In a recent development, Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) announced the postponement of its Special Meeting of Stockholders due to insufficient attendance to establish a quorum. The meeting, which was initially scheduled for today at 10:00 a.m. Central Time, has been adjourned to Thursday, December 5, 2024, at the same time and location, to allow additional time for stockholders to vote on a proposal detailed in the Joint Proxy Statement/Prospectus dated November 5, 2024.
The adjournment aims to provide the Fund's stockholders with further opportunity to cast their votes on the said proposal. The record date for determining stockholders eligible to vote at the Special Meeting remains unchanged at August 27, 2024. The Fund will continue its efforts to solicit votes from its stockholders during the adjournment period.
The reconvened Special Meeting will take place at 6363 College Boulevard, Suite 100A, Overland Park, Kansas 66211. This announcement is based on the information provided in the Form 8-K filed by Tortoise Midstream Energy Fund, Inc. with the Securities and Exchange Commission.
InvestingPro Insights
As Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) navigates this period of adjournment for its Special Meeting, investors might find value in examining the fund's recent performance and financial metrics. According to InvestingPro data, NTG has demonstrated strong returns across various timeframes, with a notable 81.21% price total return over the past year and an impressive 77.62% year-to-date return. The fund's current market capitalization stands at $287.79 million, with a price-to-earnings ratio of 21.22.
InvestingPro Tips highlight that NTG has maintained dividend payments for 15 consecutive years, which may be of interest to income-focused investors. The fund's current dividend yield is 5.65%, with the last ex-dividend date on November 22, 2024. Additionally, NTG is trading near its 52-week high, with its price at 97.87% of the highest point over the past year.
These insights provide context to the fund's financial health and market performance as stockholders consider their voting decisions for the upcoming reconvened Special Meeting. For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could further inform investment strategies related to NTG.
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