Tri-Continental Corporation (NYSE: TY) Announces Agreement With Stockholder Group; Proposal for Managed Distribution Policy to b
07 4월 2007 - 4:27AM
PR Newswire (US)
NEW YORK, April 6 /PRNewswire/ -- Tri-Continental Corporation
(NYSE:TY), today announced that it had entered into an agreement
with a stockholder group (the "Group") including Western Investment
LLC that will avoid a proxy contest for the election of directors
at the Fund's upcoming 2007 annual meeting of stockholders, which
is scheduled for May 30, 2007. Under the agreement, members of the
Group have agreed to withdraw their nominees for election to the
Fund's board and to withdraw a stockholder proposal that was to be
presented at the annual meeting. Additionally, the members of the
Group have agreed to cast their votes at the annual meeting in
accordance with the recommendations of the Fund's board. The Fund
has agreed to include in its proxy statement for the upcoming
annual meeting a proposal for stockholder approval of a
distribution policy that would provide for quarterly distributions
to stockholders equal to 2.75% of the net asset value attributable
to the Fund's common stock at the end of the prior quarter (or
approximately 11% per year), with the first payment expected to be
declared shortly after stockholder approval. The Fund has suspended
its share repurchase program pending the outcome of the stockholder
vote on this matter. Further details regarding the Fund's 2007
annual meeting of stockholders, including the distribution policy,
will be included in the Fund's proxy statement, which is expected
to be sent to stockholders in several weeks. Stockholders are urged
to read the proxy statement as it will contain important
information regarding the business to be presented at the upcoming
meeting. Brian T. Zino, President of the Fund, said: "We believe
the agreement with the Group is in the best interests of the Fund,
as it allows us to resolve the differences between the Group and
the Fund and enables the Fund to limit the costs, distraction and
disruptions associated with a proxy fight with the Group and with
potential litigation. Submitting the proposed distribution policy
to stockholders will permit the stockholders to decide whether or
not they wish the Fund to implement such a policy. Importantly,
stockholders would continue to have the opportunity to maintain
their investment in Tri-Continental by taking their distributions
under the proposed distribution policy in additional shares.
Alternatively, they may elect to receive all or a part of such
distributions in cash." Tri-Continental Corporation is one of the
nation's largest, diversified, publicly traded closed-end equity
investment companies and has paid dividends for 63 consecutive
years. The Fund is managed by J. & W. Seligman & Co.
Incorporated, a New York-based investment manager and advisor,
which was founded in 1864. Seligman Advisors, Inc. is the principal
underwriter of the Seligman mutual funds. You should consider the
investment objectives, risks, charges, and expenses of the Fund
carefully before investing. A prospectus containing information
about the Fund (including its investment objectives, risks,
charges, expenses, and other information) may be obtained by
calling 800-TRI- 1092. The prospectus should be read carefully
before investing in the Fund. Additional Information and Where to
Find It This press release may be deemed to be solicitation
material with respect to the forthcoming annual proxy statement of
Tri-Continental Corporation, to be filed with the U.S. Securities
and Exchange Commission (the "SEC"). INVESTORS AND SECURITY HOLDERS
OF TRI-CONTINENTAL CORPORATION ARE ADVISED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN
THEY BECOME AVAILABLE. The final proxy statement will be mailed to
stockholders of Tri-Continental Corporation. Investors and security
holders may obtain a free copy of the proxy statement when it
becomes available, and other documents filed by Tri-Continental
Corporation with the SEC, at the SEC's web site at
http://www.sec.gov/. Free copies of the proxy statement when it
becomes available, and Tri-Continental Corporation's other filings
with the SEC may also be obtained by writing to: J. & W.
Seligman & Co. Incorporated, 100 Park Avenue, New York, NY
10017, Attention: Investor Relations. Participants in the
Solicitation Tri-Continental Corporation may be deemed to be
soliciting proxies from its stockholders in favour of the proposal.
Information regarding certain of Tri-Continental Corporation's
directors and executive officers is available in Tri-Continental
Corporation's proxy statement for its 2006 annual meeting of
stockholders, which was filed with the SEC on February 13, 2006.
Additional information regarding the interests of Tri-Continental
Corporation will be included in the proxy statement and the other
relevant documents filed with the SEC when they become available.
DATASOURCE: Tri-Continental Corporation CONTACT: Media, Mary Ann
Susco, +1-212-850-1382, or, Shareholder, Marco Acosta,
+1-800-597-6068 (Option #1), , both for Tri-Continental Corporation
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