Published:
Susan L. Ciciora Trust to Support Liquidation of DWS RREEF Real Estate Fund
BOULDER, Colo. - (BUSINESS WIRE) - The Susan L. Ciciora Trust announced today that is has entered into a
Cooperation and Voting Agreement with Deutsche Asset Management, Inc.
and DWS RREEF Real Estate Fund, Inc. (AMEX: SRQ). Under the terms of the
Agreement, the Trust has agreed, among other things, (i) not to pursue
its previously announced proposals related to the operation and
governance of SRQ and, (ii) as recommended by SRQ's Board of Directors,
to vote in favor of the proposed liquidation and dissolution to be
considered by stockholders at the upcoming annual meeting of
stockholders. As part of the Agreement, SRQ has terminated the Rights
Agreement dated August 18, 2009, and has amended its bylaws to provide
that the provisions of the Maryland Control Share Acquisition Act will
not apply to the acquisition of shares of SRQ's common stock by any
stockholder, so long as such stockholder's voting power in the election
of directors remains below one-third of all such voting power.
Accordingly, in addition to being able to vote shares presently held,
the Trust will be free to vote at the annual meeting all shares
purchased prior to the record date for the annual meeting, so long as
the Trust's voting power remains below one-third of all such voting
power.
The Trust has amended its Schedule 13D filed with the Securities and
Exchange Commission to reflect its current intentions. Based on filings
with the SEC, the Trust is the largest stockholder of SRQ, owning 16.5%
of the outstanding shares.
The Susan L. Ciciora Trust
Joel L. Terwilliger, 303-442-2156
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