Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 321

RiverNorth Marketplace Lending Corporation to List on New York Stock Exchange

Posted by fidest press agency su lunedì, 25 marzo 2019

The RiverNorth Marketplace Lending Corporation (NASDAQ: RMPLX) (the “Fund”), established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced that its Board of Directors (the “Board”) has approved the listing of the Fund’s shares so that they may be traded in the secondary market. The Board recognized that listing the Fund may offer shareholders benefits over maintaining the existing direct-purchase structure. The Fund intends to list its shares for trading on the New York Stock Exchange (the “NYSE”) in the second quarter of 2019. The Board determined not to alter the Fund’s fundamental policy regarding quarterly tender offers conducted in accordance with Rule 23c-3 under the Investment Company Act of 1940, as amended.
After listing, the Fund’s shares will generally only be available for purchase in the secondary market at prevailing market prices rather than at net asset value. The listing will also make the Fund’s shares more widely available. The listing of the Fund will not alter the Fund’s investment strategy or objective. The Fund will continue to invest in a diverse mix of marketplace lending sectors, including unsecured consumer, small business, and specialty finance. The Fund’s investment objective remains to seek a high level of current income. Given the Fund’s broader availability, low net asset value volatility, high level of income and access to a unique asset class, it is anticipated that the Fund may trade well in the secondary market, providing shareholders the possibility of selling their shares at a premium to the Fund’s net asset value. Although the Fund could also trade at a discount, this offers investors the potential opportunity to purchase shares at an attractive price below the Fund’s net asset value. We believe that by maintaining the Fund’s policy to offer quarterly tender offers made pursuant to Rule 23c-3 under the Investment Company Act, the Fund will trade well in the secondary market and that the premium/discount volatility will be minimized.

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