Tortoise announced that the funds’ Board of Directors has
approved reverse stock splits for TYG, NTG, TTP and NDP as outlined
below. The funds anticipate completing the reverse stock splits
prior to the open of trading on the New York Stock Exchange (the
“NYSE”) on May 1, 2020 for common stockholders of record as of the
close of business on April 30, 2020.
The funds’ common shares are expected to begin trading on a
split-adjusted basis when the market opens on May 1, 2020. Common
shares of TYG, NTG, TTP and NDP will continue to trade on the NYSE
under their current symbol, but will trade under new CUSIP numbers,
as listed below.
Symbol
Fund
Reverse stock split
Old CUSIP
New CUSIP
TYG
Tortoise Energy Infrastructure
Corp.
1-for-4
89147L100
89147L886
NTG
Tortoise Midstream Energy Fund,
Inc.
1-for-10
89148B101
89148B200
TTP
Tortoise Pipeline & Energy Fund,
Inc.
1-for-4
89148H108
89148H207
NDP
Tortoise Energy Independence Fund,
Inc.
1-for-8
89148K101
89148K200
As a result of the reverse stock splits, every four outstanding
common shares of TYG will be converted into one common share, every
ten outstanding common shares of NTG will be converted into one
common share, every four outstanding common shares of TTP will be
converted into one common share, and every eight outstanding common
shares of NDP will be converted into one common share.
The reverse stock splits will decrease the number of the funds’
shares of common stock outstanding and potentially increase the
market price per share by a proportional amount. Neither the funds’
portfolio holdings nor the total value of stockholders investments
in the funds will be affected as a result of the reverse stock
splits. The reverse stock splits are intended to increase the
market price per share of the funds and broaden the range of
potential investors in shares of the funds’ common stock, thereby
potentially improving the market for, and liquidity of, shares of
the funds’ common stock.
No fractional shares will be issued as a result of the reverse
stock splits, except for registered stockholders participating in
the funds’ dividend reinvestment programs. Fractional shares that
may result from the reverse stock splits will be aggregated and
sold on the NYSE by the funds’ transfer agent and the proceeds will
be distributed pro rata among stockholders who would otherwise have
received fractional shares in the reverse stock splits. The reverse
stock splits will not impact any stockholder’s ownership in the
funds or voting power, except for minimal effects resulting from
the treatment of fractional shares.
Computershare Trust Company, N.A., the funds’ transfer agent,
will act as the exchange agent for the reverse stock splits. Please
contact Computershare Trust Company, N.A. for further information
at 800-546-5141.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a
portfolio of master limited partnership investments in the energy
infrastructure sector. Tortoise Energy Infrastructure Corp.’s
objective is to provide its stockholders a high level of total
return with an emphasis on current distributions.
About Tortoise Midstream Energy Fund, Inc.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a
portfolio of midstream energy entities that own and operate a
network of pipeline and energy-related logistical infrastructure
assets with an emphasis on those that transport, gather, process
and store natural gas and natural gas liquids (NGLs). Tortoise
Midstream Energy Fund, Inc.’s objective is to provide its
stockholders a high level of total return with an emphasis on
current distributions.
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a
non-diversified, closed-end management investment company that
seeks to obtain a high level of total return with an emphasis on
current distributions. TTP invests primarily in equity securities
of pipeline companies that transport natural gas, natural gas
liquids (NGLs), crude oil and refined products and, to a lesser
extent, in other energy infrastructure companies.
About Tortoise Energy Independence Fund, Inc.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a
non-diversified, closed-end management investment company that
seeks to obtain a high level of total return with an emphasis on
current distributions. NDP invests primarily in North American
energy companies that engage in the exploration and production of
crude oil, condensate, natural gas and natural gas liquids.
About Tortoise
Tortoise invests in essential assets – those assets and services
that are indispensable to the economy and society. With a steady
wins approach and a long-term perspective, Tortoise strives to make
a positive impact on clients and communities. For additional
information, please visit tortoiseadvisors.com.
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise
Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc.,
Tortoise Pipeline & Energy Fund, Inc. and Tortoise Energy
Independence Fund, Inc.
Safe harbor statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although the funds and Tortoise Capital Advisors believe that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the fund’s reports that are filed with
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required by law,
the funds and Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200420005151/en/
For more information contact Maggie Zastrow at (913) 981-1020 or
info@tortoiseadvisors.com
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