-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5Pc0q6PXqTLPq7PyncNRlkoAjtNOYIEdf7NjBHsf7/ZzYNgQqbSV67Li9X3AOFG 4s6tP38Qtu7V7erTUg6d7A== 0001013594-05-000408.txt : 20050920 0001013594-05-000408.hdr.sgml : 20050920 20050920171611 ACCESSION NUMBER: 0001013594-05-000408 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050920 DATE AS OF CHANGE: 20050920 EFFECTIVENESS DATE: 20050920 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SALOMON BROTHERS FUND INC /DE/ CENTRAL INDEX KEY: 0000205545 IRS NUMBER: 135200790 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02733 FILM NUMBER: 051094136 BUSINESS ADDRESS: STREET 1: 399 PARK AVENUE STREET 2: C/O SALOMON BROS. ASSET MANAGEMENT INC. CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 1-800-725-6666 MAIL ADDRESS: STREET 1: 399 PARK AVENUE STREET 2: C/O SALOMON BROS. ASSET MANAGEMENT INC. CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: LEHMAN CORP/NEW/ DATE OF NAME CHANGE: 19900916 FORMER COMPANY: FORMER CONFORMED NAME: LEHMAN CORP OF MARYLAND INC DATE OF NAME CHANGE: 19900916 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ELLIOTT ASSOCIATES LP CENTRAL INDEX KEY: 0000904495 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 222140975 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: 712 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2125062999 MAIL ADDRESS: STREET 1: ELLIOTT ASSOCIATES LP STREET 2: 712 5TH AVE CITY: NEW YORK STATE: NY ZIP: 10019 DFAN14A 1 salomondfan14a-092005.txt SEPTEMBER 20, 2005 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant |_| Filed by a Party other than the Registrant |X| Check the appropriate box: |_| Preliminary Proxy Statement |_| Preliminary Proxy Statement |_| Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e) (2)) |_| Definitive Proxy Statement |X| Definitive Additional Materials |_| Soliciting Material Pursuant to Rule 14a-11 (c) or Rule 14a-12 THE SALOMON BROTHERS FUND INC. - ------------------------------------------------ (Name of Registrant as Specified in Its Charter) Elliott Associates, L.P. and Elliott International, L.P. - ------------------------------------------------------------------------ (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): |X| No fee required. |_| Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it is determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: |_| Fee paid previously with preliminary materials: |_| Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a) (2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: (2) Form, Schedule or Registration Statement no.: (3) Filing Party: (4) Date Filed: [LETTERHEAD OF ELLIOTT ASSOCIATES, L.P.] For More Information Contact: Scott Tagliarino (212) 506-2999 (917) 922-2364 (cell) ELLIOTT BEGINS PROXY FIGHT URGING SALOMON BROTHERS FUND STOCKHOLDERS TO VOTE AGAINST NEW MANAGEMENT AGREEMENT Long-Term Stockholder Demands SBF Eliminate Substantial Discount to Net Asset Value NEW YORK (September 20, 2005) - Elliott Associates, L.P. and Elliott International, L.P. (collectively "Elliott"), who together are reportedly the largest stockholder of The Salomon Brothers Fund Inc.(NYSE: SBF), today began sending out proxy materials to fellow stockholders urging them to vote AGAINST a proposed new management agreement, scheduled for a vote at a Special Stockholders' Meeting at 4:00 p.m. on October 21, 2005, at the American Conference Centers, 780 Third Avenue, in New York. The requested vote is a step in the pending transaction between Citigroup Inc.(NYSE:C) and Legg Mason, Inc.(NYSE:LM), which contemplates a transfer of the SBF management agreement from Citigroup to Legg Mason. Elliott, a stockholder since 2002 and the beneficial owner of 5.88 million shares, or approximately 6%, of SBF, urged stockholders to do the following: o ACT NOW TO RELEASE YOUR SHARE OF $200 MILLION IN "TRAPPED VALUE" AT THE SALOMON BROTHERS FUND! o MAKE SBF ELIMINATE OR NEARLY ELIMINATE OUR FUND'S DISCOUNT TO NET ASSET VALUE - AND RETURN YOUR SHARE OF THAT VALUE TO YOU! o HELP US DELIVER MORE VALUE TO ALL STOCKHOLDERS BY VOTING AGAINST THE NEW MANAGEMENT AGREEMENT. o SIGN, DATE AND MAIL THE BLUE PROXYCARD TODAY! In a letter to stockholders that was sent with the final proxy materials, Elliott said: "We have long been deeply concerned by the Fund's low share price, and its longstanding, meaningful discount to NAV. As the enclosed proxy materials show, the historical average 14% discount to NAV measured from the beginning of 2002 and ending August 31, 2005 implies that on average there was approximately $200 million in aggregate value trapped in the Fund during that period. That's roughly $2.00 per share! Despite the fact that the Fund's shares have traded at a significant discount to NAV for years, the Fund's Board and management have taken no effective steps to eliminate or nearly eliminate the discount and deliver that value to the stockholders. The only recent actions taken to date have been, in our opinion, inadequate buyback programs that have failed to enhance stockholder value in any meaningful way." "Consider the following: - - On July 17, 2002 your Board approved a share buyback plan for 1 million shares, or less than 1% of the total shares outstanding and just 10 days of average trading volume. This buyback was not completed until April 7, 2004. During that almost two-year time period the Fund's discount to NAV actually widened -- from 14.1% to 14.7%. - - In April 2004, in yet another attempt to address the discount, the Board approved a buyback of 1 million additional shares. As of the end of 2004, more than 300,000 of those shares had still not been bought back. The discount failed to respond, ending 2004 where it had been at the start of the new program -- 14.7%! - - As of June 30, 2005, more than 250,000 of those shares had still not been bought back and the discount was then at 12.7%. WOULD YOU CALL THAT AN EFFECTIVE BOARD PLAN TO ELIMINATE OR NEARLY ELIMINATE THE DISCOUNT TO NAV? Remember, the SBF Board works for you - the true owners of the Fund - and you have a say in your Fund's future. The stockholders need to act now. We urge our fellow stockholders to vote AGAINST the new management agreement unless and until the SBF Board and management agree to eliminate or nearly eliminate the discount to NAV. The time for half-measures is over; the time for action is now! If the Board and management fail to act now, we believe the discount will continue to persist indefinitely. Others have publicly expressed the same concern. The upcoming vote on the new management agreement provides stockholders of the Fund with a unique opportunity to send a strong message to the Board and management that they must take immediate steps to eliminate or nearly eliminate the discount to NAV." A copy of Elliott's final proxy statement is available at www.sec.gov. If SBF stockholders have any questions, or need further information, please contact Elliott's proxy solicitor, Innisfree M&A Incorporated, toll-free, at 1-888-750-5834. About Elliott Associates, L.P. Elliott Associates, L.P. and its sister fund, Elliott International, L.P., have more than $5.2 billion of capital under management as of July 2005. Founded in 1977, Elliott Associates is one of the oldest funds of its kind under continuous management. # # # -----END PRIVACY-ENHANCED MESSAGE-----