NEW YORK, NY--(Marketwired - Jul 3, 2013) - Cornerstone Progressive Return Fund (the "Fund") (
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 suspended its Rights Offering on June 24, 2013 due to the Fund's net asset value having declined more than 10% from $4.74 on May 17, 2013 (the last calculated net asset value prior to the effective date of May 22, 2013) to $4.24 on June 21, 2013. All terms of the Rights Offering will remain the same, except that the expiration date for the Rights Offering is extended until July 26, 2013, unless further extended. The Fund will supplement the Prospectus relating to the Rights Offering to advise shareholders of the decline in net asset value of the Fund and of the new Expiration Date. The Rights Offering will continue to be made on the same terms as described in the Prospectus (and using the same subscription documentation previously supplied to shareholders), except for the change in expiration date.
The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 8,392,975 shares of beneficial interest. Each shareholder is to be issued one right for each whole share owned on the record date, May 28, 2013.
The rights entitle shareholders to acquire one share for each three rights held. The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date and (ii) 90% of the market price per share at such time.
Shares will be issued within the 21-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.
Cornerstone Progressive Return Fund is a diversified, closed-end management company organized as an unincorporated Delaware statutory trust and is registered with the Securities & 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 (and any supplement thereto), 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 www.cornerstoneprogressivereturnfund.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Please consider the Fund's investment objective, risks and charges and expenses carefully before investing. The prospectus, which contains this and other information about the Fund, can be obtained by calling toll-free at (800) 581-4001 and should be read carefully before investing.