Tortoise North American Energy Corp. Announces Distribution Increase
August 08 2011 - 6:54PM
Business Wire
The Board of Directors of Tortoise North American Energy Corp.
(NYSE: TYN) today declared the company’s third quarter 2011
distribution of $0.38 per share, an increase of 1.3 percent
compared to the $0.375 distribution in the previous quarter. The
distribution is payable on Sept. 1, 2011, to stockholders of record
on Aug. 24, 2011.
"Our distribution increase reflects our confidence, as long-term
investors, in the fundamentally stable and growing distributions
from MLPs in our portfolio," said Tortoise Capital Advisors’
Managing Director, Terry Matlack. “Additionally, despite recent
market conditions, TYN’s relatively low leverage positions it to
withstand periods of MLP price volatility.”
For tax purposes, the company estimates 75 to 100 percent of
TYN’s 2011 distributions will be characterized as qualified
dividend income with the remaining percentage characterized as
return of capital. The final characterization will not be made
until determination of its earnings and profits after year end. For
book purposes, the source of this distribution is estimated to be
100 percent return of capital.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is a publicly-traded
closed-end fund focused primarily on investing in securities of
MLPs, including energy infrastructure, oil and gas exploitation and
production, and energy shipping companies. Tortoise North American
Energy Corp.'s goal is to provide its stockholders with a high
level of total return with an emphasis on current
distributions.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors is an investment manager specializing
in listed energy infrastructure investments. Tortoise is considered
a pioneer in managing portfolios of MLP securities and other energy
companies for individual, institutional and closed-end fund
investors. As of July 31, 2011, Tortoise had approximately $6.7
billion of assets under management in six NYSE-listed investment
companies, an open-end investment company and private accounts. For
more information, visit our website at www.tortoiseadvisors.com.
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.
Forward-Looking Statement
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 company 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 company’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 company and Tortoise Capital Advisors do not assume a
duty to update this forward-looking statement.
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