Cohen & Steers Dividend Majors Fund (NYSE:DVM)
Historical Stock Chart
From Aug 2019 to Aug 2024
![Click Here for more Cohen & Steers Dividend Majors Fund Charts. Click Here for more Cohen & Steers Dividend Majors Fund Charts.](/p.php?pid=staticchart&s=NY%5EDVM&p=8&t=15)
Cohen & Steers Dividend Majors Fund, Inc. Declares Initial
Dividends
NEW YORK, March 8 /PRNewswire-FirstCall/ -- Cohen & Steers Dividend Majors
Fund, Inc. today declared its first four monthly dividends of $0.10 per share
for the months of March, April, May, and June 2005. Martin Cohen, co-chairman
and co-chief executive officer of Cohen & Steers, noted that the dividends
provide an annualized distribution rate of approximately 6.00% based on the
fund's initial offering price of $20.00 per share. Robert Steers, co-chairman
and co-chief executive officer, added that Cohen & Steers has made substantial
progress in investing the proceeds of the fund's offering.
As stated in the prospectus, dated January 26, 2005, relating to the initial
public offering of the fund's common stock, the fund has adopted a level rate
distribution policy pursuant to which the fund will pay monthly distributions
on each share of common stock at a fixed rate based on the projected
performance of the fund. The fund's board of directors has initially
determined to pay monthly distributions at an annual rate of 6.00% of the
fund's initial public offering price of $20 per common share. Under this
policy, subject to market conditions at the time of declaration, the fund will
pay monthly distributions on each share of common stock at a rate of $0.10 per
share, which equals $1.20 per share on an annual basis. If, for any monthly
distribution, the fund's net investment company taxable income is less than the
amount of the distribution, the difference generally will be a tax- free return
of capital distributed from the fund's assets.*
The March 2005 dividend is payable on March 31, 2005 to shareholders of record
on March 15, 2005. The ex-dividend date is March 11, 2005. The April 2005
dividend is payable on April 29, 2005 to shareholders of record on April 15,
2005. The ex-dividend date is April 13, 2005. The May 2005 dividend is
payable on May 31, 2005 to shareholders of record on May 13, 2005. The
ex-dividend date is May 11, 2005. The June 2005 dividend is payable on June
30, 2005 to shareholders of record on June 15, 2005. The ex-dividend date is
June 13, 2005. Subject to market conditions at the time of declaration, the
fund anticipates that it will distribute subsequent regular monthly dividends
of $0.10 per share.
Cohen & Steers Dividend Majors Fund, Inc. is a closed-end management investment
company that seeks high total return consisting of dividend income and capital
appreciation. The fund's common shares began trading on the New York Stock
Exchange under the symbol DVM on January 27, 2005. Cohen & Steers Capital
Management, Inc. serves as the fund's investment manager.
* The final tax treatment of these distributions is reported to shareholders on
their 1099-DIV forms, which are mailed to shareholders after the close of each
fiscal year. Shareholders should note that distributions of capital decrease
the fund's total assets and, therefore, could have the effect of increasing the
fund's expense ratio. In addition, in order to make these distributions, the
fund may have to sell portfolio securities at a less than opportune time.
DATASOURCE: Cohen & Steers Dividend Majors Fund, Inc.
CONTACT: John J. McCombe, executive vice president, Cohen & Steers
Capital Management, Inc., +1-212-832-3232
Web site: http://www.cohenandsteers.com/