progressive Return Fund Announces Record Date for Rights Offering |
Cornerstone Progressive Return Fund Announces Record Date for Rights Offering |
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Cornerstone Progressive Return Fund Announces Record Date for Rights Offering
JERICHO, NY--(Marketwire - March 21, 2011) - Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund") announced today that it has fixed the close of business on April 1, 2011 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 held as of the record date. For every three rights a common shareholder receives, they will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 102% 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 will offer a 100% over-allotment to oversubscrib
View More : http://www.marketwire.com/mw/release.do?id=1415002&sourceType=3
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