Cohen & Steers Announces Approval of Reorganization of Cohen & Steers Global Income Builder, Inc. with and into Cohen & Steers Infrastructure Fund, Inc.
NEW YORK, Dec. 6, 2019 /PRNewswire/ -- Cohen & Steers Global Income Builder, Inc. (NYSE: INB) announced today the results of the special meeting where stockholders approved the reorganization of INB with and into Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) (the “Reorganization”). The Reorganization is expected to occur after the close of business on December 20, 2019 (the “Closing Date”), subject to the satisfaction of customary closing conditions.
After the Reorganization, the investment strategies, policies and restrictions of the combined Fund will be those of UTF. The Fund seeks to deliver total return, with an emphasis on income, through investments in securities issued by infrastructure companies that own and operate assets such as utilities, cell towers, pipelines, toll roads, airports, railroads and marine ports. Until the Closing Date, INB is expected to deviate from its principal investment strategies and INB’s current investment restrictions will not apply as INB’s portfolio will be managed in anticipation of the Reorganization.
Symbol: NYSE: UTF, INB, CNS
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong and Tokyo.
Additional Information about the Funds and the Reorganization
This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Risks of Investing in Global Infrastructure Securities
Since UTF concentrates its assets in global infrastructure securities, the fund will be more susceptible to adverse economic or regulatory occurrences affecting global infrastructure companies than an investment company that is not primarily invested in global infrastructure companies. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, operational or other mishaps, tariffs and changes in tax laws, regulatory policies and accounting standards. Foreign securities involve special risks, including currency fluctuation and lower liquidity. Some global securities may represent small and medium-sized companies, which may be more susceptible to price volatility than larger companies.
Risks of Investing in Closed-End Funds
Shares of many closed-end funds frequently trade at a discount from their asset value. The funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund.
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SOURCE Cohen & Steers