Announce Completion of Reverse Stock Splits
July 28 2020 - 8:00AM
Business Wire
ClearBridge MLP and Midstream Fund Inc.
(NYSE: CEM),
ClearBridge Energy Midstream Opportunity
Fund Inc. (NYSE: EMO), and
ClearBridge MLP and Midstream Total Return
Fund Inc. (NYSE: CTR)
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge
Energy Midstream Opportunity Fund Inc. (NYSE: EMO) and ClearBridge
MLP and Midstream Total Return Fund Inc. (NYSE: CTR) (each a “Fund”
and together, the “Funds”) announced today that the previously
disclosed 1-for-5 reverse stock split for each Fund, as outlined
below, will be executed prior to the open of trading on the New
York Stock Exchange (the “NYSE”) today, July 28, 2020. Each Fund’s
common stock will begin trading on a split-adjusted basis under
their current symbols, but with new CUSIP numbers, as listed
below.
Symbol
Fund Name
Old CUSIP
New CUSIP
CEM
ClearBridge MLP and Midstream Fund
Inc.
184692101
184692200
EMO
ClearBridge Energy Midstream Opportunity
Fund Inc.
18469P100
18469P209
CTR
ClearBridge MLP and Midstream Total Return
Fund Inc.
18469Q108
18469Q207
As a result of the reverse stock splits, every five outstanding
shares of common stock of each Fund will be automatically converted
into one share of common stock.
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 each Fund and broaden the range of
potential investors in shares of each Fund’s common stock, thereby
potentially improving the market for, and liquidity of, shares of
each Fund’s common stock.
No fractional shares will be issued as a result of the reverse
stock splits. Instead, stockholders entitled to fractional shares
that result from the reverse stock splits will receive a
proportional cash payment in lieu of such fractional shares. 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 the Funds
Each Fund is a non-diversified, closed-end management investment
company that is managed by Legg Mason Partners Fund Advisor, LLC
(“LMPFA”), and subadvised by ClearBridge Investments, LLC. LMPFA
and ClearBridge are wholly owned subsidiaries of Legg Mason, Inc.
(“Legg Mason”).
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on each Fund’s
current plans and expectations, and are subject to risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning such risks and uncertainties are contained
in each Fund’s filings with the SEC.
For more information about the Funds, please call Investor
Relations: 1-888-777-0102, or consult each Fund’s web site at
www.lmcef.com. The information contained on each Fund’s web site is
not part of this press release. Hard copies of each Fund’s complete
audited financial statements are available free of charge upon
request.
Category: Fund Announcement
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005493/en/
Media Contact: Fund Investor Services-1-888-777-0102
ClearBridge Energy Midst... (NYSE:EMO)
Historical Stock Chart
From Jun 2024 to Jul 2024
ClearBridge Energy Midst... (NYSE:EMO)
Historical Stock Chart
From Jul 2023 to Jul 2024