ING Clarion Global Real Estate Income Fund (“IGR”) & ING Clarion Real Estate Income Fund (“IIA”) Announce the Closing...
October 01 2009 - 4:44PM
Business Wire
ING Clarion Real Estate Securities, LLC announced today that the
reorganization of ING Clarion Global Real Estate Income Fund (NYSE:
IGR), IGR Merger Subsidiary, a direct, wholly-owned subsidiary of
IGR, and ING Clarion Real Estate Income Fund (NYSE: IIA) is
effective as of the opening of business of the New York Stock
Exchange on October 1, 2009.
In the reorganization, IGR acquired substantially all of the
assets and liabilities of IIA in a tax free transaction in exchange
for an equal aggregate value of newly-issued common shares of
beneficial interest of IGR. The reorganization occurred based on
the relative net asset values of IIA and IGR.
The conversion ratio is as follows:
Fund NAV/Share ($)
Conversion Ratio
ING Clarion Global Real Estate
Income Fund
$7.1401 N/A ING Clarion Real Estate Income Fund $5.8922
0.825226
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any ING fund, including IGR,
the surviving fund in the reorganization. Investors should consider
the investment objectives, risks, charges and expenses of their
funds carefully and consider in its entirety the Combined Proxy
Statement / Prospectus and other documents filed with the U.S.
Securities and Exchange Commission relating to the reorganization,
which contain important information regarding the investment
objectives and policies, risks, charges, expenses and other
important information about IGR.
For more information on our closed-end funds please visit our
website at www.ingclarionres.com.
The closed-end fund IGR is managed by ING Clarion Real Estate
Securities a registered investment management firm specializing in
the management of equity real estate securities. Headquartered near
Philadelphia, Pennsylvania, ING Clarion Real Estate Securities has
approximately $11 billion in assets under management as of June 30,
2009 and over 70 employees located throughout the United States,
the United Kingdom, Hong Kong and Japan.
ING Clarion Real Estate Securities is the real estate equity
management arm of ING Real Estate Investment Management, a global
real estate investment management company. With a total business
portfolio of more than $87 billion and offices in 22 countries in
Europe, the Americas, Asia and Australia, ING Real Estate
Investment Management ranks among the world's strongest real estate
companies.
ING Real Estate Investment Management is part of ING Group, a
global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services to over 85
million private, corporate and institutional clients in more than
40 countries.
More information on ING Clarion's Closed-End Funds is available
at www.ingclarionres.com.
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