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Post by xray on Dec 22, 2022 22:25:38 GMT
Business Wire
RiverNorth Capital and Income Fund, Inc.* Announces Transferable Rights Offering
Wed, December 21, 2022, 5:00 PM EST
WEST PALM BEACH, Fla., December 21, 2022--(BUSINESS WIRE)--RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the "Fund") announces that its Board of Directors (the "Board") has authorized and set the terms of an offering to the Fund’s stockholders of rights to purchase additional shares of common stock of the Fund.
In this offering, the Fund will issue transferable subscription rights ("Rights") to its stockholders of record as of January 6, 2023 (the "Record Date" and such stockholders, "Record Date Stockholders") allowing the holder to subscribe for new shares of common stock of the Fund (the "Primary Subscription"). Record Date Stockholders will receive one Right for each share of common stock held on the Record Date. For every three Rights held, a holder of Rights may buy one new share of common stock of the Fund. Record Date Stockholders who exercise their Rights will not be entitled to distributions payable during January 2023 on shares issued in connection with the Rights Offering, but they will be entitled to distributions payable during February 2023 on these shares. The Rights are expected to be listed and tradable on the New York Stock Exchange ("NYSE") under the ticker: RSF.RT.
Record Date Stockholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those shares of common stock that are not purchased by other Record Date Stockholders.
The subscription price per share of common stock will be determined based upon a formula equal to 90% of the reported net asset value or 95% of the market price per share of common stock, whichever is higher on the Expiration Date (as defined below). Market price per share of common stock will be determined based on the average of the last reported sales price of a share of common stock on the NYSE for the five trading days preceding (and not including) the Expiration Date. The subscription period will expire on January 27, 2023, unless extended by the Board (the "Expiration Date").
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Live Long and Prosper....
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Post by richardsok on Dec 22, 2022 23:48:18 GMT
And what's the conclusion on all this, x?
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Post by xray on Dec 23, 2022 22:31:09 GMT
richardsok, Your: And what's the conclusion on all this, x? ---------- Mixed, as a income oriented investor. The following is under study (analysis) currently: 1...
Business Wire RiverNorth Specialty Finance Corporation Announces Name Change to RiverNorth Capital and Income FundNovember 28, 2022 WEST PALM BEACH, Fla., November 28, 2022--(BUSINESS WIRE)--RiverNorth Specialty Finance Corporation (the "Fund") today announced that effective on or about December 7, 2022 the Fund’s name will be changed to RiverNorth Capital and Income Fund. The Fund’s investment strategy and objective will remain the same. Further, the Fund’s common shares will continue to trade under its existing New York Stock Exchange ("NYSE") symbol "RSF". The Fund’s preferred shares will continue to trade under the NYSE symbol "RMPL", and CUSIP numbers for RSF and RMPL will not change. About RiverNorthRiverNorth Capital Management, LLC is an investment management firm founded in 2000. With approximately $4.9 billion1 in assets under management as of October 31, 2022, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to registered funds, private funds and separately managed accounts. See the Prospectus for a more detailed description of Fund risks. Investing involves risk. Principal loss is possible.The profitability of specialty finance and other financial companies is largely dependent upon the availability and cost of capital funds and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. If the borrower of Alternative Credit (as defined below) in which the Fund invests is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan, as (among other reasons) the Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated, the loan may be unsecured or under collateralized, and/or it may be impracticable to commence a legal proceeding against the defaulting borrower. Substantially all of the Alternative Credit in which the Fund invests will not be guaranteed or insured by a third party. In addition, the Alternative Credit Instruments in which the Fund may invest will not be backed by any governmental authority. Prospective borrowers supply a variety of information regarding the purpose of the loan, income, occupation and employment status (as applicable) to the lending platforms. As a general matter, platforms do not verify the majority of this information, which may be incomplete, inaccurate, false or misleading. Prospective borrowers may misrepresent any of the information they provide to the platforms, including their intentions for the use of the loan proceeds. Alternative Credit Instruments are generally not rated by the nationally recognized statistical rating organizations ("NRSROs"). Such unrated instruments, however, are considered to be comparable in quality to securities falling into any of the ratings categories used by such NRSROs to classify "junk" bonds (i.e., below investment grade securities). Accordingly, the Fund’s unrated Alternative Credit Instrument investments constitute highly risky and speculative investments similar to investments in "junk" bonds, notwithstanding that the Fund is not permitted to invest in loans that are of subprime quality at the time of investment. Although the Fund is not permitted to invest in loans that are of subprime quality at the time of investment, an investment in the Fund’s Shares should be considered speculative and involving a high degree of risk, including the risk of loss of investment. There can be no assurance that payments due on underlying loans, including Alternative Credit, will be made.
Diversification does not ensure a profit or a guarantee against loss.The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The Fund’s prospectus and most recent periodic reports contain this and other important information about the investment company and may be obtained by visiting rivernorth.com/literature or by calling 844.569.4750. Read the Prospectus carefully before investing. 2...Business Wire RiverNorth Specialty Finance Corporation Announces Final Results of Repurchase OfferOctober 6, 2022 WEST PALM BEACH, Fla., October 06, 2022--(BUSINESS WIRE)--RiverNorth Specialty Finance Corporation (the "Fund") (NYSE: RSF), a closed-end fund, announced the final results of its repurchase offer for up to 5% of its outstanding common shares. The repurchase offer expired at 5:00 P.M. Eastern Time on October 5, 2022. Based on information provided by DST Systems, Inc., the depositary for the repurchase offer, a total of 553,153 shares were submitted for redemption and 177,847 shares were repurchased. In accordance with the terms and conditions of the repurchase offer, because the number of shares submitted for redemption exceeds the number of shares offered to purchase, the Fund will purchase shares from tendering shareholders on a pro-rata basis (disregarding fractional shares). The purchase price of repurchased shares is equal to the Fund's net asset value per share calculated as of the close of regular trading on the New York Stock Exchange (NYSE) on October 5, 2022, which is equal to $17.58 per share.The information agent for the repurchase offer is DST Systems, Inc. Any questions with regard to the tender offer may be directed to the information agent toll-free at 844-569-4750. 3...Forward Dividend & Yield 1.99 (11.65%) Ex-Dividend Date Dec 14, 2022 4...Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction Volume or Value Price Nov 10/22 Nov 10/22 Mougin Lisa Bruckert Direct Ownership No securities beneficially owned Form 3 : Initial Statement of Beneficial Ownership of Securities Sign up or login above to see all SEC filings within the past 6 months. Current interim analysis: a... RSF has been very consistent in both NAV and MktPrc in their numb3rs at "14" b... No current insider activity before announcement c... Sellers in the final repurchase offer made money since most income investors were buying and holding at the 14 numb3r d... "RISK" is "EXTREMELY HIGH" (as shown above) and they make a "POINT" in telling us which is not normal for most CEF's (in the manner that they did) e... If in current portfolio (or considering a buy), the decision for activating their RO is "DIFFICULT" and the numb3r of shares will be impacted (as a % of portfolio). This is one of those RO's that >1% of portfolio would be considered "Beyond reasonable risk" IMHO.... Comment: If RSF's market price drops substantially (watch list) in our current market, this will probably be a Pass currently.... Live Long and Prosper....
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Post by steelpony10 on Dec 24, 2022 11:52:48 GMT
xray, I never could figure out why the AUM which was small at the start keeps shrinking. This is an attempt to boost the AUM? RSF doesn’t seem to be attracting many new investors?
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Post by xray on Dec 24, 2022 19:32:46 GMT
steelpony10, Your: I never could figure out why the AUM which was small at the start keeps shrinking. This is an attempt to boost the AUM? RSF doesn’t seem to be attracting many new investors? __________ As you are aware of, I only track what is happening currently (by analysis) and how it affects the securities I am directly interested in (or those that other income oriented investors post about and get my interest). With that said.... RSF (by current and previous analysis) continues to be rated "NEUTRAL" (5star). RSF has continually tracked as neutral and signifies "NO GROWTH" but will continue (to date) to pay a higher dividend ($1.9944/Yr consistently) than many other CEF's. Their attempt with their announced RO (single opinion) is that they appear to be giving the "LARGER" holders of RSF a windfall profit (should it happen) with a new "REPURCHASE OFFER" (like the one shown above) at some point in time (going forward).... Since the "NAV" is consistently at "14+" normally, a conclusion can be drawn that their is no current erosion to currently be worried about. However, always however's, as we have seen before, the market can "CRASH" any security on bad news (especially in a down market).... RSF is one of those CEF';s that pays out too much (current dividend @ FULL VALE to current "$14.00 MktPrc" and "$14.00 NAV") IMHO. In addition, I would not expect RSF to normally attract any additional investors except those who are not studying RSF in depth (by individual analysis) the pro/cons (and additional "RISK" to their portfolio's).... Live Long and Prosper....
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Post by xray on Feb 3, 2023 19:20:57 GMT
Business Wire
RiverNorth Capital and Income Fund, Inc.* Announces Final Results of Rights Offering
Tue, January 31, 2023, 6:30 PM EST
WEST PALM BEACH, Fla., January 31, 2023--(BUSINESS WIRE)--RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the "Fund") today announced the final results of its transferable rights offering (the "Offering"). The Fund will issue a total of 1,047,000 new shares of common stock as a result of the Offering, which closed on January 27, 2023 (the "Expiration Date").
The subscription price of $15.84 per share in the Offering was established on the Expiration Date based on a formula equal to 90% of the reported net asset value per share of common stock. Gross proceeds received by the Fund, before any expenses of the Offering, are expected to total approximately $16.6 million.
The Offering was oversubscribed and the over-subscription requests exceeded the over-subscription shares available. Accordingly, the shares issued as part of the over-subscription privilege of the Offering will be allocated pro-rata among record date stockholders who submitted over-subscription requests based on the number of rights originally issued to them by the Fund.
This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.
*Formerly known as RiverNorth Specialty Finance Corporation.
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Live Long and Prosper....
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