NEW YORK, NY--(Marketwired - May 29, 2015) - Cornerstone Progressive Return Fund (NYSE MKT: CFP) and Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM), (individually the "Fund" or, collectively, the "Funds"), each a closed-end management investment company, today announced that shareholders/stockholders have approved the merger of the Funds.
The merger of CFP with and into CLM is anticipated to close prior to June 30, 2015. CLM will be the surviving fund, with shareholders of CFP receiving shares of CLM. Following the merger, shareholders of CFP will become stockholders of CLM, they will participate in CLM's distributions, and CFP will cease to exist. CFP distributions declared and announced on May 15, 2015 for the period July through September 2015 will no longer be applicable.
The investment objective of CLM, as the surviving Fund, is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies. This objective will remain unchanged.
Cornerstone Strategic Value Fund, Inc. and Cornerstone Progressive Return Fund are traded on the NYSE MKT LLC under the trading symbols "CLM" and "CFP", respectively. Each Fund's investment adviser is Cornerstone Advisors, Inc., which also serves as the investment adviser to another closed-end fund, Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF). For more information regarding each Fund please visit www.cornerstonestrategicvaluefund.com, www.cornerstoneprogressivereturnfund.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 that 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 report 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 the Fund's investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund's disclosure documents, filed with the SEC, and actual trends, developments and regulations, in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.