Exhibit 99.1
| Media contact: | Charles Keller 612-678-7786 charles.r.keller@ampf.com | |
| Stockholder Contact: | Chris Moran 617-218-3864 christopher.m.moran@ampf.com | |
TRI-CONTINENTAL CORPORATION (NYSE: TY) ANNOUNCES
REPURCHASE PRICE AND LIST OF DISTRIBUTABLE ASSETS IN
CONNECTION WITH IN-KIND TENDER OFFER
NEW YORK, NY, December 12, 2008— Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today announced that, in accordance with its in-kind tender offer (the “In-Kind Offer”) to repurchase up to 36,308,589 of its shares of common stock, representing approximately 35% of its issued and outstanding shares (“Common Stock”), which expired at 5 p.m. on Thursday, December 11, 2008, the Corporation has accepted 25,633,247 properly tendered shares, representing approximately 24.4% of the Corporation’s Common Stock outstanding, at a price per share of $10.98 (the “Repurchase Price”), which is equal to 99.25% of the net asset value per share of Common Stock as of the close of the regular trading session of the New York Stock Exchange on December 12, 2008. The shares of Common Stock accepted represented 100% of the shares properly tendered in the In-Kind Offer. The total value of assets of the Corporation to be distributed in payment for such properly tendered shares of Common Stock accepted in the In-Kind Offer based on the Repurchase Price is $281,453,052.
Attached hereto as Exhibit A is a description of the distributable assets as of December 12, 2008 that stockholders who chose to participate in the In-Kind Offer will receive. The market value and percentage of the Corporation’s total distributable assets represented by each of the distributable assets listed below may decrease or increase before the actual receipt by stockholders of the distributable assets. The Corporation expects to deliver the distributable assets on December 18, 2008 to brokers whose customers tendered shares in the In-Kind Offer through the Depository Trust & Clearing Corporation (“DTCC”). All securities to be distributed to tendering stockholders will be rounded down to the next full share. The Corporation will distribute cash in lieu of any fractional share of a security that is not distributed due to rounding in this manner.
The Corporation made the In-Kind Offer in connection with a settlement agreement, dated as of August 19, 2008, between the Corporation and a stockholder group, including Western Investment LLC.
The In-Kind Offer referred to in this announcement was made only by the offer to repurchase filed with the Securities and Exchange Commission.
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. 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. & W. Seligman & Co. Incorporated. 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. 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 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.
This press release shall not constitute an offer to sell or a solicitation to buy, nor or a prospectus, circular or representation intended for use in the purchase or sale of Corporation shares, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE | ||
NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | |||
EXHIBIT A
Tri-Continental Corporation
List of Assets Distributable in In-Kind Tender Offer
| % Distributable Assets | ||||
CUSIP/Security ID | Security Name | as of December 12, 2008 | ||
88579Y101 | 3M COMPANY | 0.51% | ||
000375204 | ABB LTD. | 0.40% | ||
002824100 | ABBOTT LABORATORIES | 1.58% | ||
002896207 | ABERCROMBIE + FITCH CO. | 0.79% | ||
00507V109 | ACTIVISION BLIZZARD INC. | 1.20% | ||
00130H105 | AES CORPORATION | 0.41% | ||
013817101 | ALCOA INC. | 0.45% | ||
02209S103 | ALTRIA GROUP, INC. | 0.88% | ||
025816109 | AMERICAN EXPRESS COMPANY | 0.70% | ||
031162100 | AMGEN INC. | 0.94% | ||
032654105 | ANALOG DEVICES INC. | 0.39% | ||
037833100 | APPLE INC. | 0.91% | ||
00206R102 | AT+T INC. | 2.43% | ||
057224107 | BAKER HUGHES INCORPORATED | 0.28% | ||
060505104 | BANK OF AMERICA CORPORATION | 1.60% | ||
064058100 | BANK OF NEW YORK MELLON CORPORATION | 0.71% | ||
067901108 | BARRICK GOLD CORPORATION | 0.58% | ||
071813109 | BAXTER INTERNATIONAL INC. | 0.59% | ||
055921100 | BMC SOFTWARE INC. | 0.58% | ||
097023105 | BOEING COMPANY | 0.45% | ||
110122108 | BRISTOL-MYERS SQUIBB COMPANY | 1.28% | ||
156708109 | CEPHALON, INC. | 0.99% | ||
165167107 | CHESAPEAKE ENERGY CORPORATION | 0.55% | ||
166764100 | CHEVRON CORPORATION | 2.69% | ||
125509109 | CIGNA CORPORATION | 0.51% | ||
17275R102 | CISCO SYSTEMS, INC. | 1.08% | ||
125581108 | CIT GROUP INC. | 0.47% | ||
172967101 | CITIGROUP INC. | 0.45% | ||
20030N101 | COMCAST CORPORATION (CLASS A) | 0.76% | ||
205862402 | COMVERSE TECHNOLOGY, INC. | 1.11% | ||
20825C104 | CONOCOPHILLIPS | 1.45% | ||
81369Y407 | CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND | 1.76% | ||
126650100 | CVS CAREMARK CORPORATION | 0.95% | ||
244199105 | DEERE & COMPANY | 0.27% | ||
247361702 | DELTA AIR LINES, INC. | 2.43% | ||
28336L109 | EL PASO CORPORATION | 0.68% | ||
30161N101 | EXELON CORPORATION | 0.96% | ||
302182100 | EXPRESS SCRIPTS, INC. | 0.61% | ||
30225X103 | EXTERRAN HOLDINGS INC. | 0.25% | ||
30231G102 | EXXON MOBIL CORPORATION | 5.19% | ||
81369Y605 | FINANCIAL SELECT SECTOR SPDR FUND | 1.65% | ||
345838106 | FOREST LABORATORIES, INC. | 0.92% | ||
34958B106 | FORTRESS INVESTMENT GROUP LLC (CLASS A) | 0.16% | ||
G36535139 | FOSTER WHEELER LTD. | 0.35% | ||
35671D857 | FREEPORT-MCMORAN COPPER & GOLD, INC. (CLASS B) | 0.36% | ||
35906A108 | FRONTIER COMMUNICATIONS COMPANY | 0.70% | ||
369604103 | GENERAL ELECTRIC COMPANY | 2.13% | ||
38259P508 | GOOGLE INC. (CLASS A) | 1.39% | ||
406216101 | HALLIBURTON COMPANY | 0.38% | ||
416515104 | HARTFORD FINANCIAL SERVICES GROUP, INC. | 0.27% | ||
42222G108 | HEALTH NET INC. | 0.36% | ||
428236103 | HEWLETT-PACKARD COMPANY | 1.29% | ||
436440101 | HOLOGIC INC. | 0.58% | ||
438516106 | HONEYWELL INTERNATIONAL INC. | 0.93% | ||
458140100 | INTEL CORPORATION | 1.20% | ||
47102X105 | JANUS CAPITAL GROUP INC. | 0.24% | ||
46625H100 | JPMORGAN CHASE & CO. | 2.09% | ||
500255104 | KOHL’S CORPORATION | 0.94% | ||
55611C108 | MACROVISION SOLUTIONS CORPORATION | 1.44% | ||
G5876H105 | MARVELL TECHNOLOGY GROUP LTD. | 1.39% | ||
589331107 | MERCK & CO., INC. | 0.66% | ||
59156R108 | METLIFE, INC. | 0.79% | ||
594918104 | MICROSOFT CORPORATION | 2.40% | ||
617446448 | MORGAN STANLEY | 0.44% | ||
628530107 | MYLAN LABORATORIES INC. | 1.27% | ||
62913F201 | NII HOLDINGS, INC. | 0.27% | ||
G65422100 | NOBLE CORPORATION | 0.39% | ||
654902204 | NOKIA CORPORATION (ADR) | 0.92% | ||
670346105 | NUCOR CORPORATION | 0.37% | ||
674599105 | OCCIDENTAL PETROLEUM CORPORATION | 0.66% | ||
67622P101 | OFFICEMAX INCORPORATED | 0.42% | ||
68389X105 | ORACLE CORPORATION | 1.27% | ||
717081103 | PFIZER INC. | 1.89% | ||
718172109 | PHILIP MORRIS INTERNATIONAL INC. | 1.89% | ||
742718109 | PROCTER AND GAMBLE COMPANY | 1.86% | ||
744320102 | PRUDENTIAL FINANCIAL, INC. | 0.40% | ||
744573106 | PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | 1.31% | ||
747525103 | QUALCOMM INC. | 1.42% | ||
749121109 | QWEST COMMUNICATIONS INTERNATIONAL INC. | 0.98% | ||
755111507 | RAYTHEON COMPANY | 1.11% | ||
767754104 | RITE AID CORPORATION | 0.59% | ||
805423308 | SAVVIS, INC. | 0.69% | ||
806605101 | SCHERING-PLOUGH CORPORATION | 1.76% | ||
806857108 | SCHLUMBERGER LIMITED | 0.55% | ||
817315104 | SEPRACOR INC. | 0.55% | ||
832727101 | SMURFIT-STONE CONTAINER COMPANY | 0.15% | ||
78462F103 | SPDR TRUST SERIES 1 | 1.56% | ||
857477103 | STATE STREET CORPORATION | 0.41% | ||
87612E106 | TARGET CORPORATION | 0.56% | ||
G90073100 | TRANSOCEAN INC. | 0.45% | ||
87311L104 | TW TELECOM INC. | 0.30% | ||
902549807 | UAL CORPORATION | 0.39% | ||
911312106 | UNITED PARCEL SERVICE INC. (CLASS B) | 1.35% | ||
913017109 | UNITED TECHNOLOGIES CORPORATION | 0.72% | ||
91324P102 | UNITEDHEALTH GROUP INCORPORATED | 0.57% | ||
91913Y100 | VALERO ENERGY CORPORATION | 0.45% | ||
929903102 | WACHOVIA CORPORATION | 0.27% | ||
949746101 | WELLS FARGO & COMPANY | 0.75% | ||
983024100 | WYETH | 1.93% | ||
98385X106 | XTO ENERGY INC. | 0.67% | ||
984332106 | YAHOO!, INC. | 1.34% | ||
98956P102 | ZIMMER HOLDINGS, INC. | 0.31% | ||
U.S. DOLLARS | 3.40% | |||
| 100.00% | ||||
