Tri-Continental Corporation (NYSE: TY) Holds 77th Annual Meeting of Stockholders
31 5월 2007 - 4:30AM
Business Wire
Tri-Continental Corporation (NYSE: TY) today held its 2007 annual
meeting of Stockholders in Baltimore, Maryland. Stockholders were
asked to vote on three recommendations: the election of three
Directors, approval of a new Distribution Policy, and the
ratification of Deloitte & Touche LLP as auditors for 2007. The
three re-elected Directors are Frank A. McPherson, Leroy C. Richie
and John F. Maher, whose current terms would have expired at the
2007 Annual Meeting. Their new terms will expire in 2010. Over 90
percent of the votes cast voted in favor of the new Distribution
Policy that provides for quarterly distributions to Stockholders
equal to 2.75% of the net asset value (NAV) attributable to the
Fund�s common stock at the end of the prior calendar quarter (or
approximately 11% annually), consisting of distributions of net
income and one or both of net realized capital gains, and return of
capital. The first payment is expected to be declared on June 1,
2007. Brian T. Zino, President of Tri-Continental Corporation,
explained that the new Distribution Policy would provide regular,
periodic distributions to Stockholders. �Importantly, the
Corporation�s investment objective and closed-end structure remain
unchanged, and Stockholders will continue to be able to fully
maintain their investment in the Corporation by reinvesting all of
their distributions in shares of the Corporation.� Mr. Zino added
that distribution policies, such as the one being adopted, have
historically had a favorable impact on the market price of
closed-end fund shares relative to their net asset value trading at
lower discounts or at premiums. �We are pleased that Stockholders
have overwhelmingly voted in favor of the new Distribution Policy,�
he said. Stockholders also ratified the appointment of Deloitte
& Touche LLP as independent auditors of Tri-Continental for
2007. Deloitte & Touche LLP and its predecessor firms have been
auditors for Tri-Continental since its inception in 1929.
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
Corporation is managed by J. & W. Seligman & Co.
Incorporated, a New York-based investment manager and advisor,
which was founded in 1864. You should consider the investment
objectives, risks, charges, and expenses of the Corporation
carefully before investing. A prospectus containing information
about the Corporation (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 Corporation.
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