Tortoise Energy Infrastructure Corp. - TYG STOCK NEWS

Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) released their annual stockholders' report for the fiscal year ending November 30, 2022. The funds have restated their financial statements for November 30, 2021, and May 31, 2022, due to a delay in publishing current financials and a reconsideration of tax positions related to their planned conversion to a Regulated Investment Company (RIC). On February 9, 2023, the funds decided against completing the conversion, resulting in an approximately 1.5% decrease in NAV.

OVERLAND PARK, KS / ACCESSWIRE / February 9, 2023 / Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) announced they will not convert from a C-Corp to a Regulated Investment Company (RIC) at this time. The Funds are currently restating financial statements for periods ending November 30, 2021, and May 31, 2022, which has delayed the completion of their fiscal year 2022 statements, expected to be filed within 15 days. As of February 8, 2023, not converting to a RIC is estimated to impact each Fund's NAV by approximately 1.5%.

Tortoise Energy Infrastructure Corp. (TYG) has successfully transitioned its portfolio, now allocating 45% to renewables and power infrastructure as of November 30, 2021, up from approximately 15% previously. This strategic shift aims to provide diversification and reduce volatility while enhancing long-term growth opportunities. TYG and Tortoise Midstream Energy Fund, Inc. (NTG) have also increased their focus on governance and environmental policies, with TYG holding 22.4% MLPs. Tortoise Capital Advisors serves as the adviser for both funds, emphasizing their commitment to cleaner energy and infrastructure investments.

Tortoise announced updates for TYG, NTG, TTP, NDP, TPZ, and TEAF as of November 30, 2020. TYG's total assets were approximately $456.0 million, with a net asset value of $306.3 million or $24.94 per share. The asset coverage ratio for senior securities was 435% and for preferred shares 330%. TYG has repurchased $18.1 million of shares. Other funds also reported similar updates with varying asset totals and coverage ratios. NTG, for example, had $226.7 million in assets and a 394% asset coverage ratio.

Tortoise has announced a strategic change for Tortoise Energy Infrastructure Corp. (TYG), allowing greater investment in renewable and power infrastructure by eliminating the requirement to invest a specific percentage in MLPs and midstream equities. This policy shift will take effect 60 days post-notification to stockholders. As of October 31, 2020, TYG allocated 15% to renewables, which is expected to rise to 40%. This shift aligns with the growing energy demand and the transition to low-carbon energy sources, as stated by President Matt Sallee.

TYG, NTG, TTP, TPZ, and TEAF announced distributions for shareholders. TYG's distribution amount is set at $0.3000, while NTG will distribute $0.3100. TTP and TPZ announced $0.1600 and $0.0500 distributions, respectively. TEAF will distribute $0.0750. Payments are due on November 30, 2020, for TYG, NTG, TTP, and TPZ, and on monthly intervals through February 2021 for TEAF. Tax characterizations suggest significant returns of capital, impacting perceived investment performance, with an estimated 0-10% as qualified dividends for TYG and NTG.

The combined 2020 third quarter stockholders’ report for TYG, NTG, TTP, NDP, TPZ, and TEAF has been released. TYG's unaudited total assets are approximately $410.6 million, with a net asset value of $255.9 million, or $20.48 per share. The asset coverage ratio for senior securities is 428%. TYG has repurchased around $13.6 million of shares, with an average price of $16.142. Other funds also reported their assets and repurchases. This report can be accessed online or requested by phone or email.

Tortoise has enacted Amended and Restated Bylaws for its funds, aiming to enhance long-term value for stockholders. Key amendments include adherence to the Maryland Control Share Acquisition Act (MCSAA), which restricts short-term gains from acquiring individuals, thereby protecting shareholder interests. The revised bylaws mandate a 1% continuous ownership requirement for proposals and nominations, and designate specific courts in Maryland as the exclusive forum for legal claims. The changes are designed to solidify the funds' investment strategies and ensure consistent governance.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) reported its unaudited balance sheet for September 30, 2020, showing total assets of approximately $409.5 million and a net asset value of $254.5 million or $19.83 per share. The asset coverage ratio for senior securities was 426%, while for preferred shares it was 312%. The company completed around $8.8 million in share repurchases at an average price of $16.174, with 12.84 million shares outstanding. Other funds reported similar metrics, reflecting a robust asset coverage ratio across the board.