Tri-Continental Corporation Declares First Quarter Dividend under New, Earned Distribution Policy
07 3์ 2009 - 8:18AM
Business Wire
Tri-Continental Corporation (the ๏ฟฝCorporation๏ฟฝ) (NYSE:
TY) today declared a first quarter dividend of $0.056 per
share of Common Stock and $0.625 per share of Preferred Stock.
Dividends on Common Stock will be paid on March 23, 2009 to Common
Stockholders of record on March 16, 2009, and dividends on
Preferred Stock will be paid on April 1, 2009 to Preferred
Stockholders of record on March 16, 2009. The ex-dividend date for
both the Common Stock and the Preferred Stock is March 12,
2009.
The $0.056 per share dividend on the Common Stock is in
accordance with the Corporation๏ฟฝs new, earned distribution policy,
which was adopted by the Corporation๏ฟฝs Board of Directors on
January 8, 2009 and replaced the level rate distribution policy
that was in effect prior to such date. Each of these policies is
described below.
On January 8, 2009, the Corporation announced the elimination of
its level rate distribution policy, which called for quarterly
distributions to Common Stockholders equal to 2.75% of the net
asset value (NAV) attributable to the Corporation๏ฟฝs Common Stock at
the end of the prior calendar quarter (or approximately 11%
annually), and which had consisted of distributions of income, and
one or both of net realized capital gains and returns of capital.
On January 8, 2009, the Corporation adopted an earned distribution
policy, meaning that the Corporation intends to make distributions
to Common Stockholders that are approximately equal to all
distributions received by the Corporation from its underlying
portfolio investments, less the Corporation๏ฟฝs expenses and
dividends payable on the Corporation๏ฟฝs Preferred Stock.
The Corporation has paid dividends for 65 consecutive years.
Effective November 7, 2008, the Corporation is managed by
RiverSource Investments, LLC, a wholly owned subsidiary of
Ameriprise Financial, Inc. Prior to then, the Corporation was
managed by J.๏ฟฝ&๏ฟฝW. Seligman & Co. Incorporated. RiverSource
Fund Distributors, Inc. (formerly Seligman Advisors, Inc.) is the
principal underwriter of the RiverSource Group of Funds, which
includes the Corporation.
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.
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 RiverSource Services, Inc. (formerly
Seligman Services, Inc.) at 800-221-2783. The prospectus should be
read carefully before investing in the Corporation.
There is no guarantee that the Corporation๏ฟฝs investment
goals/objectives will be met or that distributions will be made,
and you could lose money.
๏ฟฝ ๏ฟฝ 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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