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.
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Saba Capital Management, the largest common shareholder of ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), revealed the preliminary voting results from the 2023 Annual Meeting of Shareholders. Common shareholders voted 74% for Saba's nominee, Paul Kazarian, while only 26% supported EMO's position. Including all shareholders, the vote was 64% for Saba against 36% for EMO. Despite this majority, Kazarian will not join the Board due to ClearBridge's disenfranchising actions, which included a dilutive private placement and governance provisions aimed at maintaining control. Saba's founder, Boaz Weinstein, criticized ClearBridge for neglecting shareholder rights and called for the full board’s resignation, alleging mismanagement and underperformance.
ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has announced preliminary voting results from its 2023 Annual Meeting of Stockholders. Preferred stockholders voted to re-elect director Eileen A. Kamerick. However, neither nominee for the common and preferred stock received majority support, allowing incumbent Robert D. Agdern to retain his board position. Stockholders also ratified PricewaterhouseCoopers LLP as the independent public accountants for the fiscal year ending November 30, 2023. The board expressed gratitude for stockholder participation and emphasized its commitment to enhancing stockholder value and cash distributions, aiming for high total returns. Final voting results will be reported in the upcoming stockholder report filed with the SEC.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) reported its unaudited financial data as of March 31, 2023. The Fund’s net assets totaled $421.3 million, with a net asset value per share of $32.95. Its asset coverage ratios indicate strong financial health, with a senior indebtedness coverage of 409% and total leverage coverage of 306%. The total assets amount to $628.3 million, while total liabilities are $2.2 million. As of the reporting date, the Fund held 12,787,291 outstanding shares. The press release emphasizes the Fund's compliance with the Investment Company Act of 1940 and provides access to further financial documentation via the SEC.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) released its unaudited financials as of February 28, 2023. The Fund reported net assets of $431.8 million and a net asset value per share of $33.77. Its asset coverage ratio for senior indebtedness stands at 416% while total leverage is noted at 311%. Total assets are $638.3 million with investments valued at $627.1 million. The Fund has 12,787,291 outstanding shares. This financial data is unaudited and subject to change.