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On September 14, 2022, Salient Midstream & MLP Fund (SMM) completed its reorganization into Salient MLP & Energy Infrastructure Fund (SMAPX), with SMAPX as the surviving entity. Shareholders of SMM received SMAPX Class A shares equivalent to the net asset value of their SMM holdings as of September 13, 2022. The net asset values were reported as $9.11 for SMM and $7.61 for SMAPX, with a share conversion ratio of 1.19685857. This strategic move aims to consolidate funds and streamline operations.
Salient Midstream & MLP Fund (NYSE: SMM) announced plans for a reorganization into the Salient MLP & Energy Infrastructure Fund (SMAPX) if approved by shareholders. The reorganization is expected to occur after market close on September 13, 2022, contingent on customary conditions. Trading of SMM shares will halt at market close on September 8, 2022, with shareholders receiving newly issued Class A Shares of SMAPX, maintaining the same net asset value. SMAPX, with around $996 million in net assets, follows a similar investment strategy as SMM.
