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DWS RREEF Real Estate Fund, 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
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THE SUSAN L. CICIORA TRUST SUBMITS STOCKHOLDER PROPOSALS TO MANAGEMENT OF DWS
RREEF REAL ESTATE FUND, INC., EXPRESSES CONCERN REGARDING RELATIONSHIP BETWEEN
DEUTSCHE ASSET MANAGEMENT, INC. AND DEUTSCHE BANK AG
Boulder, Colo. - (Business Wire) - July 22, 2009 - The Susan L. Ciciora Trust
today resubmitted various stockholder proposals to the management of DWS RREEF
Real Estate Fund, Inc. (AMEX: SRQ). The proposals seek to move SRQ in a
different direction by terminating the current investment managers, Deutsche
Asset Management, Inc. and RREEF America, L.L.C. The proposals also seek to hold
the Board of Directors of SRQ accountable to the stockholders for what the trust
believes are stalling tactics in conducting its annual meeting, including
amendments to SRQ's bylaws which forced the trust, as a stockholder, to resubmit
its proposals.. Further, Stewart Horejsi, a spokesperson for the trust,
expressed concern regarding the relationship between Deutsche Asset Management,
Inc., and Deutsche Bank AG. Deutsche Asset Management, Inc. is the investment
manager for SRQ and a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank
AG is reportedly under investigation by German prosecutors for alleged spying
activities on board members and/or activist stockholders.
On April 9, 2009, the Board of SRQ implemented a "Rights Agreement" which would
trigger dilutive rights dividends if the trust purchases additional shares of
SRQ. The trust believes this "poison pill," in conjunction with other
anti-stockholder measures, is designed to discourage the trust from purchasing
additional shares and denies stockholders who may want to sell shares their most
likely prospect for much needed price support. Mr. Horejsi said that "SRQ's
management announced that the poison pill was to "protect the interest of
stockholders pending stockholder consideration of proposed plans of liquidation
for Fund. Stockholders defeated this plan of liquidation on May 20, 2009, so it
is time to terminate these obstructive measures which serve only to harm
stockholders." Mr. Horejsi went on to say that "the trust successfully fought a
proxy fight against management's previous attempt to liquidate. The continued
erosion of stockholder value has gone on long enough! The stockholders have
voted, and many of them have communicated to the trust that they share our
belief that Deutsche Asset Management, Inc. and RREEF America, L.L.C. are simply
no longer fit to manage the fund. Fortunately, it only requires a majority of
the fund's outstanding voting securities to fire these advisers and hire more
competent managers."
Mr. Horejsi added that "the trust has become increasingly alarmed at the motives
of Deutsche Asset Management, Inc. with regard to their stalling tactics. Last
week they amended SRQ's bylaws to make it more difficult for stockholders to
submit their proposals to SRQ's management. Yesterday, I read in The Wall Street
Journal that Deutsche Bank AG `has dismissed two top executives following an
internal investigation into whether [Deutsche Bank AG] conducted surveillance on
a board member and others [including an activist shareholder].' This has
prompted prosecutors in Germany to open an investigation into what else is going
on at Deutsche Bank AG! I am very concerned about what is happening with SRQ and
its management, and I believe that stockholders' attempts to guide SRQ's assets
in a different direction should not be thwarted at every turn. Quite simply, I
have concerns of corporate malfeasance at Deutsche Asset Management, Inc. due to
its ownership by Deutsche Bank AG."
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, 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 at the trust's website at www.srqsro.com
or on the SEC's website at www.sec.gov. No meaningful response was provided by
the SRQ board 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.
More information can be located at www.srqsro.com.
Contact:
The Susan L. Ciciora Trust
Joel L. Terwilliger
303/442-2156