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
EXPIRATION AND RESULTS OF CASH TENDER OFFER
NEW YORK, NY, February 11, 2009 -- Tri-Continental Corporation (the
"Corporation") (NYSE: TY) today announced the expiration and results of its cash
tender offer to repurchase up to 9,893,955 of its shares of common stock,
representing approximately 12.5% of its issued and outstanding shares (the "Cash
Offer"). The Cash Offer expired at 5:00 p.m., Eastern time, on Wednesday,
February 11, 2009 (the "Expiration Date"). Because less than 12.5% of the issued
and outstanding common stock of the Corporation was tendered through the
Expiration Date, all properly tendered shares will be accepted for purchase. The
purchase price per share will be 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.
As stated in the Cash Offer materials, SEC rules 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