Tortoise Announces a Share Repurchase Program for TPZ and Provides Update on Current Repurchase Programs
Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ) has authorized a share repurchase program of up to $5 million for its outstanding common shares. This program is effective until August 31, 2021 and will target shares trading at a discount to NAV of more than 10%. CEO Brad Adams mentioned that the initiative aims to maximize NAV and enhance per-share cash flow. The program complies with Rule 10b-18, with no guarantee on the total repurchased shares. Further details will be provided in quarterly reports.
- Share repurchase program of $5 million aimed at enhancing shareholder value.
- Expected to be accretive to per-share cash flow.
- Monitoring of repurchase activity ensures transparency and accountability.
- None.
LEAWOOD, KS--(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,
“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 |
|
|
685,266 |
|
|
||||||||||
NTG |
|
|
279,083 |
|
|
||||||||||
TTP |
|
|
65,155 |
|
|
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.
