American Stock Exchange Initial Public Offering of RMR Preferred Dividend Fund
May 26 2005 - 10:06AM
PR Newswire (US)
American Stock Exchange Initial Public Offering of RMR Preferred
Dividend Fund NEW YORK, May 26 /PRNewswire/ -- The American Stock
Exchange(R) (Amex(R)) today began trading common shares of RMR
Preferred Dividend Fund under the ticker symbol RDR. RMR Preferred
Dividend is a newly organized, non diversified, closed-end
management investment company. Its primary investment objective is
to provide high current income to its common shareholders; capital
appreciation is its secondary objective. RMR Preferred Dividend
Fund attempts to achieve its objectives by investing primarily in
publicly traded preferred securities. It is anticipated that 50% of
assets will be invested in preferred securities of Real Estate
Investment Trusts (REITs). "We are pleased to welcome RMR Preferred
Dividend Fund to the American Stock Exchange," said Tom Rzepski,
Vice President of the Amex's closed-end fund business. "The
investment advisor of the new fund is RMR Advisors, Inc. RMR
Preferred Dividend Fund is the fourth closed-end fund RMR Advisors
has listed on the Amex. The Amex looks forward to a long and
collaborative relationship with RMR Advisors as we continue to
provide investors with a variety of innovative investment
opportunities." With an initial share price of $20 for the RMR
Preferred Dividend Fund, the approximate initial value of the 2.6
million shares priced today is $52.7 million, including the
underwriter's over allotment option. The underwriting syndicate is
led by RBC Capital Markets and Wachovia Securities. The specialist
in the new fund is Weiskopf, Silver & Co. The American Stock
Exchange currently lists 150 closed-end funds with over $27 billion
in assets. For additional information on this fund or other Amex-
listed closed-end funds, please call 1-800-THE-AMEX. The American
Stock Exchange(R) (Amex(R)) is the only primary exchange that
offers trading across a full range of equities, options and
exchange traded funds (ETFs), including structured products and
HOLDRS(SM). In addition to its role as a national equities market,
the Amex is the pioneer of the ETF, responsible for bringing the
first domestic product to market in 1993. Leading the industry in
ETF listings, the Amex lists 156 ETFs to date. The Amex is also one
of the largest options exchanges in the U.S., trading options on
broad-based and sector indexes as well as domestic and foreign
stocks. DATASOURCE: The American Stock Exchange CONTACT: Mary Chung
of the American Stock Exchange, +1-212-306-1641, or Web site:
http://www.amex.com/
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