Tri-Continental Corporation (NYSE: TY) Pays First Quarterly Distribution Under New Policy
26 7월 2007 - 10:57PM
PR Newswire (US)
Minimum Quarterly Distributions to Total Approximately 11% Annually
NEW YORK, July 26 /PRNewswire-FirstCall/ -- Tri-Continental
Corporation (NYSE:TY) today paid a second quarter distribution of
$0.707 per share of common stock under a new distribution policy
approved by Stockholders this past May. "This is the first
distribution since the new policy went into effect, and is a
significant milestone in Tri-Continental's 78-year history,"
according to Brian T. Zino, President. Eligible Stockholders will
receive approximately 11% of the net asset value (NAV) each year
through quarterly distributions, each equal to 2.75% of the NAV
attributable to the Corporation's common stock at the end of the
prior calendar quarter. "Tri-Continental's new policy provides
regular, periodic cash payouts to our Stockholders who rely on
these distributions to meet financial needs," said Mr. Zino.
"Importantly, many Stockholders, in an effort to maintain and grow
their investments, have opted to reinvest distributions in the
Corporation's shares." Second quarter distributions on common stock
will be paid to Stockholders of record as of July 17, 2007. Common
Stockholders may elect to receive all or a portion of their
distribution in additional shares. Distributions on preferred stock
were paid on July 2, 2007 to such Stockholders of record on June
13, 2007. The final determination of the source of all
distributions in 2007 for tax purposes, including the percentage of
qualified dividend income, net realized capital gains, and/or
return of capital, will be made after year- end. 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. Seligman
Advisors, Inc. is the principal underwriter of the Seligman mutual
funds. 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. DATASOURCE: Tri-Continental
Corporation CONTACT: Media, Mary Ann Susco, +1-212-850-1382, , or
Investors, Marco Acosta, +1-800-597-6068, Opt. 1, , both for
Tri-Continental Corporation
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