The board of administrators of every of Tortoise Midstream Vitality Fund, Inc. (NYSE: NTG) and Tortoise Vitality Infrastructure Corp. (NYSE: TYG) have authorized the merger of NTG into TYG, with TYG because the surviving firm. TYG invests in vitality infrastructure firms and is positioned to profit from rising vitality demand and accelerated efforts to cut back world CO2 emissions from vitality consumption. The mixed property of the 2 funds, together with leverage, totaled
As well as, Tortoise Capital intends to conduct a strategic overview of the funding technique of its closed-end fund Ecofin Sustainable and Social Affect Time period Fund (NYSE: TEAF), together with the influence of mixing non-public and public investments in a closed-end fund. TEAF supplies traders entry to a mixture of private and non-private investments in important property. TEAF had complete property, together with leverage, of
“As a part of our product restructuring, we’re evaluating our whole fund lineup and are making adjustments which might be in the very best curiosity of fund shareholders,” mentioned
Tortoise Capital intends to finish the merger of NTG into TYG throughout the fourth quarter of 2024, topic to requisite fund shareholder and regulatory approvals.
Final month, Tortoise Capital introduced plans to merge three of its closed-end funds right into a newly shaped actively managed exchange-traded fund (ETF), Tortoise Energy and Vitality Infrastructure ETF. In July the corporate introduced a strategic restructuring together with the sale of its Ecofin Advisors Restricted enterprise and its non-public credit score enterprise to deal with conventional vitality and energy infrastructure investing. The sale of the non-public credit score enterprise to 503 Capital Companions, LLC was accomplished on
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Cautionary Assertion Concerning Ahead-Trying Statements
This press launch comprises sure statements that will embody “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Alternate Act of 1934. All statements, apart from statements of historic reality, included herein are “forward-looking statements.” Though the funds and Tortoise Capital Advisors consider that the expectations mirrored in these forward-looking statements are cheap, they do contain assumptions, dangers and uncertainties, and these expectations could show to be incorrect. Precise outcomes may differ materially from these anticipated in these forward-looking statements because of a wide range of elements, together with these mentioned within the fund’s reviews which might be filed with the Securities and Alternate Fee (SEC). You shouldn’t place undue reliance on these forward-looking statements, which converse solely as of the date of this press launch. Apart from as required by regulation, the funds and Tortoise Capital Advisors don’t assume an obligation to replace this forward-looking assertion.
IMPORTANT INFORMATION
In reference to the proposed merger mentioned on this press launch, NTG and TYG anticipate to file with the SEC solicitation supplies within the type of a joint proxy assertion/prospectus that will probably be included in a registration assertion on Type N-14. After the registration assertion is filed with the SEC, it might be amended or withdrawn, and the joint proxy assertion/prospectus is not going to be distributed to fund shareholders until and till the registration assertion is said efficient by the SEC. Buyers are urged to learn the joint proxy assertion/prospectus and every other related paperwork after they grow to be obtainable as a result of they may comprise necessary details about the proposed merger. As soon as filed, copies of the joint proxy assertion/prospectus and different supplies will probably be obtainable freed from cost on the SEC’s web site at www.sec.gov.
This press launch is for informational functions solely and isn’t a solicitation of a proxy from any fund shareholder and doesn’t represent a suggestion of any securities on the market. No supply of securities will probably be made besides pursuant to a prospectus assembly the necessities of Part 10 of the Securities Act of 1933. Nevertheless, Tortoise Capital Advisors, NTG, TYG and sure of their respective administrators, officers and associates could also be deemed underneath the foundations of the SEC to be members within the solicitation of proxies from fund shareholders in reference to the proposed merger mentioned on this press launch. Details about the administrators and officers of NTG and TYG could also be discovered of their annual reviews beforehand filed with the SEC.
Tortoise Capital Advisors, L.L.C. is the funding adviser to Tortoise Vitality Infrastructure Corp. (TYG), Tortoise Midstream Vitality Fund, Inc. (NTG), and Ecofin Sustainable and Social Affect Time period Fund (TEAF) with Ecofin Advisors Restricted as TEAF’s sub-adviser.
The annual and semi-annual reviews of NTG, TYG and TEAF and different regulatory filings with the SEC are accessible at www.sec.gov and at https://cef.tortoiseadvisors.com/. The knowledge contained on the funds’ web site is just not part of this press launch.
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