NOTIFICATION OF REPURCHASE OFFER
PURSUANT TO RULE 23C-3
1. Investment Company Act File Number Date of Notification: March 17, 2000
811-09353
2. Exact name of investment company as specified in registration statement:
SELIGMAN NEW TECHNOLOGIES FUND, INC.
3. Address of principal executive office:
100 PARK AVENUE
NEW YORK, NEW YORK 10017
A. [X] The notification pertains to a periodic repurchase offer under
paragraph (b) of Rule 23c-3.
B. [ ] The notification pertains to a discretionary repurchase offer under
paragraph (c) of Rule 23c-3.
C. [ ] The notification pertains to a periodic repurchase offer under
paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under
paragraph (c) of Rule 23c-3.
By: /s/ Brian T. Zino
------------------------
Brian T. Zino
President
<PAGE>
SELIGMAN DATA CORP.
SERVICE AGENT FOR THE SELIGMAN GROUP OF FUNDS
AND TRI-CONTINENTAL CORPORATION
If you do not want to sell shares at this time, please disregard this notice.
This is simply notification of the scheduled quarterly repurchase offer.
March 17, 2000
Dear Seligman New Technologies Fund Shareholder:
We are writing to inform you of important dates related to Seligman New
Technologies Fund's quarterly repurchase offer. If you are not interested in
selling your shares at this time, please disregard this notice and take no
action.
The repurchase offer period will begin on March 17, 2000, and end on April 14,
2000. The purpose of this repurchase offer is to provide liquidity to
shareholders. Fund shares can be redeemed by repurchase offer only during one of
the Fund's scheduled quarterly repurchase offers.
All repurchase requests must be made by your financial advisor. Should you wish
to sell any of your shares during this repurchase offer period, please contact
your financial advisor no later than April 14, 2000. If you do not wish to sell
shares, simply disregard this notice. We will contact you again next quarter to
remind you of your redemption privilege.
All repurchase requests must be received by the Fund in good order on April 14,
2000.
If you have any questions, please refer to the attached Repurchase Offer
document, which contains additional important information about the repurchase
offer, or call your financial advisor.
Sincerely,
/s/ Seligman Data Corp.
Seligman Data Corp.
100 PARK AVENUE o NEW YORK, NEW YORK 10017
<PAGE>
[LETTERHEAD OF SELIGMAN DATA CORP.]
If you do not want to sell shares at this time, please disregard this notice.
This is simply notification of the scheduled quarterly repurchase offer.
March 17, 2000
Dear Seligman New Technologies Fund Shareholder:
We are writing to inform you of important dates related to Seligman New
Technologies Fund's quarterly repurchase offer. If you are not interested in
selling your shares at this time, please disregard this notice and take no
action.
The repurchase offer period will begin on March 17, 2000, and end on April 14,
2000. The purpose of this repurchase offer is to provide liquidity to
shareholders. Fund shares can be redeemed by repurchase offer only during one of
the Fund's scheduled quarterly repurchase offers.
Should you wish to sell any of your shares during this repurchase offer period,
please complete the attached Employee Repurchase Request Form and Seligman
Distribution Request Form for IRAs, if applicable, and return the form(s) to
Seligman Data Corp. so that the form(s) is received by SDC no later than 4:oo
p.m. April 14, 2000. If you do not wish to sell shares, simply disregard this
notice. We will contact you again next quarter to remind you of your redemption
privilege.
All repurchase requests must be received by Seligman Data Corp. in good order by
April 14, 2000. Forms can be dropped off at the SDC Window on the second floor
or mailed in the attached envelope.
If you have any questions, please refer to the attached Repurchase Offer
document, which contains additional important information about the repurchase
offer.
Sincerely,
/s/ Seligman Data Corp
Seligman Data Corp.
100 PARK AVENUE o NEW YORK, NEW YORK 10017
<PAGE>
S E L I G M A N
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NEW TECHNOLOGIES FUND, INC.
Repurchase Offer
March 17, 2000
Seligman New Technologies Fund, Inc. (the "Fund") is offering to repurchase up
to five percent (5%) of its shares. The offer is made upon the terms and
conditions stated in the notification letter, this repurchase offer and the
Fund's prospectus and statement of additional information ("SAI"). If you tender
any of your shares in response to this offer, your tender will be subject to the
same terms and conditions.
1. The Offer. The Fund is offering to repurchase for cash up to 5% (the
"Repurchase Offer Amount") of its issued and outstanding shares at a price
equal to the net asset value ("NAV") per share as of the close of regular
trading on the New York Stock Exchange ("NYSE") on the Repurchase Pricing
Date (defined below). The purpose of this offer is to provide a degree of
liquidity to shareholders because no secondary market exists for the
shares. This offer is not conditioned on the tender of any minimum number
of shares.
2. Repurchase Request Deadline. The Fund must receive all tenders of shares in
proper form on or before 4:00 p.m., Eastern time, on Friday, April 14,
2000. This date is the "Repurchase Request Deadline." You should notify
your financial advisor in sufficient time to ensure that the Fund receives
your tender in proper form by the Repurchase Request Deadline. Tenders may
only be submitted to your financial advisor. Your financial advisor will
then tender your shares to the Fund on your behalf.
3. Repurchase Pricing Date. The NAV used for the repurchase will be determined
no later than April 28, 2000. The Fund anticipates, however, that the NAV
used for the repurchase will be the NAV as of the close of regular trading
on the NYSE on the Repurchase Request Deadline. The date of the NAV used
for the repurchase is the "Repurchase Pricing Date."
4. Payment for Shares Repurchased. The Fund will make payment for repurchased
shares within seven days after the Repurchase Pricing Date, although it
expects to make payment sooner. You will not be charged any repurchase fee
by the Fund.
<PAGE>
5. Net Asset Value. The NAV of the Fund on March 10, 2000 was $47.58 per
share. You must decide whether to tender any or all of your shares before
the Repurchase Request Deadline, but the NAV at which the Fund will
repurchase shares will not be calculated until the Repurchase Pricing Date,
which will be on or after the Repurchase Request Deadline. The NAV of the
shares may fluctuate between the date of your repurchase request or the
Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the
Repurchase Pricing Date may be lower than the NAV on the date of your
repurchase request or the Repurchase Request Deadline. You may call
Seligman Data Corp.'s 24-hour Telephone Access Service at 1-800-622-4597
for current price information. Simply press "1" for fund NAVs and enter
fund code 059 for the Fund's NAV information. This information is also
available on the Internet site of J. &. W. Seligman & Co. Incorporated, the
Fund's investment manager (the "Investment Manager"), at
http://www.seligman.com. The Fund's shares are not traded on any organized
market or exchange.
6. Increase in Number of Shares Repurchased; Pro Rata Repurchase. If
shareholders tender more shares for repurchase than the Repurchase Offer
Amount, the Fund may (but is not obligated to) repurchase up to an
additional two percent (2%) of the issued and outstanding shares. If the
Fund determines not to repurchase the additional 2%, or if shareholders
tender shares in excess of the Repurchase Offer Amount plus the 2%, the
Fund will repurchase shares pro rata, based on the number of shares
tendered by each shareholder. If any shares that you wish to have
repurchased by the Fund are not repurchased because of proration, you will
have to wait until the next quarterly repurchase offer to tender your
unpurchased shares, and your subsequent repurchase request will not be
given any priority over other shareholders' requests. In anticipation of
the possibility of proration, some shareholders may tender more shares than
they wish to have repurchased, thereby increasing the likelihood of
proration. There can be no assurance that the Fund will be able to
repurchase all shares that you have tendered, even if you tender all shares
held in your account.
7. Withdrawal or Modification of Request for Repurchase. You may withdraw or
modify your tender prior to the Repurchase Request Deadline by contacting
your financial advisor. You should notify your financial advisor in
sufficient time to ensure that he or she does not tender your shares, if
you have decided to withdraw your tender, or submits your final tender to
the Fund, if you have decided to modify your tender, on the Repurchase
Request Deadline.
8. Suspension or Postponement of Repurchase Offer. The Fund may suspend or
postpone this offer only under limited circumstances and only by vote of a
majority of the Board of Directors, including a majority of the independent
Directors. These circumstances are limited to the following: (A) if the
repurchase of shares would cause the Fund to lose its status as a regulated
invest-
<PAGE>
ment company under Subchapter M of the Internal Revenue Code; (B) for any
period during which the New York Stock Exchange or any other market in
which the securities owned by the Fund are principally traded is closed,
other than customary weekend and holiday closings, or during which trading
in such market is restricted; (C) for any period during which an emergency
exists as a result of which it is not reasonably practicable for the Fund
to dispose of securities it owns or to determine the Fund's NAV; and (D)
for any other periods that the Securities and Exchange Commission permits
by order for the protection of shareholders. You will be notified if the
Fund suspends or postpones this offer. If the Fund renews this offer after
a suspension or postponement, you will be sent a new notification.
9. Tax Consequences. You should review the tax information in the Fund's
prospectus and SAI and consult your tax advisor regarding the specific tax
consequences, including state and local tax consequences, of participating
in the repurchase. Generally, any repurchase of shares by the Fund should
be treated as a taxable event, and any gain or loss recognized should be
treated as a capital gain or loss by shareholders who held their shares for
longer than one year.
10. Documents in Proper Form. All questions as to validity, form, eligibility
(including time of receipt) and acceptance of tenders of shares will be
determined by the Fund in its sole discretion. The Fund's determination
shall be final and binding. The Fund reserves the absolute right to reject
any or all tenders of shares (even if such tenders are determined to be in
good form) and to refuse to accept for payment, purchase or pay for any
shares if, in the opinion of the Fund's counsel, accepting, purchasing or
paying for such shares would be unlawful. The Fund also reserves the
absolute right to waive any of the conditions of this offer or any defect
in any tender of shares whether generally or with respect to any particular
shares or shareholders. The Fund's interpretations of the terms and
conditions of this offer shall be final and binding. Unless waived, any
defects or irregularities in connection with tenders of shares must be
corrected within such times as the Fund shall determine. Tenders of shares
will not be deemed to have been made until the defects or irregularities
have been corrected or waived.
<PAGE>
None of the Fund, the Investment Manager, Seligman Advisors, Inc., the Fund's
general distributor (the "Distributor"), or any other person is or will be
obligated to give notice of any defects or irregularities in tenders, nor shall
any of them incur any liability for failure to give any such notice.
None of the Fund, the Investment Manager or the Distributor is or will be
obligated to insure that your financial advisor submits your tender of shares to
the Fund on your behalf.
Neither the Fund nor its Board of Directors makes any recommendation to any
shareholder as to whether to tender or refrain from tendering shares. Each
shareholder must make an independent decision whether to tender shares and, if
so, how many shares to tender.
No person has been authorized to make any recommendation on behalf of the Fund
as to whether shareholders should tender shares pursuant to this offer. No
person has been authorized to give any information or to make any
representations in connection with this offer other than those contained herein
or in the Fund's prospectus or SAI. If given or made, such recommendation and
such information and representation may not be relied upon as having been
authorized by the Fund.
For additional information about this offer, or for any information regarding
your account, contact your financial advisor.
<PAGE>
This form must be received by April 14,
2000 if you want to sell shares of
Seligman New Technologies Fund, Inc.
Seligman New Technologies Fund, Inc.
[ L O G O ] Employee Repurchase Request Form
S E L I G M A N
100 Park Avenue o New York, NY 10017
================================================================================
Return to: Seligman Data Corp., Transaction Processing Unit, 100 Park Avenue,
2nd Flr, New York, NY 10017
Account Name(s) of Registered Shareholder(s) ___________________________________
(please fill in EXACTLY as registered) ___________________________________
___________________________________
Account Number______________________ Daytime Telephone______________________
Shares Tendered (Please check one)
[_] Partial Tender - Please tender _________________ shares from my account.
[_] Full Tender - Please tender all shares from my account.
[_] Dollar Amount - Please tender enough shares to net $___________________.
Payment and Delivery Instructions
The check will be issued in the name(s) of the registered shareholder(s) and
mailed to the address of record. If alternate payment and delivery is required,
please provide instructions here.
Alternate Instructions: ________________________________________________________
________________________________________________________
________________________________________________________
Please sign below and note the following points:
o Your Signature(s) below MUST CORRESPOND EXACTLY with the name(s) in which
the shares are registered.
o If the shares are held of record by two or more joint holders, All Must
Sign.
o If the shares are held in an IRA account, the enclosed Seligman IRA
Distribution Form must be completed and submitted with this repurchase
form.
o If the signer of this Employee Repurchase Request form is a trustee,
executor, administrator, guardian, attorney in fact, officers of
corporations or others acting in a fiduciary or representative capacity,
they must so indicate when signing, and submit proper evidence satisfactory
to the Fund of their authority to so act.
All signatures must be guaranteed unless ALL of the following conditions apply:
o This Employee Repurchase Form is signed by the registered holder(s) of the
shares, and
o There is no change of registration of any remaining shares, and
o The payment of the repurchase proceeds are to be sent to the registered
owner of the shares at the address shown in the share registration, and
o The repurchase proceeds will be less than or equal to $50,000.
IN ALL OTHER CASES, ALL SIGNATURES MUST BE GUARANTEED by a member firm of a
regional or national securities exchange or of the National Association of
Securities Dealers, Inc.; a commercial bank or trust company having an office,
branch, or agency in the United States; or other Eligible Guarantor Institution
as defined in Rule 17 Ad-15(a)(2) under the Securities Exchange Act of 1934.
Signature(s) of owner(s) as registered: ________________________________________
________________________________________
________________________________________
Date: __________________________________
Signature Guaranteed by:
If you have any questions regarding this Employee Repurchase Request form,
please call 1-800-221-2450 between 8:30 am and 6:00 pm.
