Seligman Select Municipal Fund, Inc. Declares October Income Dividend Distribution
03 Octobre 2008 - 8:51PM
Business Wire
Directors of Seligman Select Municipal Fund, Inc. (�Select
Municipal�; NYSE: SEL) today declared an income dividend of $0.036
per common share. The dividend will be payable October 22, 2008 to
stockholders of record on October 15, 2008. Common shares of Select
Municipal will be offered �ex-dividend� on October 13, 2008. On
September 4, 2008, Select Municipal announced that its Board of
Directors, at a meeting held on September 3, 2008, approved and
recommended to stockholders the acquisition of Select Municipal by
National Municipal Class (�National Fund�), a series of Seligman
Municipal Fund Series, Inc. (the �Acquisition�). Each of Select
Municipal and National Fund are managed by J. & W. Seligman
& Co. Incorporated (�Seligman�). As previously announced,
Seligman has agreed to be acquired by RiverSource Investments, LLC
(�RiverSource�), a wholly-owned subsidiary of Ameriprise Financial,
Inc., in a transaction that is likely to close in the fourth
quarter of 2008. National Fund is an open-end fund that pursues an
investment strategy similar to that of Select Municipal. Unlike
Select Municipal, a closed-end fund that utilizes leverage provided
by preferred stock, National Fund does not utilize leverage. The
Acquisition is subject to approval by the stockholders of Select
Municipal. As consideration for their shares, holders of Select
Municipal�s common stock will receive Class A shares of National
Fund with a value equal to the net asset value of their shares of
Select Municipal. Redemptions and exchanges of shares of National
Fund issued pursuant to the Acquisition would be subject to a
redemption fee of 2% for a period of one year following the closing
of the Acquisition. The agreement relating to the Acquisition
requires that the outstanding shares of preferred stock of Select
Municipal be redeemed prior to consummation of the Acquisition. A
Special Meeting of Stockholders of Select Municipal is scheduled to
be held on November 7, 2008 to vote upon the Acquisition (the
�Special Meeting�). The close of business on September 18, 2008 was
fixed as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Special Meeting (the
�Record Date�). The previously announced Special Meeting of
Stockholders called for October 7, 2008 has been cancelled, and the
matters scheduled to be voted on at that meeting -- the election of
directors of Select Municipal and a proposed new investment
management services agreement between Select Municipal and
RiverSource, will be voted on at the Special Meeting. If Select
Municipal stockholders approve the Acquisition at the Special
Meeting, it is expected that the Acquisition will close in late
2008 or in the first quarter of 2009. The Acquisition is contingent
on approval by shareholders of National Fund of the proposed new
advisory agreement between National Fund and RiverSource that will
be voted on by National Fund�s shareholders at a meeting to be held
on November 3, 2008. Additional information about the Acquisition
and the other matters to be considered at the Special Meeting will
be included in the prospectus/proxy statement that will be sent to
stockholders who held shares of Select Municipal as of the Record
Date. This press release does not constitute an offering of
securities. Seligman Select Municipal Fund, Inc. is managed by J.
& W. Seligman & Co. Incorporated (JWS), a New York-based
investment manager and advisor, which was founded in 1864. Seligman
Advisors, Inc. is the principal underwriter of the Seligman mutual
funds managed by JWS. Seligman Services, Inc. provides client
services to shareholders of Seligman Select Municipal Fund, Inc.
Seligman Advisors, Inc. and Seligman Services, Inc. are
wholly-owned subsidiaries of JWS. You should consider the
investment objectives, risks, charges, and expenses of the Fund
carefully before investing. You can obtain the Fund�s most recent
periodic reports 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 or sending money.
Seligman Select Muni (NYSE:SEL)
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