NEWTON, Mass., Sep 21, 2009 (BUSINESS WIRE) -- RMR Asia Pacific Real Estate Fund (NYSE Amex: RAP) today announced that
a Special Meeting of Shareholders (the "Meeting") to seek approval of a
new investment sub-advisory agreement among RAP, RMR Advisors, Inc.
("RMR Advisors") and MacarthurCook Investment Managers Limited ("MCIM")
will be held on Wednesday, November 18, 2009. The record date for
determination of shareholders entitled to vote at the Meeting has been
set at the close of business on Thursday, October 1, 2009.
MCIM, a wholly-owned subsidiary of MacarthurCook Limited ("MCK"), has
acted as RAP's investment sub-adviser pursuant to an investment
sub-advisory agreement (the "Prior Agreement") since RAP, and its
predecessor funds, commenced operations. On June 26, 2009, AIMS
Securities Holdings Pty Ltd ("AIMS"), a member of the AIMS Financial
Group, acquired more than 25% of MCK's outstanding shares thereby
causing MCK (and, indirectly, MCIM) to undergo a change in control and
the Prior Agreement to undergo an "assignment" for purposes of the
Investment Company Act of 1940 (the "1940 Act"). This "assignment"
caused the automatic termination of the Prior Agreement in accordance
with its terms and the applicable provisions of the 1940 Act. As
previously announced, MCIM has been and is currently acting as RAP's
interim investment sub-adviser pursuant to an interim investment
sub-advisory agreement entered into in accordance with applicable
provisions of the 1940 Act and the rules and regulations thereunder.
At a meeting held on September 21, 2009, RAP's Board of Trustees (the
"Board") unanimously approved the continued retention of MCIM as RAP's
investment sub-adviser and the submission of the investment sub-advisory
agreement to a vote by shareholders of RAP.
This press release is neither a proxy statement nor a solicitation of a
proxy. RAP and its trustees, officers and employees, and RMR Advisors,
and its shareholders, officers and employees and other persons may be
deemed to be participants in the solicitation of proxies with respect to
the approval of the New Agreement. Investors and shareholders may obtain
more detailed information regarding the direct and indirect interests of
RAP's respective trustees, officers and employees, and RMR Advisors'
shareholders, officers and employees and other persons who may
participate in proxy solicitations by reading the preliminary and
definitive proxy statements regarding the New Agreement, filed with the
Securities and Exchange Commission ("SEC"), when they become available.
INVESTORS AND SECURITY HOLDERS OF RAP ARE URGED TO CAREFULLY READ THE
PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT FILED
WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE NEW AGREEMENT. Investors
may obtain free copies of the preliminary proxy statement and the
definitive proxy statement (when they become available) filed with the
SEC at the SEC's website at www.sec.gov.
In addition, free copies of the definitive proxy statement (when it
becomes available) filed with the SEC may also be obtained by directing
a request to RMR Advisors, Inc., 400 Centre Street, Newton, MA 02548 or
by calling: (617) 796-8253.
WARNINGS REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON THE PRESENT BELIEFS AND EXPECTATIONS OF RAP. HOWEVER, THESE
FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO
OCCUR AND THEY MAY NOT OCCUR FOR VARIOUS REASONS. FOR EXAMPLE, THE
STATEMENT THAT THE RAP BOARD HAS APPROVED THE NEW AGREEMENT MAY IMPLY
THAT THIS AGREEMENT WILL BE CONSUMMATED. ALTHOUGH RAP BELIEVES THIS
AGREEMENT WILL BE CONSUMMATED, IT CAN PROVIDE NO ASSURANCE IN THIS
REGARD AT THIS TIME. FOR EXAMPLE, BECAUSE OF CHANGED CIRCUMSTANCES, THE
BOARD MAY DECIDE NOT TO RECOMMEND THAT RAP SHAREHOLDERS APPROVE THE NEW
AGREEMENT OR RAP SHAREHOLDERS MAY NOT APPROVE THE NEW AGREEMENT.
FOR THESE AND OTHER REASONS, INVESTORS SHOULD NOT PLACE UNDUE RELIANCE
UPON FORWARD LOOKING STATEMENTS.
SOURCE: RMR Funds
RMR Funds
Timothy A. Bonang, 617-796-8253
Director of Investor Relations
or
Carlynn Finn, 617-796-8253
Manager of Investor Relations
www.rmrfunds.com
Copyright Business Wire 2009