Seligman Select Municipal Fund, Inc. (NYSE: SEL) to Redeem its Preferred Stock on March 12, 2009 in connection with Recently ...
10 2월 2009 - 7:38AM
Business Wire
Today, Seligman Select Municipal Fund, Inc. (�Select Municipal�)
(NYSE: SEL) announced that all of its outstanding Preferred Shares,
Series A, and Preferred Shares, Series B (collectively, the
�Preferred Stock�) will be redeemed on March 12, 2009 (the
�Redemption Date�) at a redemption price (the �Redemption Price�)
equal to $100,000 per share plus accumulated but unpaid dividends
thereon (whether or not earned or declared) to but not including
the Redemption Date.
Select Municipal�s Preferred Stock is being redeemed following
the recent approval by Select Municipal�s stockholders of the
Agreement and Plan of Merger and Liquidation (the �Plan�) and the
merger and the other transactions contemplated by the Plan,
including the acquisition of the assets and liabilities of Select
Municipal by National Municipal Class (�National Fund�), a series
of Seligman Municipal Fund Series, Inc., as described in the proxy
statement/prospectus, dated October 28, 2008.
A notice of redemption will be sent to holders of Preferred
Stock at least 10 days prior to the redemption with instructions
for presentation of the Preferred Stock.
Dividends on the Preferred Stock will cease to accumulate on
the Redemption Date. Select Municipal anticipates there will be
no accumulated and unpaid dividends from and after the Redemption
Date, because the Preferred Stock will be redeemed on a dividend
payment date and Select Municipal currently anticipates paying the
last dividend in full. Unless Select Municipal defaults in making
the redemption, dividends on the Preferred Stock will cease to
accumulate on the Redemption Date, except for certain additional
dividends to which holders may be entitled if capital gains or
certain other taxable amounts retroactively are allocated to the
Preferred Stock.
Payments on the Preferred Stock may be subject to backup
withholding of 28% of such payments to U.S. holders who have not
certified their taxpayer identification number on Internal Revenue
Service�Form W-9. U.S. holders who wish to avoid backup withholding
should�submit a completed and signed Form W-9 when presenting stock
for payment. Non-U.S. holders should submit the appropriate
Internal Revenue Service Form W-8, attesting to that non-U.S.
holder�s foreign status.
IRS Circular 230 Disclosure: To ensure compliance with
requirements imposed by the IRS, we inform you that any U.S. tax
advice contained in this communication (including any attachments)
is not intended or written to be used, and cannot be used, for the
purpose of (i) avoiding penalties under the Internal Revenue Code
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed herein.
Since November 7, 2008, Select Municipal and National Fund (the
�Funds�) have been managed by RiverSource Investments, LLC, a
wholly owned subsidiary of Ameriprise Financial, Inc. Prior to such
date, the Funds were managed by J. & W. Seligman & Co.
Incorporated.
The net asset value of shares of Select Municipal may not always
correspond to the market price of such shares. Shares of many
closed-end funds frequently trade at a discount from their net
asset value. Select Municipal is 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
the Fund.
Fixed-income securities owned by the Funds are subject to
interest-rate risk, credit risk, repayment risk, and market risk.
To the extent that the Funds concentrate their investments in
municipal securities issued by a single state and its
municipalities, specific events or factors affecting a particular
state may have an impact on the municipal securities of that state
without affecting the municipal market in general.
You should consider the investment objectives, risks, charges,
and expenses of a Fund carefully before investing. You can obtain a
Fund�s most recent periodic reports and other regulatory filings
(including the prospectus relating to National Fund) by contacting
your financial advisor or RiverSource Services, Inc. at
800-597-6068. These reports and other filings can also be found on
the Securities and Exchange Commission's EDGAR Database. You should
read these reports and other filings carefully before investing.
National Fund is distributed by RiverSource Fund Distributors, Inc.
(formerly Seligman Advisors, Inc.).
There is no guarantee that a Fund's investment goals/objectives
will be met, and you could lose money.
� � NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Seligman Select Muni (NYSE:SEL)
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