Tortoise Announces a Share Repurchase Program for TPZ and Provides Update on Current Repurchase Programs
October 14 2020 - 5:00PM
Business Wire
Tortoise today announced that the Board has authorized a share
repurchase program for Tortoise Power and Energy Infrastructure
Fund, Inc. (NYSE: TPZ) effective through August 31, 2021. Under the
share repurchase program, TPZ intends to purchase in the open
market, $5 million of its outstanding common shares, if trading at
a discount to NAV in excess of 10%.
“The TPZ share repurchase program, like previously announced
TYG, NTG and TTP share repurchase programs, is focused on
maximizing NAV, and is expected to be accretive to per share cash
flow,” said Brad Adams, CEO of Tortoise’s closed-end funds.
The Board will monitor the repurchase program which includes
deciding whether or not to renew the repurchase program at the end
of its term. Repurchase activity, including the number of shares
purchased, the average purchase price and the average discount to
net asset value, will be disclosed in the fund’s quarterly reports
to stockholders, as well as included in the monthly unaudited
balance sheet press releases. The share purchase program follows
Rule 10b-18 requirements, and there is no assurance that the Fund
will repurchase shares in any amount.
On July 8, 2020, Tortoise announced share repurchase programs
for TYG, NTG and TTP. Share repurchase program amounts completed
during the period July 8, 2020 to October 13, 2020, are as
follows:
Fund
Repurchase Allowance
Total Amount Repurchased
Shares
Average Share Price
Average Discount to NAV
TYG
$25 million
$11.0 million
685,266
$16.08
25.4%
NTG
$12.5 million
$4.5 million
279,083
$16.26
25.2%
TTP
$5 million
$0.9 million
65,155
$13.80
25.6%
Tortoise Capital Advisors, L.L.C. is the Adviser to the
funds.
For additional information on these funds, please visit
cef.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy infrastructure and the transition to
cleaner energy. Tortoise’s solid track record of energy value chain
investment experience and research dates back more than 20 years.
As one of the earliest investors in midstream energy, Tortoise is
well-positioned to be at the forefront of the global energy
evolution that is underway. With a steady wins approach and a
long-term perspective, Tortoise strives to make a positive impact
on clients and communities. To learn more, please visit
www.TortoiseEcofin.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.
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/20201014005960/en/
Maggie Zastrow at (913) 981-1020 or
info@tortoiseadvisors.com
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