dfan14a06290019_03262008.htm
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
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
¨ Confidential,
for Use of the Commission Only (as permitted by Rule14a-6(e)(2))
¨ Definitive
Proxy Statement
x Definitive
Additional Materials
o Soliciting
Material Under Rule 14a-12
COHEN
& STEERS SELECT UTILITY FUND, INC.
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(Name
of Registrant as Specified in Its Charter)
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WESTERN
INVESTMENT LLC
WESTERN
INVESTMENT HEDGED PARTNERS L.P.
WESTERN
INVESTMENT ACTIVISM PARTNERS LLC
WESTERN
INVESTMENT TOTAL RETURN PARTNERS L.P.
WESTERN
INVESTMENT TOTAL RETURN FUND LTD.
ARTHUR
D. LIPSON
WILLIAM
J. ROBERTS
MATTHEW
S. CROUSE
LYNN D. SCHULTZ
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(Name
of Persons(s) Filing Proxy Statement, if Other Than the
Registrant)
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computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
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Western
Investment LLC (“Western Investment”), together with the other participants
named herein, is filing materials contained in this Schedule 14A with the
Securities and Exchange Commission (the “SEC”) in connection with the
solicitation of proxies for the election of three nominees as directors at the
2008 annual meeting of stockholders (the “Annual Meeting”) of Cohen & Steers
Select Utility Fund, Inc. (the “Fund”). Western Investment has filed
a proxy statement with the SEC with regard to the Annual Meeting.
Item 1:
On March 26, 2008, Western Investment mailed the following letter to holders of
the Fund’s Auction Market Preferred Shares:
WESTERN
INVESTMENT LLC
ATTENTION
COHEN & STEERS PREFERRED STOCKHOLDERS:
TIME IS
SHORT. PLEASE FOLLOW THE INSTRUCTIONS BELOW TO VOTE BY TELEPHONE OR
THE INTERNET TO INSURE YOUR VOTE IS RECEIVED IN TIME!
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VOTE
BY TELEPHONE
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VOTE
BY INTERNET
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Using
a touch-tone telephone, call the toll-free number
which
appears on your enclosed Voting Form.
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Go
to website: WWW.PROXYVOTE.COM
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Just
follow these four easy steps:
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Just
follow these four easy steps:
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1.
2.
3.
4.
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Read
the accompanying Proxy material and enclosed Voting
Form.
Call
the toll-free number located on your Voting Form.
Enter
your 12-digit Control Number located on your Voting
Form.
Follow
the simple recorded instructions.
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1.
2.
3.
4.
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Read
the accompanying Proxy material and enclosed Voting
Form.
Go
to the website www.proxyvote.com.
Enter
your 12-digit Control Number located on your Voting
Form.
Follow
the simple instructions.
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If
you vote by telephone or Internet, you need not return your Voting Form.
Thank you for your support!
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From:
www.bloggingstocks.com
Will
Arthur D. Lipson's plan unfreeze Auction Rate Securities?
Posted
Mar 8th 2008 5:28PM by Peter
Cohan
The New York
Times reports that a distressed securities investor, Arthur D. Lipson,
has a plan to unfreeze the accounts of those people who were suckered into
thinking that Auction Rate Securities (ARSs) were as good as cash. But ARSs,
whose rates were supposed to reset every week at about 3%, are illiquid because
accounting rule changes made them quite unpopular with corporate treasurers. The
resulting failed auctions have frozen the accounts.
I posted
on this $330 billion ARS market last week and have been stunned to learn about
all the people who thought that significant portions of their life savings were
safe, only to learn that the funds are frozen. For these people, it's as if they
went to the bank to withdraw their deposits and now they can't get their money
out. I don't know how these people can sleep at night. I'd have trouble
coping.
But
Lipson argues that the closed-end funds that hold these ARSs are trading at a
discount and that these discounts present an opportunity for closed-end funds to
do the right thing, for both common and preferred shareholders. Lipson suggests
that these closed-end funds' managers should sell the underlying securities -
utility stocks and shares of real estate investment trusts - and use the
proceeds to buy back common shares.
What good
is that? Lipson thinks it would shrink the size of the funds and allow them to
redeem some of the preferred shares they issued to increase the fund's yield.
Unfortunately, Lipson believes that managers won't implement his plan because
doing so would severely reduce the management fees they receive, based on the
assets in the funds.
So Lipson
has launched proxy fights at three funds, seeking board representation to try to
force them to follow his prescription. I am glad the New York Times is covering
this story and believe it warrants some serious government
intervention.
Unfortunately,
with Washington trying to plug a host of other leaks in our economic dike, these
frozen ARS accounts may not get the attention they deserve.
Peter Cohan is President of
Peter S.
Cohan & Associates.
He also teaches
management at Babson College and edits The
Cohan Letter.
Permission
from the author was neither sought nor obtained for the use of this
article.