Cornerstone Strategic Value Fund, Inc. announces an Equity Buyback.
November 13, 2014
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Cornerstone Strategic Value Fund, Inc. announces a share repurchase program. Under the program, the company will repurchase its own shares. The share repurchase program authorizes management to make open market purchases, from time to time.
Such purchases may be made opportunistically at certain discounts to net asset value per share when management reasonably believes that such repurchases may enhance shareholder value. There is no assurance that the Fund will purchase any shares or that the share repurchase program will have an impact on the liquidity or value of the Fund or the Fund's shares.
Cornerstone Strategic Value Fund, Inc. (the Fund) is a closed-end, diversified management investment company. The Fund's investment objective is to seek long-term capital appreciation through investment primarily in equity securities of United States (U.S.) and non-U.S. companies. The Fund primarily invests in companies with large capitalizations, however, the Fund may invest in companies of all capitalization ranges. The Fund invests in common stocks and may also invest in preferred stocks, rights, warrants and securities convertible into common stocks that are listed on stock exchanges or traded over the counter. The Fund may, without limitation, hold cash or invest in assets in money market instruments, including U.S. and non-U.S. government securities, high grade commercial paper and certificates of deposit and bankers acceptances issued by U.S. and non-U.S. banks having deposits of at least $500 million. The Fund's investment manager is Cornerstone Advisors, LLC.