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ClearBridge Energy Midstream Opportunity (EMO) provides focused exposure to energy infrastructure through its closed-end fund structure. This dedicated news page serves as a comprehensive resource for investors and analysts tracking EMO's midstream investments in pipelines, storage facilities, and transportation networks.
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ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has announced the completion of mergers with ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR). The mergers became effective on September 9, 2024, with CEM and CTR stockholders becoming EMO stockholders. The conversion was based on each fund's net asset value (NAV) as of September 6, 2024:
- EMO: $46.6960
- CEM: $51.9511
- CTR: $47.0194
The conversion ratios were 1.112539 EMO shares for each CEM share and 1.006926 EMO shares for each CTR share. EMO's post-merger net assets totaled $849,413,976, with a NAV per common share of $46.6960 based on approximately 18,190,295 shares outstanding.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has released its unaudited financial statement as of August 31, 2024. The Fund's net assets stood at $306.7 million, with a net asset value per share of $47.97. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 440% for senior indebtedness and 353% for total leverage. Total assets were $438.5 million, with investments accounting for $425.9 million. The Fund's top equity holding was Energy Transfer LP, representing 11.4% of investments. The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments,
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) have announced an updated timeline for their merger. The mergers are now expected to be effective before markets open on or about Monday, September 9, 2024, subject to regulatory requirements and closing conditions.
This new date was chosen for operational efficiency. The mergers, previously approved by each Fund's Board of Directors on January 26, 2024, received stockholder approval on May 20, 2024. All three funds are non-diversified, closed-end management investment companies managed by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) released its unaudited financial statement as of July 31, 2024. The Fund's net assets were $299.7 million, with a net asset value per share of $46.87. The Fund's asset coverage ratio for senior indebtedness was 488%, and 347% for total leverage. Total assets stood at $432.1 million, with investments accounting for $421.6 million. The Fund's top equity holding was Energy Transfer LP, representing 11.7% of investments. The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.
Franklin Templeton Fund Adviser, has announced distributions for August 2024 for certain closed-end funds. Key details include:
- Record Date, Ex-Dividend Date: August 14, 2024
- Payable Date: August 30, 2024
Distribution amounts for specific funds:
- ClearBridge MLP and Midstream Fund Inc. (CEM): $0.7700
- ClearBridge Energy Midstream Opportunity Fund Inc. (EMO): $0.6700
- ClearBridge MLP and Midstream Total Return Fund Inc. (CTR): $0.7000
These distributions may be treated as dividend income, return of capital, or a combination for tax purposes. Definitive tax information will be provided to stockholders in early 2025 via Form 1099-DIV.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) has released its unaudited financial details as of June 30, 2024. The Fund's net assets stand at $292.0 million with a net asset value per share of $45.66. The asset coverage ratio under the Investment Company Act of 1940 is 496% for senior indebtedness and 341% for total leverage. The Fund's total assets amount to $422.3 million, with investments worth $412.6 million. Significant holdings include Energy Transfer LP and Targa Resources Corp, comprising 11.9% and 8.8% of the investments, respectively. A recent tender offer led to the repurchase of 6,393,645 shares, half of the Fund's outstanding shares. Franklin Templeton Fund Adviser, advises the Fund, and ClearBridge Investments, serves as sub-adviser.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) has announced the final results of its issuer tender offer, which expired on June 20, 2024. The Tender Offer aimed to repurchase up to 50% of its outstanding common stock shares. A total of 7,259,865 shares were tendered, exceeding the 6,393,645 shares limit, resulting in an oversubscription. Consequently, approximately 88.08% of shares from each stockholder who tendered their shares were accepted for repurchase at a price of $44.45 per share, equating to 100% of the per share net asset value as of June 20, 2024. Payment for the accepted shares is scheduled for June 25, 2024. Shares not tendered remain outstanding.
ClearBridge MLP and Midstream Fund (NYSE: CEM) announced the final results of its tender offer for up to 50% of its outstanding shares. The offer, which expired on June 20, 2024, saw the acceptance of 5,807,371 shares, representing approximately 44% of the Fund's outstanding shares, at a price of $49.60 per share. Payment will be made on or about June 25, 2024. Shares not tendered will remain outstanding.
Additionally, the Fund’s Board has approved a merger with ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) and ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR), subject to stockholder and regulatory approvals. The merger is expected to become effective on August 19, 2024, pending the satisfaction of all conditions.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) announced the preliminary results of its issuer tender offer, which expired on June 20, 2024. Approximately 7,259,865 shares were tendered, surpassing the 6,393,645 share limit, leading to a prorated purchase. The final purchase price will be based on the June 20 net asset value, with payment expected by June 25, 2024. Additionally, the Fund's merger with ClearBridge MLP and Midstream Fund (CEM) and ClearBridge MLP and Midstream Total Return Fund (CTR) was approved by shareholders and is anticipated to be effective by August 19, 2024.
ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) has announced the preliminary results of its issuer tender offer, which expired on June 20, 2024. Approximately 3,774,769 shares were tendered, exceeding the offer for up to 50% of outstanding shares (3,443,416 shares). Consequently, tenders will be accepted on a pro rata basis. The purchase price will be 100% of the per share net asset value as of the close on June 20, 2024, with payments expected around June 25, 2024. Additionally, the Fund is set to merge with ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) and ClearBridge MLP and Midstream Fund (NYSE: CEM) into EMO, with the merger targeted for August 19, 2024, following stockholder approval and regulatory compliance.
