ClearBridge Energy Midstream Opportunity Fund Inc. reports recurring closed-end fund updates on net asset value, statements of assets and liabilities, asset coverage under the Investment Company Act of 1940, and leverage that includes senior notes, loans outstanding and mandatory redeemable preferred shares. The Fund is a non-diversified closed-end management investment company focused on energy midstream entities involved in services such as gathering, transportation, processing, storage and distribution of oil, natural gas liquids and natural gas.
News also covers stockholder meeting results, director elections, auditor ratification and capital actions such as rights offerings. The Fund is advised by Franklin Templeton Fund Adviser, LLC and subadvised by ClearBridge Investments, LLC.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has released its unaudited financial statement as of September 30, 2024. The Fund's net assets were $860.2 million, with a net asset value per share of $47.29. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 519% for senior indebtedness and 369% for total leverage.
The Fund's total assets were $1,231.8 million, including $1,176.3 million in investments. The total leverage stood at $319.9 million. The Fund's top ten equity holdings represent 72.2% of total equity investments, with Energy Transfer LP being the largest at 11.1%.
It's noted that effective September 9, 2024, ClearBridge MLP and Midstream Fund Inc. (CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) merged into EMO.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has announced a change in its portfolio management team. Chris Eades will retire and step down from the team effective December 31, 2024. The Fund will continue to be managed by ClearBridge Investments, portfolio managers Peter Vanderlee, CFA and Patrick McElroy, CFA.
The Fund is a non-diversified, closed-end management investment company managed by Franklin Templeton Fund Adviser, (FTFA) and subadvised by ClearBridge. Both FTFA and ClearBridge are indirect wholly-owned subsidiaries of Franklin Resources, Inc., which operates as Franklin Templeton.
ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) has announced significant changes to its distribution policy. Starting September 2024, EMO will switch from quarterly to monthly distributions. The fund declared a monthly distribution of $0.33 per share for September, October, and November, equivalent to $0.99 per quarter. This represents a 48% increase from the previous quarterly distribution.
The investment manager and Board believe these changes will enhance shareholder total returns and potentially reduce the Fund's discount to its net asset value (NAV). The new distribution schedule includes specific record, ex-dividend, and payable dates for each month. EMO's investment manager, Franklin Templeton Fund Adviser, , is a subsidiary of Franklin Resources, Inc.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has announced the completion of mergers with ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR). The mergers became effective on September 9, 2024, with CEM and CTR stockholders becoming EMO stockholders. The conversion was based on each fund's net asset value (NAV) as of September 6, 2024:
- EMO: $46.6960
- CEM: $51.9511
- CTR: $47.0194
The conversion ratios were 1.112539 EMO shares for each CEM share and 1.006926 EMO shares for each CTR share. EMO's post-merger net assets totaled $849,413,976, with a NAV per common share of $46.6960 based on approximately 18,190,295 shares outstanding.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has released its unaudited financial statement as of August 31, 2024. The Fund's net assets stood at $306.7 million, with a net asset value per share of $47.97. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 440% for senior indebtedness and 353% for total leverage. Total assets were $438.5 million, with investments accounting for $425.9 million. The Fund's top equity holding was Energy Transfer LP, representing 11.4% of investments. The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments,
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) have announced an updated timeline for their merger. The mergers are now expected to be effective before markets open on or about Monday, September 9, 2024, subject to regulatory requirements and closing conditions.
This new date was chosen for operational efficiency. The mergers, previously approved by each Fund's Board of Directors on January 26, 2024, received stockholder approval on May 20, 2024. All three funds are non-diversified, closed-end management investment companies managed by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) released its unaudited financial statement as of July 31, 2024. The Fund's net assets were $299.7 million, with a net asset value per share of $46.87. The Fund's asset coverage ratio for senior indebtedness was 488%, and 347% for total leverage. Total assets stood at $432.1 million, with investments accounting for $421.6 million. The Fund's top equity holding was Energy Transfer LP, representing 11.7% of investments. The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.
Franklin Templeton Fund Adviser, has announced distributions for August 2024 for certain closed-end funds. Key details include:
- Record Date, Ex-Dividend Date: August 14, 2024
- Payable Date: August 30, 2024
Distribution amounts for specific funds:
- ClearBridge MLP and Midstream Fund Inc. (CEM): $0.7700
- ClearBridge Energy Midstream Opportunity Fund Inc. (EMO): $0.6700
- ClearBridge MLP and Midstream Total Return Fund Inc. (CTR): $0.7000
These distributions may be treated as dividend income, return of capital, or a combination for tax purposes. Definitive tax information will be provided to stockholders in early 2025 via Form 1099-DIV.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) has released its unaudited financial details as of June 30, 2024. The Fund's net assets stand at $292.0 million with a net asset value per share of $45.66. The asset coverage ratio under the Investment Company Act of 1940 is 496% for senior indebtedness and 341% for total leverage. The Fund's total assets amount to $422.3 million, with investments worth $412.6 million. Significant holdings include Energy Transfer LP and Targa Resources Corp, comprising 11.9% and 8.8% of the investments, respectively. A recent tender offer led to the repurchase of 6,393,645 shares, half of the Fund's outstanding shares. Franklin Templeton Fund Adviser, advises the Fund, and ClearBridge Investments, serves as sub-adviser.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) has announced the final results of its issuer tender offer, which expired on June 20, 2024. The Tender Offer aimed to repurchase up to 50% of its outstanding common stock shares. A total of 7,259,865 shares were tendered, exceeding the 6,393,645 shares limit, resulting in an oversubscription. Consequently, approximately 88.08% of shares from each stockholder who tendered their shares were accepted for repurchase at a price of $44.45 per share, equating to 100% of the per share net asset value as of June 20, 2024. Payment for the accepted shares is scheduled for June 25, 2024. Shares not tendered remain outstanding.