Seligman Select Municipal Fund, Inc. (“Select Municipal”) (NYSE: SEL)
today announced an income dividend of $0.0375 per common share. The
dividend will be payable March 25, 2009 to stockholders of record on
March 18, 2009. Common shares of Select Municipal will be offered
“ex-dividend” on March 16, 2009.
At a special meeting held on February 5, 2009, Select Municipal's
stockholders approved an Agreement and Plan of Merger and Liquidation
(the "Plan") and the merger and the other transactions contemplated by
the Plan, including the acquisition of the assets and liabilities of
Select Municipal by National Municipal Class ("National Fund"), a series
of Seligman Municipal Fund Series, Inc., as described in the proxy
statement/prospectus, dated October 28, 2008 (the “Acquisition”). The
Acquisition is expected to be completed at the close of business on or
about March 27, 2009 (the "Closing Date"). 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 on the Closing Date. Redemptions and
exchanges of Class A shares of National Fund issued pursuant to the
Acquisition will be subject to a redemption fee of 2% for a period of
one year following the closing of the Acquisition. As noted in the proxy
statement/prospectus, the outstanding shares of preferred stock of
Select Municipal will be redeemed prior to consummation of the
Acquisition. Shares of Select Municipal's common stock will cease to be
traded on the NYSE prior to the opening of trading on or about March 23,
2009.
Effective November 7, 2008, Select Municipal is managed by RiverSource
Investments, LLC, a wholly owned subsidiary of Ameriprise Financial,
Inc. Prior to then, Select Municipal was managed by J. & W. Seligman &
Co. Incorporated. RiverSource Fund Distributors, Inc. (formerly known as
Seligman Advisors, Inc.) is the principal underwriter of the RiverSource
Group of Funds, which includes Select Municipal.
RiverSource Investments, LLC, 200 Ameriprise Financial Center,
Minneapolis, Minnesota 55474, is also the investment manager of the
other funds in the RiverSource Group of Funds, and is wholly owned
subsidiary of Ameriprise Financial, Inc. Ameriprise Financial, Inc. 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 RiverSource Group of Funds, RiverSource manages
investments for itself and its affiliates.
