NEW YORK, June 16, 2014 /PRNewswire/ -- After the
close of business on Friday, June 13,
2014, Cohen & Steers Dividend Majors Fund,
Inc. (NYSE: DVM) completed its reorganization and merger (the
"Reorganization") with and into Cohen & Steers Total Return
Realty Fund, Inc. (NYSE: RFI).
In the Reorganization, RFI acquired substantially all of the
assets and liabilities of DVM in a tax-free transaction in exchange
for an equal aggregate value of newly issued common shares of
RFI. DVM distributed the common shares of RFI (and cash
in lieu of fractional shares) to its common shareholders in an
amount equal to the aggregate net asset value of DVM common shares
as determined at the close of business on June 13, 2014. The net asset value per share of
each fund as of June 13, 2014 and the
exchange ratio at which common shares of DVM were exchanged for
common shares of RFI are set forth below:
|
Fund
|
|
NAV
per
Share ($)
|
Exchange
Ratio
|
|
|
Cohen & Steers
Dividend Majors Fund, Inc.
|
$17.6229
|
1.315505 RFI common
shares per DVM common
share
|
|
Cohen & Steers
Total Return Realty Fund, Inc.
|
$13.3963
|
—
|
|
|
|
|
|
|
Pursuant to the Reorganization, 16,550,351 common shares of RFI
were issued. Common shareholders of DVM will receive a statement
showing the number of RFI shares that they own as a result of the
Reorganization. In addition, the frequency and manner in which
shareholders of DVM received their dividend payments will be the
same as shareholders of RFI.
The Board of Directors of RFI declared an increase in the third
quarter 2014 distribution to $0.24
per share from $0.22 per share, a
10%, or $0.02 per share increase from
the second quarter 2014. The payable and stockholder record dates
will be announced in the third quarter.
RFI is a non-leveraged closed-end fund designed to invest in
real estate securities including real estate investment trusts.
Following the Reorganization, RFI had $350.1
million in assets under management.
More information is available at
cohenandsteers.com.
//Website: http://cohenandsteers.com/
Symbol: NYSE: CNS, RFI
About Cohen & Steers. Founded in 1986, Cohen &
Steers is a leading global investment manager with a long history
of innovation and a focus on real assets, including real estate,
infrastructure and commodities. Headquartered in New York City, with offices in London, Hong
Kong, Tokyo and
Seattle, Cohen & Steers serves
institutional and individual investors around the world.
SOURCE Cohen & Steers; Cohen & Steers Total Return
Realty Fund, Inc.