SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. __)
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DWS RREEF Real Estate Fund, Inc.
DWS RREEF Real Estate Fund II, Inc.
(Name of Registrants as Specified in Its Charter)
SUSAN L. CICIORA TRUST
ALASKA TRUST COMPANY, TRUSTEE
SUSAN L. CICIORA
RICHARD I. BARR
JOEL W. LOONEY
c/o Stephen C. Miller, Esq.
and Joel L. Terwilliger, Esq.
2344 Spruce Street, Suite A
Boulder, CO 80302
(303)442-2156
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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Preemptive Proxy Statement Filed by Susan L. Ciciora Trust Proposes to Terminate
Deutsche Asset Management, Inc. and RREEF America, LLC and Board of SRQ and SRO
Boulder, Colo. - (PR Newswire) - Source: Susan L. Ciciora Trust - June 12, 2009
- - The Susan L. Ciciora Trust announced today that it has filed a preliminary
joint proxy statement with the Securities and Exchange Commission (SEC)
regarding two closed-end investment companies, DWS RREEF Real Estate Inc. (AMEX:
SRQ) and DWS RREEF Real Estate Fund II, Inc. (AMEX: SRO), both managed by
Deutsche Asset Management, Inc. and RREEF America, LLC. The preliminary proxy
statement has been filed in anticipation of the Funds holding their annual
meetings and offers proposals to terminate the advisory contracts between the
Funds and Deutsche Asset Management, Inc. and RREEF America, LLC, replace
members of the board of directors with nominees of the Trust, and institute
various corporate governance measures. As of the date of this press release, the
Funds have not filed their proxy statements for the annual meeting.
The Trust also announced that it has launched a new website www.srqsro.com
dedicated solely to providing the Funds' stockholders with up-to-date
information regarding the Funds and the anticipated proxy contest.
When asked for comment, Stewart R. Horejsi, a spokesperson for the Trust, said
"the website will provide stockholders who are frustrated with the Boards' lack
of responsiveness with up-to-date information about the status of the Trust's
efforts to replace the Boards and existing management". Mr. Horejsi emphasized
that "stockholders spoke loudly in rejecting the Boards' recent proposals to
liquidate the Funds and waste all of the tax loss carry-forwards we have so
painfully earned. Angry and frustrated stockholders soundly defeated the
liquidation proposals with almost 67% of the votes cast voting against
liquidation in SRQ, essentially telling the Boards they have no confidence in
either the Boards' leadership or Deutsche Asset Management, Inc.'s or RREEF
America, LLC's abilities to do anything constructive with the Funds. We have
asked that the Boards set a record date for an annual meeting so that we can get
down to the business of salvaging the Funds, but so far the Boards seem to be
satisfied with delaying the inevitable and leaving Deutsche Asset Management,
Inc. and RREEF America, LLC at the helm of two quickly-sinking ships. Despite
the appalling performance of these Funds in 2008, as of the end of May, they are
still at the very bottom of the barrel for the current year, SRO with a -22.68%
year-to-date return on NAV, and SRQ with a -6.14% return on NAV, ranking 639th
and 618th, respectively, out of the universe of 640 closed-end funds covered by
ETF Connect. It's clear they have not learned from their prior investment and
concentration mistakes." Mr. Horejsi also indicated that, as of the date of this
press release, the Funds have not been responsive to any of the Trust's
proposals, nor have they announced an annual meeting or set a record date or
indicated any intention to do so.
Mr. Horejsi pointed out "other disconcerting news" from June 5, 2009, when the
Funds announced that they will not declare any distributions to common
stockholders in June 2009 because "market conditions have resulted in the Funds
not having sufficient income to pay a distribution."
The Trust is the largest stockholder of SRQ, owning 16.5% of the outstanding
shares, and one of the largest stockholders of SRO, owning 5.1% of the
outstanding shares. The Trust has been an active and vocal investor in the Funds
and, on February 5, 2009 and February 25, 2009, sent letters to SRQ and SRO,
respectively, and their boards of directors proposing, among other things,
termination of the investment advisers (Deutsche Asset Management, Inc. and
RREEF America, LLC), a new slate of directors, and better corporate governance
standards and other ideas to enhance stockholder value. Copies of the letters
are available on the Trust's website at www.srqsro.com or, since they have been
filed with the SEC, can be viewed on its website at www.sec.gov.
Contact:
The Susan L. Ciciora Trust
Joel L. Terwilliger
303/449-0426