UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2024
Columbia Seligman Premium Technology Growth Fund, Inc.
(Exact name of registrant as specified in its charter)
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MARYLAND |
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811-22328 |
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20-0994125 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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290 Congress Street, Boston, Massachusetts |
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02210 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (800)-937-5449
NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading
Symbol(s) |
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Name of each exchange
on which registered |
Common Stock |
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STK |
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The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
SECTION 7 REGULATION FD
Item 7.01 Regulation FD Disclosure.
Registrant is
furnishing as Exhibit 99.1 the attached Press Release dated November 8, 2024 for Columbia Seligman Premium Technology Growth Fund, Inc.
SECTION 9
FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits.
Registrant is furnishing as Exhibit 99.1 the attached Press Release dated November 8, 2024 for Columbia Seligman Premium Technology Growth Fund, Inc.
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Exhibit Index
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: November 8, 2024
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COLUMBIA SELIGMAN PREMIUM TECHNOLOGY GROWTH FUND, INC. |
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By: |
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/s/ Joseph DAlessandro |
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Joseph DAlessandro |
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Assistant Secretary |
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Stockholder contact: |
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Matthew LeBlanc
617-580-4101
matthew.leblanc@columbiathreadneedle.com |
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Media contact: |
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Lisa Feuerbach
617-897-9344
lisa.feuerbach@columbiathreadneedle.com |
Columbia Seligman Premium Technology Growth Fund
Announces a Fourth Quarter Distribution:
9.25% Annual Rate for IPO Investors
Boston, MA November 8, 2024 Today, Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) declared a fourth-quarter
distribution, pursuant to its managed distribution policy, in the amount of $0.4625 per share, which is equal to a quarterly rate of 2.3125% (9.25% annualized) of the $20.00 offering price in the Funds initial public offering in
November 2009. The fourth-quarter distribution of $0.4625 per share is equal to a quarterly rate of 1.4131% (5.65% annualized) of the Funds market price of $32.73 per share as of October 31, 2024.
The distribution will be paid on November 26, 2024 (the Payment Date) to Stockholders of record on November 18, 2024. The ex-dividend date is November 18, 2024. It is anticipated that the Fund will make a subsequent distribution under its managed distribution policy in the month of February. Additionally, it is currently
anticipated that the Fund will make a subsequent distribution prior to this years end so that the Fund will not incur the federal excise tax applicable to funds that do not distribute all of their annual income (including net gains) before the
end of their fiscal year.
Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its
former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains more often than once in any one taxable year.
In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to make periodic distributions of
long-term capital gains more often than once in any one taxable year. After consideration by the Funds Board, the Fund adopted the current managed distribution policy which allows the Fund to make distributions of long-term capital gains more
than once in any taxable year.
The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the
following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
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Breakdown of Distribution |
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Sources |
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% |
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US Dollar |
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Net Investment Income |
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0.00 |
% |
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$ |
0.0000 |
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Net Realized Short-Term Capital Gains |
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0.00 |
% |
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$ |
0.0000 |
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Net Realized Long-Term Capital Gains |
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100.00 |
% |
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$ |
0.4625 |
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Return of Capital or other Capital Source |
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0.00 |
% |
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$ |
0.0000 |
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Total |
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100.00 |
% |
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$ |
0.4625 |
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The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund
during the year-to-date period ended on the Payment Date of the above distributions (includes the distribution payment noted in the table above) from the following
sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
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Breakdown of All Distributions
Paid Through Year-To-Date Period Ended on the Payment Date of the Current Distribution |
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Sources |
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% |
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US Dollar |
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Net Investment Income |
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0.00 |
% |
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$ |
0.0000 |
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Net Realized Short-Term Capital Gains |
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0.00 |
% |
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$ |
0.0000 |
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Net Realized Long-Term Capital Gains |
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100.00 |
% |
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$ |
1.8500 |
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Return of Capital or other Capital Source |
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0.00 |
% |
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$ |
0.0000 |
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Total |
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100.00 |
% |
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$ |
1.8500 |
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In certain years since the Funds inception, the Fund has distributed more than its income and net realized capital
gains, which has resulted in Fund distributions substantially consisting of return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to
you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. As of the payment date of the current distribution, all Fund
distributions paid in 2024 (as estimated by the Fund based on current information) are from the earnings and profits of the Fund and not a return of capital. This could change during the remainder of the year, as further described below.
The amounts, sources and percentage breakdown of the distributions reported above are only estimates and are not being provided for, and should not be used
for, tax reporting purposes. The actual amounts, sources and percentage breakdown of the distribution for tax reporting purposes, which may include return of capital, will depend upon the Funds investment experience during the remainder of its
fiscal year and may be subject to changes based on tax regulations.
The following table sets forth (i) the average annual total return of a
share of the Funds common stock at net asset value (NAV) for the 5-year period ended October 31, 2024 and (ii) the Funds annualized distribution rate, for the same period, expressed as a
percentage of the NAV price of a share of the Funds common stock at October 31, 2024.
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Average Annual Total NAV Return for the 5-year Period
Ended October 31, 2024 |
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18.02 |
% |
Annualized Distribution Rate as a Percentage of October 31, 2024 NAV Price (For the 5-year Period ended October 31, 2024) |
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6.37 |
% |
The following table sets forth (i) the average annual total return of a share of the Funds common stock at
net asset value (NAV) for the period since inception of Fund investment operations through the period noted and (ii) the Funds annualized distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the
Funds common stock at October 31, 2024. Average annual total return of a share of the Funds common stock at NAV for the period since inception of Fund investment operations through the period noted includes the 4.50% sales load
assessed to IPO investors.
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Average Annual Total NAV Return for the Period Since Inception of Investment Operations (November
30, 2009) Through October 31, 2024 |
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14.64 |
% |
Annualized Distribution Rate as a Percentage of October 31, 2024 NAV Price (For the Period
Since Inception of Investment Operations (November 30, 2009) through October 31, 2024) |
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6.04 |
% |
The following table sets forth (i) the cumulative total return (at NAV) of a share of the Funds
common stock for the year-to-date period ended October 31, 2024 and (ii) the Funds distribution rate, for the same period, expressed as a percentage of
the NAV price of a share of the Funds common stock at October 31, 2024
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Cumulative Total NAV Return for the Year-to-Date Period Ended October 31, 2024 |
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16.74 |
% |
Distribution Rate as a Percentage of October 31, 2024 NAV Price (For the Year-to-Date Period Ended October 31, 2024) |
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4.28 |
% |
You should not draw any conclusions about the Funds investment performance from the amount of the distributions noted in
the tables above or from the terms of the Funds distribution policy.
The Fund or your financial professional will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your US federal income tax return. For tax purposes, the Fund is required to report unrealized gains or losses on certain non-US investments as ordinary income or loss, respectively. Accordingly, the amount of the Funds total distributions that will be taxable as ordinary income may be different than the amount of the
distributions from net investment income reported above.
The Board may change the Funds distribution policy and the amount or timing of the
distributions, based on a number of factors, including, but not limited to, the amount of the Funds undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net
short- and long-term capital gains.
The Fund is a closed-end investment company that trades on the New York Stock
Exchange.
Past performance does not guarantee future results.
Important Disclosures:
Investors should consider
the investment objectives, risks, charges, and expenses of the Fund carefully before investing. You can obtain the Funds most recent periodic reports and other regulatory filings by contacting your financial advisor or visiting
www.columbiathreadneedleus.com. These reports and other filings can also be found on the Securities and Exchange Commissions EDGAR Database. You should read these reports and other filings carefully before investing.
The Fund expects to receive all or some of its current income and gains from the following sources: (i) dividends received by the Fund that are paid on
the equity and equity-related securities in its portfolio; and (ii) capital gains (short-term and long-term) from option premiums and the sale of portfolio securities. It is possible that the Funds distributions will at times exceed the
earnings and profits of the Fund and therefore all or a portion of such distributions may constitute a return of capital as described below. A return of capital is a return of your original investment. A return of capital distribution does not
necessarily reflect the Funds investment performance and should not be confused with yield or income. You should not draw any conclusions about the Funds investment performance from the amount of this distribution
or from the Funds distribution policy.
Distributions that qualify as a return of capital are a return of some or all of your original investment in
the Fund. A return of capital reduces a stockholders tax basis in his or her shares. Once the tax basis in your shares has been reduced to zero, any further return of capital may be taxable as capital gain. Shareholders should consult their
tax advisor or tax attorney for proper treatment.
Distributions may be variable, and the Funds distribution rate will depend on a number of factors,
including the net earnings on the Funds portfolio investments and the rate at which such net earnings change as a result of changes in the timing of, and rates at which, the Fund receives income from the sources noted above. As portfolio and
market conditions change, the rate of distributions on the shares and the Funds distribution policy could change.
Market risk may affect a
single issuer, sector of the economy, industry or the market as a whole. The products of technology companies may be subject to severe competition and rapid obsolescence, and their stocks may be subject to greater price fluctuations.
Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Foreign investments subject the fund to risks, including
political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. As a
non-diversified fund, fewer investments could have a greater effect on performance. The Funds derivatives strategies may not be successful and could result in significant Fund losses.
The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The
Funds investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.
There
is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount
to their net asset values, which may increase your risk of loss.
The Fund is not insured by the FDIC, NCUA or any federal agency, is not a deposit or
obligation of, or guaranteed by any financial institution, and involves investment risks including possible loss of principal and fluctuation in value.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
Columbia Seligman Premium Technology Growth Fund is managed by Columbia Management Investment Advisers, LLC.
© 2024 Columbia Management Investment Advisers, LLC. All rights reserved.
columbiathreadneedleus.com
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