NEWTON, Mass., Jun 24, 2009 (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.
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