Cohen & Steers Announces Merger of REIT Closed-End Funds
01 July 2009 - 8:00AM
PR Newswire (US)
NEW YORK, June 30 /PRNewswire/ -- The boards of directors of Cohen
& Steers Advantage Income Realty Fund, Inc. ("RLF"), Cohen
& Steers Worldwide Realty Income Fund, Inc. ("RWF"), Cohen and
Steers Premium Income Realty Fund, Inc. ("RPF") and Cohen &
Steers Quality Income Realty Fund, Inc. ("RQI") have approved
mergers, subject to approval by the relevant funds' shareholders,
in which each of RLF, RWF and RPF would merge with and into RQI.
Shareholders of RLF, RWF and RPF will become shareholders of RQI,
and will not recognize a gain or loss for federal income tax
purposes as a result of the mergers. In approving the mergers, the
directors considered, among other things, each fund's investment
objectives, net asset value and stock price performance,
income-generating strategy and expenses, and potential cost savings
based on operational efficiencies. The mergers will permit fund
shareholders to pursue substantially similar investment objectives
in a larger fund that has similar investment policies and
anticipated lower expenses. RLF, RWF, RPF and RQI shareholders will
be asked to vote to approve the merger of their fund at a special
meeting to be held on October 22, 2009. The mergers, if approved,
are expected to occur in the fourth quarter of 2009. More
information will be contained in the proxy materials RLF, RWF, RPF
and RQI will mail to their shareholders. Additional Information
About the Proposed Mergers and Where to Find It This press release
is not intended to, and shall not, constitute an offer to purchase
or sell shares of any of the funds; nor is this press release
intended to solicit a proxy from any shareholder of any of the
funds. The solicitation of the purchase or sale of securities or of
proxies to effect each merger may only be made by a final,
effective Registration Statement, which will include a definitive
Combined Proxy Statement/Prospectus, after the Registration
Statement is declared effective by the Securities and Exchange
Commission ("SEC"). This Registration Statement has yet to be filed
with the SEC. Once it is, it may be amended or withdrawn and the
Combined Proxy Statement/Prospectus will not be distributed to
shareholders of the funds unless and until the Registration
Statement is declared effective by the SEC. The funds and their
respective directors and officers, and Cohen & Steers, and its
shareholders, officers and employees and other persons may be
deemed to be participants in the solicitation of proxies with
respect to these proposed mergers. Investors and shareholders may
obtain more detailed information regarding the direct and indirect
interests of the funds' respective directors and officers, and
Cohen & Steers and its shareholders, officers and employees and
other persons by reading the Combined Proxy Statement/Prospectus
regarding the mergers when it is filed with the SEC. INVESTORS AND
SHAREHOLDERS OF THE FUNDS ARE URGED TO READ THE COMBINED PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGERS.
INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES
AND EXPENSES OF THE FUNDS CAREFULLY. THE COMBINED PROXY
STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION WITH RESPECT TO THE
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS AND
OTHER IMPORTANT INFORMATION ABOUT THE FUNDS. The Combined Proxy
Statement/Prospectus will constitute neither an offer to sell
securities, nor will it constitute a solicitation of an offer to
buy securities, in any state where such offer or sale is not
permitted. Investors may obtain free copies of the Registration
Statement and Combined Proxy Statement/Prospectus and other
documents (when they become available) filed with the SEC at the
SEC's web site at http://www.sec.gov/. In addition, free copies of
the Combined Proxy Statement/Prospectus and other documents filed
with the SEC may also be obtained after each Registration Statement
becomes effective by directing a request to Cohen & Steers at
800-330-7348. About Cohen & Steers Cohen & Steers is a
manager of income-oriented equity portfolios specializing in U.S.
and international real estate securities, large cap value stocks,
utilities and listed infrastructure, and preferred securities. The
company also offers alternative investment strategies such as
hedged real estate securities portfolios and private real estate
multimanager strategies. Headquartered in New York City, with
offices in London, Brussels, Hong Kong and Seattle, Cohen &
Steers serves individual and institutional investors through a
broad range of investment vehicles. Forward-Looking Statements This
press release and other statements that Cohen & Steers may make
may contain forward looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which reflect the company's
current views with respect to, among other things, its operations
and financial performance. You can identify these forward-looking
statements by the use of words such as "outlook," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates," or the negative versions of these words
or other comparable words. Such forward-looking statements are
subject to various risks and uncertainties. Accordingly, there are
or will be important factors that could cause actual outcomes or
results to differ materially from those indicated in these
statements. The company undertakes no obligation to publicly update
or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. DATASOURCE: Cohen
& Steers, Inc. CONTACT: Francis C. Poli, executive vice
president and general counsel, Cohen & Steers, Inc.,
+1-212-446-9112 Web Site: http://cohenandsteers.com/
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