Cornerstone Total Return Fund, Inc. Announces Record Date for Rights Offering and Change in August 2017 Distribution Record D...
July 07 2017 - 05:14PM
Cornerstone Total Return Fund, Inc. (NYSE MKT:CRF) (the “Fund”)
announced today that it has fixed the close of business on July 17,
2017 as the record date for determination of stockholders entitled
to participate in the Fund’s 1-for-3 rights offering. Each
stockholder will receive one non-transferable right for each share
of the Fund held as of the record date. For every three
rights a stockholder 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 stockholders.
Stockholders 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 15-day period
immediately following the record date of the Fund’s August 2017
monthly distribution to stockholders. Stockholders 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.
Related to the timing of the rights offering,
the August 2017 monthly distribution record date has been changed
to August 18, 2017. The payable date of August 31, 2017 and the per
share amounts previously reported are unchanged.
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 Total Return Fund, Inc. is a
closed-end, diversified management investment company and is
registered with the U.S. Securities & Exchange Commission
(“SEC”) under the Investment Company Act of 1940, as amended.
Cornerstone Total Return Fund, Inc. is traded on
the NYSE MKT LLC under the trading symbol “CRF”. The Fund’s
investment adviser is Cornerstone Advisors, Inc., which also serves
as the investment adviser to another closed-end fund, Cornerstone
Strategic Value Fund, Inc. (NYSE MKT:CLM). For more information
regarding Cornerstone Strategic Value Fund, Inc. or Cornerstone
Total Return Fund, Inc. please visit
www.cornerstonestrategicvaluefund.com, and
www.cornerstonetotalreturnfund.com.
Past performance is no guarantee of future
performance. An investment in a 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 which is more or
less than the original purchase price or the net asset value. An
investor should carefully consider a Fund’s investment objective,
risks, charges and expenses. Please read a 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 a Fund’s investment portfolio. These
statements are subject to risks and uncertainties, including the
factors set forth in each Fund’s disclosure documents, filed with
the U.S. Securities and Exchange Commission, and actual trends,
developments and regulations in the future, and their impact on
each Fund could be materially different from those projected,
anticipated or implied. Each Fund has no obligation to update or
revise forward-looking statements.
Contact:
Cornerstone Total Return Fund, Inc.
(866) 668-6558