Tri-Continental Corporation (NYSE:TY) issued a press release last Friday announcing the preliminary results of the shareholders vote. The bad news is that the directors nominated by Western Investment did not win the vote. However, the current directors also failed to receive a majority of the vote. Therefore, these directors will be up for a vote again next year. It will be interesting to see what the final vote turns out to be and whether or not Seligman, the current fund manager, will take action to address shareholder concerns raised during this shareholders’ meeting.
I decided to place a stop order on the shares I own in order to preserve my gains. As you can see from my earlier post, I originally purchased my shares for $17.40. Today, Tri-Continental closed at $20.63, which is an 18 percent gain on my investment. If management takes any steps to reduce the discount to NAV, I may be able to even squeeze out a few more percentage points.