Statement from Neuberger Berman Real Estate Income Fund
01 November 2006 - 11:49PM
Business Wire
Neuberger Berman Real Estate Income Fund Inc. (NYSE:NRL) did not
hold a meeting of stockholders during its fiscal year ended
yesterday. Investors may therefore see the letters �BC� or some
other symbol appended to the Fund�s ticker symbol or name on
certain websites or in certain papers, indicating that the Fund has
not yet fulfilled the annual meeting requirement of the New York
Stock Exchange (�NYSE�) rules. As communicated in NRL stockholder
reports, the Fund is involved in litigation concerning a hostile
tender offer for control of the Fund. The litigation has raised
issues that would affect how voting is conducted on any election of
directors or other proposal at a stockholder meeting. These issues
were presented to the court for resolution earlier this year, and
the Fund is now awaiting the court�s decision. Although compliance
with NYSE rules is important, the Fund believes, notwithstanding
contrary views expressed by some stockholders, that in this
situation it is in the best interests of its stockholders to allow
the court to resolve the voting issues before holding a stockholder
meeting. The Fund wants to minimize the risk of litigation
challenging the results of any stockholder vote, including the
possibility that a second stockholder meeting might be required.
The Fund will hold a stockholder meeting as soon as practicable
after the court has issued its ruling. Forward-Looking Statements
Statements made in this release that look forward in time involve
risks and uncertainties and are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such risks and uncertainties include, without limitation, the
adverse effect from a decline in the securities markets or a
decline in the Fund�s performance, a general downturn in the
economy, competition from other funds, changes in government policy
or regulation, inability of the Fund�s investment advisor to
attract or retain key employees, inability of the Fund�s investment
advisor to implement its investment strategy, inability of the Fund
to manage unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations. Neuberger Berman Real Estate Income Fund Inc.
(NYSE:NRL) did not hold a meeting of stockholders during its fiscal
year ended yesterday. Investors may therefore see the letters "BC"
or some other symbol appended to the Fund's ticker symbol or name
on certain websites or in certain papers, indicating that the Fund
has not yet fulfilled the annual meeting requirement of the New
York Stock Exchange ("NYSE") rules. As communicated in NRL
stockholder reports, the Fund is involved in litigation concerning
a hostile tender offer for control of the Fund. The litigation has
raised issues that would affect how voting is conducted on any
election of directors or other proposal at a stockholder meeting.
These issues were presented to the court for resolution earlier
this year, and the Fund is now awaiting the court's decision.
Although compliance with NYSE rules is important, the Fund
believes, notwithstanding contrary views expressed by some
stockholders, that in this situation it is in the best interests of
its stockholders to allow the court to resolve the voting issues
before holding a stockholder meeting. The Fund wants to minimize
the risk of litigation challenging the results of any stockholder
vote, including the possibility that a second stockholder meeting
might be required. The Fund will hold a stockholder meeting as soon
as practicable after the court has issued its ruling.
Forward-Looking Statements Statements made in this release that
look forward in time involve risks and uncertainties and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from
a decline in the securities markets or a decline in the Fund's
performance, a general downturn in the economy, competition from
other funds, changes in government policy or regulation, inability
of the Fund's investment advisor to attract or retain key
employees, inability of the Fund's investment advisor to implement
its investment strategy, inability of the Fund to manage unforeseen
costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory organizations.
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