Old RMR Asia Pacific Real Estate Fund & RMR Asia Real Estate Fund Complete Reorganizations with RMR Asia Pacific Real Estate ...
June 17 2009 - 9:18AM
Business Wire
After the close of business on Tuesday, June 16, 2009, RMR Asia
Pacific Real Estate Fund (NYSE Amex: RAP) was reorganized into New
RMR Asia Pacific Real Estate Fund (�New RAP�), followed by the
reorganization of RMR Asia Real Estate Fund (NYSE Amex: RAF) into
New RAP. On completion of the reorganizations, New RAP was renamed
�RMR Asia Pacific Real Estate Fund� and RAP was renamed �Old RMR
Asia Pacific Real Estate Fund� (�Old RAP�). RMR Asia Pacific Real
Estate Fund (�RAP�) will trade on the NYSE Amex and will continue
using the existing ticker symbol �RAP�.
On Tuesday, June 16, 2009, the closing net asset value per share
(�NAV�) of common stock for Old RAP was $9.993, for RAF was $9.989
and for RAP was $19.470 (after effecting a 1.5:1 reverse stock
split). Since each reorganization was based on the relative NAVs of
the funds, this generated a reorganization conversion ratio that
resulted in Old RAP common shareholders receiving 0.513 shares of
RAP common stock for each share of Old RAP stock they previously
held and RAF common shareholders receiving 0.513 shares of RAP
common stock for each share of RAF stock they previously held. The
opening NAV of RAP on Wednesday, June 17, 2009, is $19.474. Common
shareholders may receive fractional shares in connection with the
reorganizations.
As a result of the reorganizations, the CUSIP number of RAP is
different from the CUSIP numbers of either Old RAP or RAF common
stock. RAP�s CUSIP number is 76970B101.
As previously announced, common shareholders of record of Old
RAP and RAF will receive the following final cash distribution
consisting of each fund's estimated undistributed federal
investment company taxable income and net capital gains:
� � � � Amount Per Share Record Date Pay Date* Old RAP � � RAF June
15, 2009 June 30, 2009 $0.29 $0.22
*On or about.
The existing common shares of Old RAP and RAF will be cancelled
and the funds will be dissolved under applicable state law as soon
as practicable.
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 THE OPENING NAV OF RAP ON WEDNESDAY, JUNE 17, 2009 IS $19.474.
THE IMPLICATION OF THIS STATEMENT MAY BE THAT THE TRADING PRICE OF
RAP MAY BE EQUAL TO $19.474. HOWEVER, SHARES OF CLOSED END
INVESTMENT COMPANIES FREQUENTLY TRADE AT A DISCOUNT TO NAV. THERE
IS NO ASSURANCE THAT A TRADING PRICE FOR RAP�S SHARES EQUAL TO OR
GREATER THAN NAV WILL RESULT AFTER RAP SHARES BEGIN TO
TRADE.
FOR THESE AND OTHER REASONS INVESTORS ARE CAUTIONED NOT TO
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS
RELEASE.
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