Kayne Anderson Announces Stockholder Approval of the Merger of Kayne Anderson Midstream/Energy Fund and Kayne Anderson Energy...
July 31 2018 - 4:15PM
KA Fund Advisors, LLC (“Kayne Anderson”), which serves as the
adviser to Kayne Anderson Midstream/Energy Fund, Inc. (“KMF” or the
“Fund”) (NYSE: KMF) and Kayne Anderson Energy Total Return Fund,
Inc. (“KYE”) (NYSE: KYE), announced today that the proposal to
merge KYE with and into KMF (the “Merger”) has been approved by KYE
stockholders and the issuance of additional KMF common stock in
connection with the Merger was approved by KMF stockholders. The
Merger is expected to close on August 6, 2018.
KMF will be the surviving fund, and KYE stockholders will
receive shares of KMF at an exchange ratio based on each fund’s
relative net asset value per share as of August 3, 2018.
“We are very pleased with today’s results and want to thank all
of our KMF and KYE stockholders that took the time to vote on these
important matters” said Kevin McCarthy, the Fund’s Chairman and
CEO. “We expect stockholders of the combined fund to benefit from
operating cost savings, enhanced market liquidity and greater
financial flexibility.”
A “Frequently Asked Questions” document regarding the Merger can
be found at www.kaynefunds.com.
Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified,
closed-end management investment company registered under the
Investment Company Act of 1940 whose common stock is traded on the
NYSE. KMF’s investment objective is to provide a high level of
total return with an emphasis on making quarterly cash
distributions to its stockholders by investing at least 80% of its
total assets in securities of companies in the Midstream/Energy
Sector, consisting of: (a) Midstream Master Limited Partnerships
(“MLPs”), (b) Midstream Companies, (c) Other MLPs and (d) Other
Energy Companies. KMF anticipates that the majority of its
investments will consist of investments in Midstream MLPs and
Midstream Companies. See Glossary of Key Terms in the Fund’s
quarterly reports.
Kayne Anderson Energy Total Return Fund, Inc. is a
non-diversified closed-end management investment company registered
under the Investment Company Act of 1940, whose common stock is
traded on the NYSE. KYE’s investment objective is to obtain a high
total return with an emphasis on current income by investing
primarily in securities of companies engaged in the energy
industry, principally including publicly-traded energy-related
master limited partnerships and limited liability companies taxed
as partnerships and their affiliates, and other companies that
derive at least 50% of their revenues from operating assets used
in, or providing energy-related services for, the exploration,
development, production, gathering, transportation, processing,
storing, refining, distribution, mining or marketing of natural
gas, natural gas liquids (including propane), crude oil, refined
petroleum products, coal or electricity.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
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 results to differ from either
fund’s historical experience and its 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; MLP industry
risk; leverage risk; valuation risk; interest rate risk; tax risk;
and other risks discussed in each fund’s filings with the SEC. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. The funds undertake
no obligation to publicly update or revise any forward-looking
statements made herein. There is no assurance that either fund’s
investment objectives will be attained.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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