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DWS RREEF Real Estate Fund, Inc.
(Name of Registrants as Specified in Its Charter)
SUSAN L. CICIORA TRUST
c/o Stephen C. Miller, Esq.
and Joel L. Terwilliger, Esq.
2344 Spruce Street, Suite A
Boulder, CO 80302
(303)442-2156
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RISKMETRICS GROUP RECOMMENDS VOTE "AGAINST" DWS RREEF REAL
ESTATE FUND, INC. LIQUIDATION PROPOSAL
Boulder, Colo. - (PR Newswire) - May 11, 2009 - RiskMetrics Group, the world's
largest independent proxy advisory firm, recommends that holders of DWS RREEF
Real Estate Fund, Inc. (NYSE: SRQ) vote "AGAINST" the liquidation proposal (Item
1) at the upcoming special meeting of stockholders to be held May 20, 2009.
The recommendation to vote "Against" SRQ's liquidation proposal was provided by
RiskMetrics Group's Proxy Advisory Services (formerly Institutional Shareholder
Services, or ISS), the global industry leader in providing comprehensive proxy
research to some of the world's largest and most important financial
institutions. RiskMetrics Group covers over 40,000 stockholder meetings every
year and issues recommendations for stockholders on voting their proxies for
various management proposals.
In their review, RiskMetrics concluded that "In view of Horejsi's superior
management of DNY, a similar closed-end real estate fund, RMG believes that the
Trust through its affiliation with Horejsi may be able to effectuate change that
is critical to improving the performance of the Fund, rather than liquidating
the Fund during poor market conditions. What is more, shareholders would have
the opportunity to approve the election of the Trust's board members and
appointment of Horejsi as investment manager of the Fund at subsequent
shareholder meetings. Given that the Fund's NAV has declined substantially in
the last one year, which is reflected in its one-star Morningstar ranking, the
downside risk of not supporting the liquidation proposal seems limited.
Moreover, dissidents stated intention of conducting a proxy contest and
appointing Horejsi as the investment manager, who has a proven track record at
DNY, provides a viable alternative to the liquidation proposal. As such, RMG
does not believe the Fund's liquidation proposal warrants shareholder support.
Vote AGAINST Item 1."*
Stewart R. Horejsi, representative for the Susan L. Ciciora Trust which is
engaged in a proxy fight with SRQ against their liquidation proposal, stated:
"This recommendation by RiskMetrics Group vindicates our position that SRQ's
liquidation proposal is not in the best interests of stockholders. With this
recommendation we are encouraged that stockholders will finally be able to
assert control over their investment in SRQ."
Mr. Horejsi added: "We believe that this recommendation sends a strong signal to
SRQ's board of directors that their management decisions to date have not made
sense; the Trust has received much support from fellow stockholders against the
liquidation proposal and we believe that the board of directors should initiate
a meaningful dialogue with the Trust."
The Trust is the largest stockholder of SRQ, owning 16.5% of the outstanding
shares of SRQ. The Trust has been an active and vocal investor in the Fund and,
on February 5, 2009, sent a letter to SRQ and its board of directors proposing,
among other things, termination of SRQ's investment advisers, a new slate of
directors, and better corporate governance standards and other ideas to enhance
stockholder value. Copies of the letters were filed with the Securities and
Exchange Commission and can be viewed on their website at www.sec.gov. No
meaningful response was provided by the SRQ board of directors and, given that
the board has very little incentive to manage the Fund due to its members' lack
of any ownership, the Trust decided that it should bring the substantial
experience and skill of its affiliated registered investment advisers to the
table and offer a better alternative to SRQ's stockholders.
*Permission to use quotation neither sought nor obtained.
Contact:
The Susan L. Ciciora Trust
Joel L. Terwilliger
303/442-2156