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Name | Symbol | Market | Type |
---|---|---|---|
RiverNorth Capital and Income Fund Trading | NYSE:RMPL- | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.04% | 25.23 | 25.23 | 25.21 | 25.22 | 944 | 01:00:00 |
1.
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Investment Company Act File Number: 811-23067
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2.
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Date of Notification: September 14, 2020
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3.
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Exact name of Investment Company as specified in registration statement: RiverNorth Specialty Finance Corporation
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4.
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Address of principal executive office: (number, street, city, state, zip code)
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5.
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Check one of the following:
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A.
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[X] The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3.
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B.
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[ ] The notification pertains to a discretionary repurchase offer under paragraph (c) of Rule 23c-3.
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C.
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[ ] The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under paragraph
(c) of Rule 23c-3.
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1.
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The
Offer. RiverNorth Specialty Finance Corporation (the "Fund") is offering to repurchase, for cash, up to five (5%) of its issued and outstanding shares at a price equal to the net asset value ("NAV") as of the close of regular
business hours on the New York Stock Exchange on the Repurchase Pricing Date (defined below). The purpose of this offer is to provide an additional level of liquidity to shareholders. This offer is not conditioned on the tender of any
minimum number of shares. This offer is made subject to the terms and conditions made in this Repurchase Offer and the Fund's prospectus and statement of additional information.
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2.
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Net
Asset Value. The NAV of the Fund on September 8, 2020 was $17.34 per share. The NAV at which the Fund will repurchase shares
will not be calculated until the Repurchase Pricing Date (defined below). The NAV can fluctuate. Therefore, the NAV on the Repurchase Pricing Date may be higher or lower than the NAV stated above or the date on which you return your
Redemption Request. The current NAV may be obtained by calling 844.569.4750 and asking for the most recent price. The Fund’s common
shares are traded on the New York Stock Exchange under the ticker symbol RSF.
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3.
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Repurchase
Request Deadline. All Redemption Requests must be received in proper form by 5:00 p.m., Eastern Time, on October 14, 2020. Please
allow an appropriate amount of time for your Redemption Request to reach the Fund. Repurchased shares must be delivered to the Fund within two (2) days of the Repurchase Request Deadline.
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4.
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Repurchase
Pricing Date. The NAV used to calculate the repurchase price will be determined on October 14, 2020 (the “Repurchase Pricing
Date”). This may be higher or lower than the NAV on the date on which you return your Redemption Request.
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5.
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Payment
for Shares Repurchased. The Fund expects to make payments for all shares repurchased the day following the Repurchase Pricing Date. In any event, the Fund will pay repurchase proceeds within seven (7) calendar days from the
Repurchase Pricing Date. The Fund will not charge a repurchase fee. However, if your Shares are held for you by your broker-dealer, or for your retirement plan by your retirement plan trustee or otherwise by a nominee, such person may
charge a transaction fee for submitting a repurchase request for you.
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6.
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Increase
in Number of Shares Repurchased. Pro Rata Purchase. If shareholders tender for repurchase more than five percent (5%) of the outstanding shares of the Fund, the Fund may, but is not required to, repurchase up to an additional two
percent (2%). If the Fund determines not to repurchase an additional two percent (2%) or if more than seven percent (7%) of the shares are tendered, then the Fund will repurchase shares on a pro rata basis based upon the number of shares
tendered by each shareholder. In the event of a pro rata repurchase, fraction shares will be rounded down to the nearest whole share. There can be no assurance that the Fund will be able to repurchase all shares that each shareholder has
tendered, even if all the shares in a shareholder's account are tendered. In the event of an oversubscribed offer, the Fund may not be able to repurchase all shares that you tender and you may have to wait until the next quarterly
repurchase offer to tender the remaining shares. Subsequent repurchase requests will not be given priority over other shareholder requests. You may be subject to NAV fluctuation during the period between quarterly redemption offers.
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7.
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Withdrawal
or Modification. Tenders of shares may be withdrawn or modified at any time prior to 5:00 p.m., Eastern Time, on October 14, 2020.
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8.
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Suspension
or Postponement of Repurchase Offer. The Fund may suspend or postpone this Repurchase Offer only by a vote of a majority of the members of the Board, including a majority of the independent Directors, and only in the following
limited circumstances:
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•
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If the repurchase of shares would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue
Code;
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•
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For any period during which the New York Stock Exchange is closed, other than customary weekend and holiday closings, or during which such
trading is restricted;
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•
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For any period during which an emergency exists as a result of which it is not reasonably practicable for the Fund to dispose of securities it owns
or to determine the Fund's NAV; and
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•
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For any other periods that the Securities and Exchange Commission permits by order for the protection of shareholders.
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9.
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Tax
Consequences. You should review the tax information in the Fund's prospectus and statement of additional information and consult your tax adviser regarding any specific consequences, including state and local tax consequences, of
participating in the repurchase. Generally, any tender of shares to the Fund would be treated as a taxable event and any gain or loss would be treated as a capital gain or loss, either short or long term, depending on the length of time the
shares have been held by the shareholder.
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10.
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Documents
in Proper Form. All questions as to validity, form, eligibility (including time and receipt) and acceptance of tenders of shares will be determined by the Fund in its sole discretion. The determination by the Fund shall be final
and binding. The Fund reserves the absolute right to reject any or all tenders of shares (even if such tenders are determined to be in good and proper form) and to refuse to accept for payment, purchase, or to pay for any shares if, in the
opinion of Fund's counsel, accepting, purchasing or paying for such shares would be unlawful. The Fund also reserves the absolute right to waive any of the conditions of this offer or any defect in any tender of shares, whether generally or
with respect to any particular shares or shareholders. The Fund's interpretations of the terms and conditions of this offer shall be final and binding. Unless waived, any defects or irregularities in connection with tenders of shares must
be corrected within such times as the Fund shall, in its absolute discretion, decide. Tenders of shares will not be deemed to have been made until any defects or irregularities have been corrected or waived.
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