TortoiseEcofin Announces Constituent Changes Due to Corporate Action
TortoiseEcofin announced the removal of Shell Midstream Partners, LP (XNYS:SHLX) from both the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with Shell USA. This removal will take effect at market open on October 19, 2022. The Tortoise MLP Index will undergo a special rebalancing in response to this corporate action, while the North American Pipeline Index will not.
- SHLX's merger with Shell USA could enhance operational efficiencies post-merger.
- The special rebalancing indicates active management and responsiveness of the Tortoise indices.
- Removal of SHLX may lead to decreased trading volume and investor interest in Tortoise indices.
- The absence of SHLX could affect the diversity of the indices.
OVERLAND PARK, KS / ACCESSWIRE / October 13, 2022 / TortoiseEcofin today announced that Shell Midstream Partners, LP (XNYS:SHLX) will be removed from the Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP), as a result of the approved merger with Shell USA Inc (Shell USA). Due to the merger, SHLX will be removed from both indices at market open on Wednesday, October 19, 2022.
For Tortoise MLP Index® (TMLP), SHLX will be removed with a special rebalancing. SHLX will be dropped from Tortoise North American Pipeline IndexSM (TNAP) without special rebalancing.
Special rebalancings in each of TMLP and TNAP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's
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 North American Pipeline IndexSM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification ("SIC") system code that indicates the company operates in the energy pipeline industry or 2) has at least
The Tortoise MLP Index® and the Tortoise North American Pipeline IndexSM are 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® and the Tortoise North American Pipeline IndexSM (the "Indices"). The Indices are 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 Indices. "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 Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com
SOURCE: TortoiseEcofin
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https://www.accesswire.com/720385/TortoiseEcofin-Announces-Constituent-Changes-Due-to-Corporate-Action
FAQ
What indices is Shell Midstream Partners being removed from?
When will Shell Midstream Partners be removed from the indices?
What is the reason for Shell Midstream Partners' removal from the indices?
Is there any special rebalancing involved with Shell Midstream Partners' removal?
