flipper_58 - You are correct that buying the stock to capture the dividend is not a good idea which is what I meant about not recommending this strategy. However, I don't think the NYSE itself actually reduces the stocks price by the dividend amount. It is the market itself that does it and it is often hidden in the normal market movement of the stock.
""I don't think the NYSE itself actually reduces the stocks price by the dividend amount"" Yes it does. This is done prior to the open then other orders effect the opening too. You can check with the fund but I've worked in this field for 20 years and know this to be true.
Also the rights offering has NOT been priced. It's going to be a 5% discount of the average of the last 4 closing trades. ""The subscription price will be calculated as 95% of the lower of (1) the average of the last reported sales price of a share of the Fund's common stock on the NYSE on the expiration date and on the previous four business days, and (2) the net asset value per share as of the close of business on the expiration date""