NEW YORK--(BUSINESS WIRE)--LMP Real Estate Income Fund Inc. (NYSE: RIT) (the “Fund”) announced today that a quorum was not present at the Fund’s reconvened annual meeting of stockholders and therefore the Fund was unable to conduct the business of the Meeting. Management’s director nominees for reelection will remain as directors until their successors are elected and qualify, maintaining continuity.
The Fund adjourned the meeting on May 29, twice on June 8, and again on June 16, 2015. The failure of a dissident stockholder to vote either its own shares or proxies entrusted to it prevented a quorum at the two most recent meetings.
The Board’s purpose is always to protect the interests of all stockholders. The directors concluded that extending a lengthy and costly proxy process with no realistic expectation of reaching quorum is not in the best interests of Fund stockholders and would not preserve stockholder value. The Board will continue to consider options to enhance value for all stockholders.
The Fund is a non-diversified closed-end investment management company advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and sub-advised by ClearBridge Investments, LLC (“ClearBridge”). LMPFA and ClearBridge are wholly owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).
Legg Mason is a global asset management firm with approximately $703 billion in assets under management as of March 31, 2015. Legg Mason provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland.
LMP Real Estate Income Fund Inc. is not sold or distributed by Legg Mason or any Legg Mason affiliate. Shares of the Fund are bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges.