DWS RREEF Real Estate Fund, Inc. Announces Results of Annual Meeting of Stockholders
29 Enero 2010 - 11:11AM
Business Wire
The Board of Directors of DWS RREEF Real Estate Fund, Inc.
(AMEX:SRQ) (the “Fund”) announced today that the Fund’s Annual
Meeting of Stockholders was held on January 29, 2010. A quorum was
present and the following Class III Directors nominated by the
Board were re-elected to continue serving as Class III Directors of
the Fund: Rebecca W. Rimel, William McClayton, and William N.
Searcy, Jr. While Kenneth C. Froewiss did not receive the required
vote of a majority of the Fund’s outstanding preferred shares in
support of his re-election, Mr. Froewiss will remain in office as a
Class III Director until his successor is duly elected and
qualifies or he otherwise leaves office.
In addition, stockholders approved the proposal to liquidate and
dissolve the Fund. The Fund will cease its business as an
investment company, except for the purpose of liquidation and the
winding up of its business and affairs, as of a “Cessation Date” to
be determined by a committee of the Board. In setting the Cessation
Date, the committee will consider the steps required to accomplish
an orderly liquidation of the Fund under current market conditions,
and the timing of the Cessation Date is expected to be announced in
the coming weeks. Detailed voting results from the stockholder
meeting will be posted to the Fund’s website once available at
www.dws-investments.com.
The Fund also announced that it has been removed as a defendant
in a previously disclosed class action lawsuit filed in the
Southern District of New York, on behalf of certain Fund
stockholders, alleging various securities law disclosure
violations. Accordingly, the lawsuit is not currently expected to
delay or otherwise affect the Fund’s liquidation and dissolution.
The Fund's investment adviser, sub-adviser, and certain Fund
officers are still named as defendants in the lawsuit.
For more information on the Fund, visit www.dws-investments.com
or call (800) 349-4281.
IMPORTANT INFORMATION
Investments in funds involve risk. The fund involves
additional risks due to its narrow focus. There are special risks
associated with investment in real estate, including credit risk,
interest rate fluctuations and the impact of varied economic
conditions.
Shares of common stock of closed-end funds, unlike open-end
funds, are not continuously offered. There is a one time public
offering and, once issued, shares of common stock of closed-end
funds are traded in the open market generally through a stock
exchange. Common shares of closed-end funds frequently trade at a
discount to net asset value. The price of common shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, the fund cannot predict whether its
common shares will trade at, below, or above net asset
value.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of fund securities
in any state or jurisdiction in which such offer or solicitation or
sale would be unlawful prior to registration or qualification under
the laws of such state or jurisdiction.
Certain statements contained in this release may be
forward-looking in nature. These include all statements relating to
plans, expectations, and other statements that are not historical
facts and typically use words like “expect,” “anticipate,”
“believe,” and similar expressions. Such statements represent
management's current beliefs, based upon information available at
the time the statements are made, with regard to the matters
addressed. All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, such statements. Management
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
The following factors, among others, could cause actual
results to differ materially from forward-looking statements: the
effects of changes in market and economic conditions, other legal
and regulatory developments, and other additional risks and
uncertainties.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE NOT A
DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company. (R-15860-1 1/10)
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