RiverNorth Capital Fund Plans to Redeem Series A Preferred Stock
RiverNorth Capital Fund’s Redemption Announcement
As part of its latest strategic decision, the RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) is set to redeem all 1,656,000 outstanding shares of its 5.875% Series A Term Preferred Stock (NYSE: RMPL). This announcement builds on previous communications and highlights the management's commitment to maintaining shareholder value.
Key Details of the Redemption
The redemption date was initially projected for earlier, but recent determinations have moved this to October 31, 2024. As of this date, shareholders can expect to receive a redemption price estimated at $25.31 per share, which comprises both the liquidation preference and accrued unpaid dividends up to the specified date.
Impact of Redemption on Shareholders
Once the Series A Preferred Stock shares are redeemed, they will no longer appear as outstanding in the Fund’s financial reports. Furthermore, any accumulated dividends will cease at that point. This signifies a critical juncture in the Fund’s strategy, aiming to streamline operations and provide immediate payouts to its investors.
Suspension from Trading
On the Mandatory Redemption Date, the Series A Preferred Stock will be suspended from trading on the New York Stock Exchange (NYSE) prior to market opening. Shareholders trading in the secondary market should make note of this suspension as it marks a significant change in the stock's market presence.
Redemption Process
All shares will be processed through the Depository Trust Company (DTC), facilitating an organized redemption procedure. DST Systems, Inc. will act as the redemption agent, streamlining the payment process to DTC. For any inquiries regarding this process, shareholders are encouraged to contact the redemption agent directly at 844-569-4750.
About RiverNorth Capital and Income Fund
Established as a closed-end fund, RiverNorth Capital and Income Fund is driven by a mission to pursue a high level of current income. As of the most recent reports, the Fund manages approximately $113 million in total assets and has 3.9 million shares of common stock outstanding. Investors should remain aware that the trading value of shares in closed-end funds can often exceed or fall below the actual net asset value, which underscores the importance of market conditions.
About RiverNorth Capital Management
Founded in 2000, RiverNorth Capital Management, LLC is a prominent investment management firm specializing in niche markets with promising opportunities. With assets under management totaling $5.1 billion, RiverNorth exhibits expertise in delivering opportunistic investment strategies tailored to institutional clients, registered funds, and private funds.
Understanding Investment Risks
Investing in RiverNorth Capital and Income Fund carries inherent risks, including potential loss of principal. Investors are always encouraged to review the Fund’s prospectus, including the investment objectives and associated fees, to make enlightened investment decisions.
Frequently Asked Questions
What is RiverNorth Capital and Income Fund planning?
The Fund is planning to redeem its 5.875% Series A Preferred Stock, returning capital to its investors.
What is the new redemption date for the Series A Preferred Stock?
The Mandatory Redemption Date is now set for October 31, 2024.
How will shareholders receive their payments?
Payments will be processed through the Depository Trust Company, with DST Systems, Inc. serving as the redemption agent.
What should investors know about the redemption impact?
Once redeemed, the Series A Preferred Stock will no longer be outstanding, and dividend payments will cease.
How can I contact the redemption agent for questions?
Investors may contact the redemption agent toll-free at 844-569-4750 for any inquiries related to the redemption process.
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