Actionable news
0
All posts from Actionable news
Actionable news in RIT: LMP REAL ESTATE Income FUND Inc,

Lmp Real Estate Income Fund Inc

The following excerpt is from the company's SEC filing.

Announces Board Approval of Proposed Open-Ending

NEW YORK (BUSINESS WIRE) October 23, 2015 LMP Real Estate Income Fund Inc. (NYSE: RIT) (the Fund) today announced that the Funds Board of Directors approved the conversion of the Fund from a closed-end fund to an open-end fund through a merger with and into ClearBridge Real Estate Opportunities Fund (CRO), a series of Legg Mason Funds Trust (LM Trust) (the Merger). LM Trust is newly organized and expects to register as an open-end management investment company under the Investment Company Act of 1940, as amended (the 1940 Act). The Merger wi ll require the approval of the Funds stockholders. If approved by stockholders of the Fund, the Merger is anticipated to occur during the second quarter of 2016. If the Merger is consummated, stockholders of the Fund will become holders of Class O shares of CRO and will have the ability to redeem their shares at net asset value, subject to certain conditions including the imposition of a redemption fee of 1% for one year after the Merger.

The Fund and CRO have different investment objectives, but similar investment policies and strategies. The Funds primary investment objective is high current income with capital appreciation as a secondary investment objective. CROs primary investment objective is total return. CRO is expected to invest in a broader universe of real estate and real estate-related companies.

As previously announced, Bulldog Investors, LLC (Bulldog) and the Fund have entered into a Settlement Agreement following a protracted proxy...


More