Board of Seligman Select Municipal Fund, Inc. Approves and Recommends to Stockholders That the Fund Be Acquired by Open-End Fund
04 Septiembre 2008 - 8:17AM
Business Wire
Seligman Select Municipal Fund, Inc. (�Select Municipal�; NYSE:
SEL) announced today 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 has
been fixed as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Special Meeting. 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 of
Select Municipal. This press release does not constitute an
offering of securities. You should consider the investment
objectives, risks, charges, and expenses of the Funds carefully
before investing. Investors can obtain the Funds� most recent
annual and mid-year reports and other regulatory filings by
contacting Seligman Services, Inc. at 800-597-6068. These reports
and other filings are also available 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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