Stockholders of Tri-Continental Corporation (NYSE: TY) Approve New Investment Management Services Agreement with RiverSource Inv
08 10월 2008 - 2:03AM
Business Wire
Today, Tri-Continental Corporation (the �Corporation�) (NYSE: TY)
held a Special Meeting of Stockholders in Baltimore, Maryland (the
�Meeting�) and announced that Stockholders approved each of the
Board�s two recommendations. Stockholders approved a new investment
management services agreement (the �New Agreement�) between the
Corporation and RiverSource Investments, LLC (�RiverSource�), a
subsidiary of Ameriprise Financial, Inc. (Proposal 1), and elected
ten new Directors to the Corporation�s Board (Proposal 2). As
described in the Corporation�s proxy statement in respect of the
Meeting, the effectiveness of each of Proposal 1 and Proposal 2 are
contingent on the closing of the acquisition of J. & W.
Seligman & Co. Incorporated (�Seligman�), the Corporation�s
current manager, by RiverSource (the �Acquisition�). The
Acquisition is expected to occur in the fourth quarter of 2008. If
the Acquisition does not take place, then the New Agreement will
not become effective and the current management agreement between
the Corporation and Seligman will continue in effect. Stockholders
of the Corporation elected the following ten Directors to take
office upon the closing of the Acquisition: Kathleen Blatz, Arne H.
Carlson, Pamela G. Carlton, Patricia M. Flynn, Anne P. Jones,
Jeffrey Laikind, Stephen R. Lewis, Jr., Catherine James Paglia,
Alison Taunton-Rigby and William F. Truscott (collectively, the
�New Directors�). Mses.�Blatz, Carlton and Taunton-Rigby and
Mr.�Truscott have been elected to the class of Directors whose term
will expire at the annual meeting to be held in 2009, Ms.�Jones and
Mr.�Carlson have been elected to the class of Directors whose term
will expire at the annual meeting to be held in 2010, and
Mses.�Flynn and Paglia and Messrs.�Laikind and Lewis have been
elected to the class of Directors whose term will expire at the
annual meeting to be held in 2011, and (in each case) until their
successors are elected and qualify. Messrs. Leroy C. Richie and
John F. Maher will continue to serve as Directors of the
Corporation after the Acquisition, which would result in an overall
increase from ten Directors to 12 Directors of the Corporation. If
the Acquisition does not take place for any reason, the size of the
Board will not be increased, the New Directors will not serve as
Directors of the Corporation, and the Directors of the Corporation
serving prior to the election of the New Directors will continue to
serve as Directors of the Corporation. The Corporation is one of
the nation�s largest, diversified, publicly traded closed-end
equity investment companies and has paid dividends for 64
consecutive years. The Corporation is currently 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. The
net asset value of shares 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. The Corporation 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 Corporation. 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 about
the Corporation) may be obtained by contacting your financial
advisor or Seligman Advisors, Inc. at 800-221-2783. The prospectus
should be read carefully before investing in the Corporation. There
is no guarantee that the Corporation�s investment goals/objectives
will be met, and you could lose money.
Tri Continental (NYSE:TY)
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Tri Continental (NYSE:TY)
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