Thats great! CRF in my view is a great income producing investment . It has a very high yield, in fact i found no other fund that returns 17.5%. I really liked owning CRF. Unfortunately i sold it to take on more risk in GSAT and FNMA. I will one day return to CRF, but not until i have a over $100,000. The only problem with CRF is that it does not have much growth . I don't see it being worth more than $6.50 in the near future. But on the positive side it probably won't be worth less than $5.50. Im not saying it won't be worth $30.00 ever again, it just won't be any time soon. I have been watching this Fund for three years and i don't think i have seen it over $7.00. Here is the explanation of the rights offering. I don't fully understand it. It is Cornerstone's PROGRESSIVE Return fund that has has this offering. Not the total rerun fund. There are three different cornerstone funds. Total, Progressive and Strategic.
Cornerstone Progressive Return Fund Announces Record Date for Rights Offering 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.
