Tri-Continental Corporation Announces Purchase Price of Tendered Shares Accepted in Cash Tender Offer
13 2월 2009 - 9:15AM
Business Wire
Tri-Continental Corporation (the �Corporation�) (NYSE: TY) today
announced that in accordance with its cash tender offer to
repurchase up to approximately 12.5% of its issued and outstanding
shares of common stock (the �Cash Offer�), which expired yesterday,
February 11, 2009, the Corporation has accepted for purchase
9,254,911 shares, representing 100% of all properly tendered
shares. The shares will be purchased at a price of $10.06 per
share, which is equal to 99.25% of the net asset value per share of
the Corporation�s common stock as of the close of the regular
trading session of the New York Stock Exchange on February 12,
2009. The number of shares to be purchased represents approximately
11.7% of the Corporation�s issued and outstanding shares.
As stated in the Cash Offer materials, the rules of the
Securities and Exchange Commission required the Corporation to
suspend repurchases of common stock during the Cash Offer period
and will continue to require suspension for the ten business days
thereafter. Accordingly, restrictions on the ability of the
Corporation to repurchase its common stock will continue to apply
through February 26, 2009 (the �Final Suspension Date�). Through
and including the Final Suspension Date, the Corporation cannot
accept, and will not process, any requests to effect repurchases of
common stock received from stockholders who hold common stock
through accounts at Seligman Data Corp. (�SDC�), the Corporation�s
current stockholder service agent, including any systematic
repurchases of common stock typically processed through the
Corporation�s Automatic Cash Withdrawal Plan (also known as the
Systematic Withdrawal Plan).
After the Final Suspension Date, the Corporation will
re-commence accepting requests to effect repurchases of common
stock from stockholders who hold common stock through accounts at
SDC. Any such stockholder�s request to effect repurchases of common
stock received by the Corporation before February 23, 2009 will be
returned to the stockholder. Requests received by SDC on or after
February 23, 2009 will be held by SDC and deemed received on
February 27, 2009, which is the first business day that the
Corporation can repurchase common stock after the Final Suspension
Date. For stockholders holding common stock through an individual
retirement account (IRA) at SDC that seek to make, under the
Internal Revenue Code, a �required minimum distribution� through
the Corporation�s Automatic Cash Withdrawal Plan (also known as
Systematic Withdrawal Plan) on or before the Final Suspension Date,
SDC intends to process required minimum distribution requests on
February 27, 2009. Additionally, non-IRA systematic repurchases of
common stock through the Corporation�s Automatic Cash Withdrawal
Plan (also known as the Systematic Withdrawal Plan), typically made
annually on February 2nd and 16th, will be made on February 27,
2009.
Stockholders who hold the Corporation�s common stock through an
account held at SDC and wish to sell common stock on or before the
Final Suspension Date must transfer the common stock that they wish
to sell to a brokerage account. Stockholders may be charged a fee
by the broker to open an account, as well as account maintenance
fees, and transaction costs or fees (e.g., brokerage commissions)
associated with any sale of common stock through the broker. For
information on transferring common stock to a brokerage account,
contact Georgeson Inc. (the Corporation�s Information Agent) by
calling 1-888-219-8293, Monday through Friday between the hours of
9:00 a.m. and 11:00 p.m., Eastern time, or Saturday between the
hours of 10:00 a.m. and 4:00 p.m., Eastern time (except
holidays).
This announcement is not an offer to purchase or the
solicitation of an offer to sell shares of the Corporation or a
prospectus, circular or representation intended for use in the
purchase or sale of Corporation shares.
The net asset value of shares may not always correspond to the
market price of such shares. Common stock 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.
There is no guarantee that the Corporation�s investment
goals/objectives will be met or that distributions will be made,
and you could lose money.
� �
NOT FDIC INSURED MAY LOSE VALUE NO BANK
GUARANTEE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
Tri Continental (NYSE:TY)
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Tri Continental (NYSE:TY)
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