Certain Franklin Templeton Closed-End Funds Announce Amendment to Share Repurchase Programs
July 29 2022 - 8:00AM
Business Wire
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge
Energy 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 each Fund’s Board of
Directors (the “Board”) has authorized the amendment of each Fund’s
repurchase program under which each Fund may continue to repurchase
in the open market up to an additional 10% of each Fund’s
outstanding common stock when the Fund’s shares are trading at a
discount to net asset value (“NAV”). In 2015, the Board initially
approved the adoption of each Fund’s repurchase program authorizing
the repurchase of 10% of each Fund’s outstanding common stock. The
Boards have directed management of the Funds to continue to
repurchase shares of common stock at such times and in such amounts
as management reasonably believes may enhance stockholder value.
The Funds are under no obligation to purchase shares at any
specific discount levels or in any specific amounts. Each Fund's
repurchase activity will be disclosed in its stockholder report for
the relevant fiscal period.
Share repurchases seek to enhance shareholder value by
purchasing Fund shares when trading at a discount to the Fund’s NAV
per share. All repurchased shares are canceled and the difference
between the purchase price and NAV results in incremental accretion
to the Fund’s NAV for all shareholders.
Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is investment
manager to each Fund and ClearBridge Investments, LLC
(“ClearBridge”) is each Fund’s subadviser. LMPFA and ClearBridge
are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.
(“Franklin Resources”). Franklin Resources. is a global investment
management organization with subsidiaries operating as Franklin
Templeton.
For more information about the Funds, please call 1-888-777-0102
or consult the Funds’ website at
www.franklintempleton.com/investments/options/closed-end-funds.
Hard copies of the Funds’ complete audited financial statements are
available free of charge upon request.
Data and commentary provided in this press release are for
informational purposes only. Franklin Resources and its affiliates
do not engage in selling shares of the Funds.
The Funds’ shares are traded on the New York Stock Exchange.
Similar to stocks, the Funds’ share prices will fluctuate with
market conditions and, at the time of sale, may be worth more or
less than the original investment. Shares of closed-end funds often
trade at a discount to their NAV, and can increase an investor’s
risk of loss. All investments are subject to risk, including the
risk of loss.
This press release contains "forward-looking statements" as
defined under the U.S. federal securities laws. Generally, the
words "believe," "expect," "intend," "estimate," "anticipate,"
"project," "will," and similar expressions identify forward looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual future results to differ
significantly from each Fund’s present expectations or projections
indicated in any forward-looking statements. These risks include,
but are not limited to, changes in economic and political
conditions; regulatory and legal changes; leverage risk; valuation
risk; interest rate risk; tax risk; the continuation of investment
advisory, administration and other service arrangements; and other
risks discussed in the Fund’s filings with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Each Fund undertakes no obligation to publicly update or
revise any forward-looking statements made herein. There is no
assurance that Fund’s investment objectives will be attained.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY
LOSE VALUE
Category: Corporate Action
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220729005168/en/
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