TortoiseEcofin Announces Constituent Changes Due to Merger and Acquisition Activity

Rhea-AI Summary

TortoiseEcofin announced on April 15, 2021, that Golar LNG Partners LP (NASDAQ:GMLP) will be removed from the Tortoise MLP Index due to its merger with New Fortress Energy Inc (NASDAQ:NFE). This removal will take effect at market open on April 19, 2021. GMLP's removal is executed without a special rebalancing, as its current weight falls below the threshold that would necessitate such action. The Tortoise MLP Index is focused on energy master limited partnerships (MLPs) and serves as a capitalization-weighted index.

Positive

• None.

Negative

• Removal from the Tortoise MLP Index may lead to decreased visibility and trading volume.
• The merger might create integration challenges and uncertainty around future performance.

LEAWOOD, KS / ACCESSWIRE / April 15, 2021 / TortoiseEcofin today announced that Golar LNG Partners LP (NASDAQ:GMLP) will be removed from the Tortoise MLP Index^® (TMLP) as a result of the approved merger with New Fortress Energy Inc (NASDAQ:NFE). Due to the merger, GMLP will be removed from the index at market open on Monday, April 19, 2021.

GMLP will be removed without a special rebalancing from Tortoise MLP Index^® (TMLP), because the current weight is below the weighting threshold that would trigger such action.

Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds the index's 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin
TortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.

The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

The Tortoise MLP Index^® is the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index®. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

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.

Contact Information
For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com

SOURCE: TortoiseEcofin

View source version on accesswire.com:
https://www.accesswire.com/640674/TortoiseEcofin-Announces-Constituent-Changes-Due-to-Merger-and-Acquisition-Activity

FAQ

What merger caused GMLP's removal from the Tortoise MLP Index?

GMLP was removed from the Tortoise MLP Index due to its merger with New Fortress Energy Inc (NFE).

When will GMLP be removed from the Tortoise MLP Index?

GMLP will be removed from the index at market open on April 19, 2021.

What impact does GMLP's removal from the index have on shareholders?

GMLP's removal can lead to decreased visibility and potentially lower trading volume for shareholders.

How does the Tortoise MLP Index determine special rebalancing?

Special rebalancing is triggered by corporate actions like mergers where a constituent exceeds the index's 7.5% threshold.