Welcome to our dedicated page for NXG Cushing Midstream Energy ord news (Ticker: SRV), a resource for investors and traders seeking the latest updates and insights on NXG Cushing Midstream Energy ord stock.
The NXG Cushing Midstream Energy Fund (NYSE: SRV) news page on Stock Titan aggregates official announcements, regulatory updates and other public communications related to this non-diversified, closed-end management investment company. The fund’s disclosures describe an investment objective of seeking a high after-tax total return from a combination of capital appreciation and current income, primarily through midstream energy investments that provide economic exposure to midstream energy companies.
News for SRV frequently centers on distribution declarations, including monthly distributions and special distributions to common shareholders. These announcements often outline record dates, ex-dividend dates, payment dates and preliminary estimates of the tax character of distributions, such as net investment income, return of capital or long-term capital gains, along with explanations that final tax treatment is determined after the end of the calendar year when the fund calculates its earnings and profits.
Another recurring theme in SRV news is capital raising activity through transferable rights offerings. Press releases describe the terms of these offerings, including the number of common shares available for subscription, subscription formulas tied to a percentage of net asset value, oversubscription privileges and the fund’s stated intention to invest net proceeds in accordance with its existing investment objective and policies. Updates may also report preliminary results of such offerings, including whether they were oversubscribed.
In addition, the fund’s communications may address the use of leverage, considerations of the Board of Trustees when declaring distributions, and statements about the relationship between the fund’s net asset value and its market-traded share price as a closed-end fund. By following SRV news, readers can track how the fund’s Board and adviser implement its stated strategy in midstream energy investments and how distribution and rights offering decisions are communicated to the market.
NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced the preliminary results of its transferable rights offering, which ran from October 23 to November 14, 2024. The oversubscribed offering allowed rights holders to subscribe for up to 1,004,176 common shares at $41.80 per share, representing 89% of the Fund's NAV at closing. The offering is expected to generate gross proceeds of approximately $42,000,000. The Fund plans to invest the net proceeds in alignment with its investment objectives and policies. Common shares will be issued after completion of shareholder payments and pro-rata allocation of oversubscription privileges.
NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced a rights offering to existing shareholders. The offer allows shareholders to purchase one new common share for every three rights held. The subscription price will be 92.5% of the average last reported sales price over five trading days, with a minimum of 89% of NAV. The record date is expected to be October 23, 2024, and the offer is anticipated to expire on November 14, 2024.
Additionally, the Fund has changed the record date for its November distribution to November 4, 2024. The $0.45 per share distribution will be payable on November 29, 2024. This distribution will not apply to shares issued after the new record date through the rights offering.
The NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced monthly distributions of $0.45 per common share for September, October, and November 2024. These distributions are payable to common shareholders on specific dates, with an estimated 100% return of capital. The Fund, a closed-end management investment company, focuses on midstream energy investments, aiming for high after-tax total returns from capital appreciation and current income. It invests at least 80% of its net assets in midstream energy companies involved in various aspects of energy infrastructure. The Fund's shares are traded on the NYSE under the symbol 'SRV'.
The NXG Cushing Midstream Energy Fund (NYSE: SRV) announced monthly distributions of $0.45 per common share for June, July, and August 2024. These distributions, 100% estimated as a return of capital, will be paid on June 28, July 31, and August 30, 2024, respectively, provided there are no deferrals by the Board of Trustees. The Fund aims for high after-tax returns through midstream energy investments, trading on the NYSE under 'SRV.' The final tax status will be confirmed in early 2025, and the Fund's ability to meet its investment objectives isn't guaranteed.
On May 17, 2024, NXG Cushing Midstream Energy Fund (NYSE: SRV) announced an at-the-market offering program for its common shares. The sales will be managed by Foreside Fund Services as the distributor. The fund aims to invest the proceeds in alignment with its investment objectives, focusing on midstream energy investments. The offering will be conducted under an effective registration statement filed with the SEC, with a prospectus supplement dated the same day. These associated expenses will be indirectly borne by the Fund's shareholders. Investors are advised to consider the Fund's investment objectives, risks, and expenses before investing.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.