Exhibit 99.1
More Information Contact: Mary Ann Susco
Corporate Communications
J. & W. Seligman & Co. Incorporated
(212) 850-1382
suscom@jwseligman.com
Stockholder Contact:
Marco Acosta
(212) 850-1333
acostam@jwseligman.com
Seligman LaSalle International Real Estate Fund, Inc. (NYSE: SLS)
Adjourns Special Meeting of Stockholders
to October 28, 2008 in New York
NEW YORK, October 7, 2008 - Today, Seligman LaSalle International Real Estate
Fund, Inc. (the "Corporation") (NYSE: SLS) convened a Special Meeting of
Stockholders (the "Meeting") in Baltimore, Maryland. However, because a quorum
was not present at the Meeting, the Chairman of the Corporation's Board
adjourned the Meeting to 9:30 a.m. on October 28, 2008 (the "Adjourned Meeting")
at the offices of Sullivan & Cromwell LLP, 375 Park Avenue, 8th Floor, New York,
New York 10152. This adjournment will provide additional time for the
Corporation's solicitation of proxies to approve each of the Board's
recommendations, which are as follows:
1. To consider and vote upon the proposed investment management
services agreement between the Corporation and RiverSource
Investments, LLC ("RiverSource"), a subsidiary of Ameriprise
Financial, Inc.;
2. To consider and vote upon the proposed subadvisory agreement between
RiverSource and LaSalle Investment Management (Securities), L.P.;
3. To consider and vote upon the proposed delegation agreement between
LaSalle Investment Management (Securities), L.P. and LaSalle
Investment Management Securities B.V.; and
4. To elect ten directors to the Corporation's Board.
Each of the above Proposals is described in detail in the Fund's proxy
statement, dated August 12, 2008. The effectiveness of Proposals 1, 2, 3 and 4
are contingent on the closing of the acquisition of the Corporation's current
manager, J. & W. Seligman & Co. Incorporated by RiverSource, as described in the
proxy statement in respect of the Meeting. In addition, the effectiveness of
Proposal 2 is contingent upon Proposal 1 being approved by stockholders, and
Proposal 3 is contingent upon Proposals 1 and 2 being approved by stockholders.
The close of business on July 17, 2008 is the record date for the determination
of stockholders entitled to notice of, and to vote at, the Adjourned Meeting or
any adjournment or postponement thereof.
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.
Investments in real estate securities may be subject to specific risks, such as
risks to general and local economic conditions, and risks related to individual
properties. Investing in one economic sector, such as real estate, may result in
greater price fluctuations than owning a portfolio of diversified investments.
You should consider the investment objectives, risks, charges, and expenses of
the Corporation carefully before investing. You can obtain the Corporation's
most recent periodic reports, when available, and other regulatory filings by
contacting your financial advisor or Seligman Services, Inc. at 800-597-6068.
These reports and other filings can also be found on the Securities and Exchange
Commission's EDGAR Database. You should read these reports and other filings
carefully before investing.
There is no guarantee that the Corporation's investment goals/objectives will be
met, and you could lose money.