RMR Preferred Dividend Fund Completes Reorganization with RMR Real Estate Income Fund and Declares Final Dividend
June 24 2009 - 8:28AM
Business Wire
After the close of business on Tuesday, June 23, 2009, RMR
Preferred Dividend Fund (NYSE Amex: RDR) was reorganized into RMR
Real Estate Income Fund (NYSE Amex: RIF).
On Tuesday, June 23, 2009, the closing net asset value per share
(�NAV�) of common stock for RDR was $1.71 and for RIF was $16.62.
Since the reorganization was based on the relative NAVs of these
funds, the reorganization conversion ratio resulted in RDR common
shareholders receiving 0.103 shares of RIF common stock for each
share of RDR common stock they previously held. Common shareholders
of RDR may receive fractional shares in connection with the
reorganization.
RMR Real Estate Income Fund trades on the NYSE Amex using the
ticker symbol �RIF�. RIF�s NAV is reported under the ticker
�XRIFX�.
As a result of the reorganization, preferred shareholders of RDR
received an equivalent number of shares of a new series of RIF
preferred stock, �Series M�. The auction date, rate period,
dividend payment date and liquidation preference per share of the
RIF preferred stock, Series M, received by RDR preferred
shareholders in the reorganization is the same as the RDR preferred
stock, Series M, that RDR preferred shareholders exchanged in the
reorganization.
The CUSIP numbers of the RIF common stock and preferred stock
are different from the CUSIP numbers of the RDR common stock and
preferred stock, respectively. RIF�s common stock CUSIP number is
74964K609 and RIF�s preferred stock, Series M, CUSIP number is
74964K203.
As previously announced, common
shareholders of record of RDR will receive the following final cash
distribution consisting of the fund's estimated undistributed
federal investment company taxable income and net capital
gains:
Record Date � � � � Pay Date* � � � � Amount Per Share June 22,
2009 June 30, 2009 $0.036
*On or about.
RDR has substantial investments in real estate investment
trusts. Because real estate investment trusts generally classify
distributions to RDR subsequent to the end of each calendar year as
ordinary income, net capital gain or return of capital, it is
expected that some portion of the distribution declared by RDR may
be similarly characterized for tax purposes subsequent to this year
end.
The existing common shares and preferred shares of RDR will be
cancelled and the fund will be dissolved under applicable state law
as soon as practicable.
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