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AIM Select Real Estate Income Fund Board of Trustees Approves Redemptions of Auction Rate Preferred Shares (Series M, W, R and F) and Sets Terms of Redemptions.

HOUSTON -- On September 19, 2006, the Board of Trustees of AIM Select Real Estate Income Fund (the "Fund") (NYSE:RRE) unanimously voted to approve the redemption by the Fund of all of its outstanding Series M, Series W, Series R and Series F Auction Rate Preferred Shares (the "ARPS"). The Board has set the terms of such redemptions, which terms are stated below.

The ARPS had been used by the Fund to enhance net income distributable to holders of the Fund's Common Shares. As a result of the redemption by the Fund of the ARPS, it is expected that net income available for distribution to the holders of the Fund's Common Shares will decrease.

Series M ARPS

The Fund will redeem 100% (2,050 shares) of its then outstanding Series M Auction Rate Preferred Shares par value $.001 per share, $25,000 Liquidation Preference per share (the "Series M ARPS"), on Tuesday, October 24, 2006 (the "Series M Redemption Date"). The Series M ARPS will be redeemed pursuant to and in accordance with Part I, Section 3(a)(i) of the Fund's Second Amended and Restated Statement Establishing and Fixing the Rights and Preference of the Auction Rate Preferred Shares. All such Series M ARPS are to be redeemed from CUSIP # 00888R-20-6. On the Series M Redemption Date, shareholders of the Series M ARPS will receive $25,000 per share for each Series M ARPS share redeemed, which is equal to the liquidation preference of the Series M ARPS, plus an amount equal to the accumulated but unpaid dividends on such Series M ARPS for the weekly dividend period ending the business day before the Series M Redemption Date. Dividends on the Series M ARPS to be redeemed will cease to accumulate on the Series M Redemption Date.

Series W ARPS

The Fund will redeem 100% (2,050 shares) of its then outstanding Series W Auction Rate Preferred Shares par value $.001 per share, $25,000 Liquidation Preference per share (the "Series W ARPS"), on Thursday, November 2, 2006 (the "Series W Redemption Date"). The Series W ARPS will be redeemed pursuant to and in accordance with Part I, Section 3(a)(i) of the Fund's Second Amended and Restated Statement Establishing and Fixing the Rights and Preference of the Auction Rate Preferred Shares. All such Series W ARPS are to be redeemed from CUSIP # 00888R-30-5. On the Series W Redemption Date, shareholders of the Series W ARPS will receive $25,000 per share for each Series W ARPS share redeemed, which is equal to the liquidation preference of the Series W ARPS, plus an amount equal to the accumulated but unpaid dividends on such Series W ARPS for the weekly dividend period ending the business day before the Series W Redemption Date. Dividends on the Series W ARPS to be redeemed will cease to accumulate on the Series W Redemption Date.

Series R ARPS

The Fund will redeem 100% (2,050 shares) of its then outstanding Series R Auction Rate Preferred Shares par value $.001 per share, $25,000 Liquidation Preference per share (the "Series R ARPS"), on Friday, November 10, 2006 (the "Series R Redemption Date"). The Series R ARPS will be redeemed pursuant to and in accordance with Part I, Section 3(a)(i) of the Fund's Second Amended and Restated Statement Establishing and Fixing the Rights and Preference of the Auction Rate Preferred Shares. All such Series R ARPS are to be redeemed from CUSIP # 00888R-40-4. On the Series R Redemption Date, shareholders of the Series R ARPS will receive $25,000 per share for each Series R ARPS share redeemed, which is equal to the liquidation preference of the Series R ARPS, plus an amount equal to the accumulated but unpaid dividends on such Series R ARPS for the weekly dividend period ending the business day before the Series R Redemption Date. Dividends on the Series R ARPS to be redeemed will cease to accumulate on the Series R Redemption Date.

Series F ARPS

The Fund will redeem 100% (2,050 shares) of its then outstanding Series F Auction Rate Preferred Shares par value $.001 per share, $25,000 Liquidation Preference per share (the "Series F ARPS"), on Monday, October 30, 2006 (the "Series F Redemption Date"). The Series F ARPS will be redeemed pursuant to and in accordance with Part I, Section 3(a)(i) of the Fund's Second Amended and Restated Statement Establishing and Fixing the Rights and Preference of the Auction Rate Preferred Shares. All such Series F ARPS are to be redeemed from CUSIP # 00888R-50-3. On the Series F Redemption Date, shareholders of the Series F ARPS will receive $25,000 per share for each Series F ARPS share redeemed, which is equal to the liquidation preference of the Series F ARPS, plus an amount equal to the accumulated but unpaid dividends on such Series F ARPS for the weekly dividend period ending the business day before the Series F Redemption Date. Dividends on the Series F ARPS to be redeemed will cease to accumulate on the Series F Redemption Date.

This communication does not constitute an offer to purchase or sell any securities nor is it a solicitation of any proxy.

About AIM Investments

AIM Investments is dedicated to building solutions for its clients with exceptional products and services through multiple investment management styles and a broad range of investment portfolios - mutual funds, exchange-traded funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans and offshore products. For more information, visit www.aiminvestments.com. AIM Investments had approximately $138 billion in assets under management as of August 31, 2006. AIM Investments is a service mark of A I M Management Group Inc. A I M Advisors, Inc., A I M Capital Management, Inc., and AIM Private Asset Management, Inc. are the investment advisors for the products and services represented by AIM Investments. A I M Distributors, Inc. is the distributor for the retail mutual funds and Fund Management Company is the distributor for the institutional money market funds represented by AIM Investments.

About INVESCO Institutional

INVESCO Institutional (N.A.), Inc. is the principal adviser in the North American institutional division of AMVESCAP PLC. It is registered as an investment adviser with the SEC and is the subadviser to AIM Select Real Estate Income Fund. Dallas-based INVESCO Real Estate, the real estate division of INVESCO Institutional, commenced operations in 1983. For more information, visit www.invescorealestate.com.

About AMVESCAP

A I M Management Group Inc. is a subsidiary of AMVESCAP PLC, a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver outstanding products and services through a comprehensive array of retail and institutional products for clients around the world. The Company, which had approximately $429 billion in assets under management as of August 31, 2006, is listed on the London, New York and Toronto stock exchanges with the symbol "AVZ." Additional information is available at www.amvescap.com.

AIM Select Real Estate Income Fund is a closed-end fund which is traded on the New York Stock Exchange.
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