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RiverNorth Capital and Income Fund, Inc. (NYSE:RSF), a prominent closed-end fund, recently concluded its repurchase offer with substantial participation from shareholders. The fund's repurchase initiative, which aimed to buy back up to 5% of its outstanding common shares, closed on July 3, 2024, at 5:00 P.M. Eastern Time, marking a pivotal moment in its shareholder engagement strategy.
According to data provided by DST Systems, Inc., the depositary overseeing the repurchase offer, a total of 2,335,546 shares were tendered for redemption by shareholders. Out of these, 202,931 shares were successfully repurchased by the fund. Given the oversubscription—where the number of shares tendered exceeded those available for repurchase—the fund will distribute repurchased shares on a pro-rata basis, ensuring fairness among participating shareholders.
The repurchase price for the acquired shares was set at the Fund's net asset value (NAV) per share as of the market close on July 3, 2024. As reported, this value stood at US$16.60 per share. This price determination underscores the Fund's commitment to transparency and fairness in its shareholder transactions, aligning with its strategic goal of maximizing shareholder value through prudent financial management.
DST Systems, Inc. also serves as the information agent for the repurchase offer. Shareholders with inquiries regarding the tender process or other related matters are encouraged to contact DST Systems toll-free at 844-569-4750. This ensures that shareholders have access to reliable information and support throughout the repurchase process, further enhancing transparency and investor confidence.
RiverNorth Capital Management, LLC, the investment management firm overseeing the Fund, boasts a robust track record dating back to its establishment in 2000. With assets under management totaling US$5.0 billion as of May 31, 2024, RiverNorth specialises in opportunistic investment strategies, particularly in niche markets where potential inefficiencies offer opportunities for enhanced returns. The firm serves as an institutional investment manager for registered funds, private funds, and separately managed accounts, showcasing its expertise and dedication to delivering value to its diverse client base.
Looking ahead, RiverNorth Capital and Income Fund, Inc.'s successful completion of its repurchase offer underscores its commitment to proactive shareholder engagement and strategic capital management. As the financial landscape continues to evolve, the Fund remains poised to leverage its operational agility and investment acumen to navigate market dynamics effectively, ultimately aiming to deliver sustainable value and growth for its shareholders.
