NEWTON, Mass., Jun 23, 2009 (BUSINESS WIRE) -- After the close of business on Monday, June 22, 2009, RMR Dividend
Capture Fund (NYSE Amex: RCR) was reorganized into RMR Real Estate
Income Fund (NYSE Amex: RIF).
On Monday, June 22, 2009, the closing net asset value per share ("NAV")
of common stock for RCR was $2.03 and for RIF was $16.55. Since the
reorganization was based on the relative NAVs of these funds, the
reorganization conversion ratio resulted in RCR common shareholders
receiving 0.123 shares of RIF common stock for each share of RCR common
stock they previously held. Common shareholders of RCR may receive
fractional shares in connection with the reorganization. RCR will not
pay a final cash distribution.
RMR Real Estate Income Fund trades on the NYSE Amex using the ticker
symbol "RIF". Beginning today, RIF's NAV will be reported under the
ticker "XRIFX".
As a result of the reorganization, preferred shareholders of RCR
received an equivalent number of shares of a new series of RIF preferred
stock, "Series F". The auction date, rate period, dividend payment date
and liquidation preference per share of the RIF preferred stock, Series
F, received by RCR preferred shareholders in the reorganization is the
same as the RCR preferred stock, Series F, that RCR 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 RCR common stock and preferred
stock, respectively. RIF's common stock CUSIP number is 74964K609 and
RIF's preferred stock, Series F, CUSIP number is 74964K104.
The existing common shares and preferred shares of RCR will be cancelled
and the fund will be dissolved under applicable state law as soon as
practicable.
Also, as previously announced, subject to the satisfaction of certain
conditions set forth in the Agreement and Plan of Reorganization, the
reorganization of RMR Preferred Dividend Fund (NYSE Amex: RDR) with RIF
is currently expected to close after the end of business on Tuesday,
June 23, 2009.
Details of the common share conversion and dividend payment amount, if
any, will be determined after the end of business on Tuesday, June 23,
2009 and will be announced by press release prior to the beginning of
trading on the NYSE Amex on Wednesday, June 24, 2009.
This communication is not intended to, and shall not, constitute an
offer to purchase or sell shares of any of the RMR Funds, including RIF,
the surviving fund in the reorganizations. Investors and security
holders of the funds are urged to read the Joint Proxy
Statement/Prospectus and other documents filed with the U.S. Securities
and Exchange Commission ("SEC") carefully in its entirety because it
contains important information about the proposed reorganizations.Investors
should consider the investment objectives, risks, charges and expenses
of their fund(s) carefully and consider in its entirety the Joint Proxy
Statement/Prospectus that contains important information regarding the
investment objectives, risks, charges, expenses and other important
information about RIF.
Investors may obtain free copies of the Joint Proxy Statement/Prospectus
and other documents filed with the SEC at the SEC's web site at www.sec.gov.
In addition, free copies of the Joint Proxy Statement/Prospectus and
other documents filed with the SEC may also be obtained by directing a
request to: RMR Advisors, Inc., 400 Centre Street, Newton, MA, 02458 or
by calling: (617) 796-8253.
WARNING 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 THE FUNDS
IDENTIFIED IN THIS PRESS RELEASE.HOWEVER, THESE FORWARD LOOKING
STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND THEY
MAY NOT OCCUR FOR VARIOUS REASONS.FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT RDR MAY BE REORGANIZED WITH RIF. IN
FACT, THIS REORGANIZATION MAY NOT OCCUR FOR VARIOUS REASONS INCLUDING:
(I) BECAUSE OF CHANGED CIRCUMSTANCES, THE FUNDS' BOARDS, OR CERTAIN OF
THEM, MAY DECIDE NOT TO PROCEED WITH THIS REORGANIZATION; OR (II) THE
CONDITIONS SET FORTH IN THE AGREEMENT AND PLAN OF REORGANIZATION AS
DESCRIBED IN THE JOINT PROXY STATEMENT/PROSPECTUS MAY NOT BE MET.
FOR THESE AND OTHER REASONS INVESTORS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.
SOURCE: RMR Funds
RMR Funds
Timothy A. Bonang, Director of Investor Relations
Carlynn Finn, Manager of Investor Relations
617-796-8253
www.rmrfunds.com
Copyright Business Wire 2009