Goldman Sachs Asset Management (“GSAM”), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the “Funds”), announced today that GMZ effected a 7-for-1 reverse share split and GER effected a 9-for-1 reverse share split for each Fund’s issued and outstanding common shares effective after the market close on April 13, 2020. The Funds’ common shares will begin trading on a split-adjusted basis when the market opens on April 14, 2020.
Common shares of GMZ and GER will continue to trade on the New York Stock Exchange (“NYSE”) under the symbols "GMZ" and “GER,” respectively, but under new CUSIP numbers, as listed below.
Goldman Sachs MLP Income Opportunities Fund
Goldman Sachs MLP and Energy Renaissance Fund
No fractional shares have been or will be issued in connection with the reverse share splits. Instead, shareholders who would otherwise be entitled to receive fractional shares, including through the Funds’ Dividend Reinvestment Program, will receive a proportional cash payment once the reverse share splits are processed by the Funds’ exchange agent. The changes resulting from the reverse share splits will be automatically reflected in the Funds’ records and no additional action needs to be taken by shareholders. The reverse share splits do not impact any shareholder’s ownership percentage in the Funds or his or her voting power, except for minimal effects resulting from the treatment of fractional shares. As a result of the reverse share splits, the numbers of outstanding common shares of GMZ and GER have been reduced by a factor of seven and nine, respectively.
Please contact Computershare Trust Company, N.A., the Funds’ transfer agent and the exchange agent for the reverse share splits, for further information at (800) 546-5141.
Each Fund is a non-diversified, closed-end management investment company managed by GSAM’s Energy & Infrastructure Team, which is among the industry’s largest master limited partnerships (“MLP”) investment groups. The Goldman Sachs MLP Income Opportunities Fund began trading on the NYSE on November 26, 2013, and the Goldman Sachs MLP and Energy Renaissance Fund began trading on the NYSE on September 26, 2014.
Each Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Goldman Sachs MLP Income Opportunities Fund invests primarily in MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests primarily in MLPs and other energy investments. Each Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests across the energy value chain, including upstream, midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), and supervises $1.69 trillion as of December 31, 2019.1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that a Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. Each Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in a Fund. An investment in a Fund is not appropriate for all investors, and each Fund is not intended to be a complete investment program. Investors should carefully review and consider a Fund’s investment objective, risks, charges and expenses before investing.
For additional information, please visit the Funds’ website at www.GSAMFUNDS.com/cef.
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Compliance code: 200248.OTU
Date of first use: 4/13/2020