NEW YORK, June 29, 2017 /PRNewswire/ -- Neuberger
Berman Real Estate Securities Income Fund Inc. (NYSE MKT: NRO) (the
"Fund") announced the second measurement period under its tender
offer program that was previously announced in July 2016 (the "tender offer program") in
connection with other discount mitigation measures. Under the
tender offer program, the Fund will conduct two separate 12-week
measurement periods during 2017. If the Fund's common stock
trades at an average daily discount to net asset value per share
("NAV") of greater than 10% during a 12-week measurement period,
the Fund will conduct a tender offer for at least 8% of its
outstanding shares of common stock at a price equal to 98% of the
Fund's NAV determined on the day the tender offer expires.
The Fund's Board of Directors (the "Board") has determined
that the second of the two measurement periods under the tender
offer program will commence on Monday, July
10, 2017 and end on Monday, October
2, 2017 (the "Second Measurement Period").
The Board will determine the maximum size of its tender offer
should the Fund's common stock trade at an average daily discount
to NAV during the Second Measurement Period of greater than
10%. In determining the maximum size of any tender offers
under the tender offer program, the Board may consider, among other
things, the then-current market conditions and outlook for the
Fund, the size of the average daily discount during the Second
Measurement Period, the potential impact of a tender offer at
different levels on the Fund's expense ratio, the potential tax
consequences of the tender offer on the Fund and non-tendering
common stockholders and the potential impact on the Fund as a
whole. By maintaining discretion over the maximum size of the
tender offers, the Board can more appropriately exercise its
fiduciary duties and consider the best interests of the Fund and
its stockholders in light of the then-current market
conditions.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund. The
Fund has not commenced the tender offer described in this release.
Any tender offer under the tender offer program would be
conducted only if the conditions described above are met and would
be made only by an offer to purchase, a related letter of
transmittal and other documents which would be filed with the
Securities and Exchange Commission (the "SEC") as exhibits to a
tender offer statement on Schedule TO and would be available free
of charge at the SEC's website at www.sec.gov. Stockholders
should read any offer to purchase and tender offer statement on
Schedule TO and related exhibits if and when those documents are
filed and become available, as they would contain important
information about the tender offer.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages equities, fixed
income, private equity and hedge fund portfolios for institutions
and advisors worldwide. With offices in 19 countries, Neuberger
Berman's team is approximately 1,900 professionals, as of
May 1, 2017. The company was named
the #1 firm in Pensions & Investments 2016 Best Places
to Work in Money Management survey (among those with 1,000
employees or more). Tenured, stable and long-term in focus, the
firm fosters an investment culture of fundamental research and
independent thinking. It manages $267
billion in client assets as of March
31, 2017. For more information, please visit our website at
www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties. 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 closed-end
investment companies, changes in government policy or regulation,
inability of the Fund's investment adviser to attract or retain key
employees, inability of the Fund to implement its investment
strategy, inability of the Fund to manage rapid expansion and
unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
Contact:
Neuberger
Berman
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman Real Estate Securities Income Fund
Inc.