Seligman Select Municipal Fund, Inc. Declares December Income Dividend Distribution
05 Dicembre 2008 - 9:01PM
Business Wire
Seligman Select Municipal Fund, Inc. (�Select Municipal�) (NYSE:
SEL) today announced an income dividend of $0.036 per common share.
The dividend will be payable December 22, 2008 to stockholders of
record on December 15, 2008. Common shares of Select Municipal will
be offered �ex-dividend� on December 11, 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, at a special meeting to be held on December 18, 2008,
the acquisition of Select Municipal by National Municipal Class
(�National Fund�), a series of Seligman Municipal Fund Series, Inc.
(the �Acquisition�). 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.
Effective November 7, 2008, each of Select Municipal and National
Fund are managed by RiverSource Investments, LLC (�RiverSource�), a
wholly-owned subsidiary of Ameriprise Financial, Inc. Prior to
then, each of Select Municipal and National Fund were managed by J.
& W. Seligman & Co. Incorporated. RiverSource manages
Select Municipal under an interim investment management services
agreement effective November 7, 2008 for a period of up to 150 days
(through April 5, 2009), during which time Select Municipal will
solicit stockholder vote on a new investment management services
agreement with RiverSource. Shareholders of National Fund approved
a new investment management services agreement between Seligman
Municipal Fund Series, Inc. (on behalf of National Fund) and
RiverSource at a special meeting of shareholders held on November
3, 2008. A Special Meeting of Stockholders of Select Municipal is
scheduled to be held on December 18, 2008 to vote upon the
Acquisition (the �Special Meeting�). The close of business on
October 24, 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�). At the Special Meeting, stockholders
of Select Municipal will also consider the election of directors of
Select Municipal and a proposed new investment management services
agreement between Select Municipal and RiverSource. If Select
Municipal stockholders approve the Acquisition at the Special
Meeting, it is expected that the Acquisition will close in the
first quarter of 2009. 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 was sent to
stockholders who held shares of Select Municipal as of the Record
Date. This press release does not constitute an offering of
securities. RiverSource Investments, LLC, 200 Ameriprise Financial
Center, Minneapolis, Minnesota 55474, is also the investment
manager of the other funds in the Seligman Group of Funds, and is a
wholly-owned subsidiary of Ameriprise Financial. Ameriprise
Financial is a financial planning and financial services company
that has been offering solutions for clients' asset accumulation,
income management and protection needs for more than 110 years. In
addition to managing investments for the Seligman Group of Funds,
RiverSource Investments manages investments for the RiverSource
funds, itself and its affiliates. For institutional clients,
RiverSource Investments and its affiliates provide investment
management and related services, such as separate account asset
management, and institutional trust and custody, as well as other
investment products. 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.
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