C&S fund IPO raises $300m.Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. & Steers Capital Management, Inc. announced that Cohen & Steers Worldwide Realty Income Fund, Inc. has completed the pricing of its initial public offering, and will issue 15 million shares at $20 per share raising a total of approximately $300 million in assets. The amount raised could be increased to approximately $345 million (before deduction of the sales charge) assuming full exercise of the underwriters' over-allotment, which may not occur. The fund's shares began trading on March 29, 2005 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "RWF RWF The ISO 4217 currency code for the Rwanda Franc. ." The fund's primary investment objective is high current income. Capital appreciation is a secondary objective. The fund will seek to achieve its investment objectives by investing primarily in a portfolio of global real estate equity securities. The fund anticipates issuing auction rate preferred shares that, if completed at anticipated levels, would bring the managed assets of the fund to more than $500 million (assuming full exercise of the underwriters' over-allotment, which may not occur). Cohen & Steers Capital Management, Inc., which serves as the fund's investment manager, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cohen & Steers, Inc., a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. whose common stock is listed on the New York Stock Exchange under the symbol "CNS See Continuous net settlement. CNS See continuous net settlement (CNS). ." Houlihan Rovers S.A., which serves as the fund's subadvisor, is a Belgium-based global real estate securities manager. Cohen & Steers owns 50% of the capital stock of Houlihan Rovers. UBS Securities LLC is the lead underwriter of a syndicate that includes Merrill Lynch, Pierce Fenner & Smith Incorporated. |
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