ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) (each a “Fund” and together, the “Funds”) announced today that the previously disclosed 1-for-5 reverse stock split for each Fund, as outlined below, will be executed prior to the open of trading on the New York Stock Exchange (the “NYSE”) today, July 28, 2020. Each Fund’s common stock will begin trading on a split-adjusted basis under their current symbols, but with new CUSIP numbers, as listed below.
Symbol | Fund Name | Old CUSIP | New CUSIP |
CEM | ClearBridge MLP and Midstream Fund Inc. | 184692101 | 184692200 |
EMO | ClearBridge Energy Midstream Opportunity Fund Inc. | 18469P100 | 18469P209 |
CTR | ClearBridge MLP and Midstream Total Return Fund Inc. | 18469Q108 | 18469Q207 |
As a result of the reverse stock splits, every five outstanding shares of common stock of each Fund will be automatically converted into one share of common stock.
The reverse stock splits will decrease the number of the Funds’ shares of common stock outstanding and potentially increase the market price per share by a proportional amount. Neither the Funds’ portfolio holdings nor the total value of stockholders’ investments in the Funds will be affected as a result of the reverse stock splits. The reverse stock splits are intended to increase the market price per share of each Fund and broaden the range of potential investors in shares of each Fund’s common stock, thereby potentially improving the market for, and liquidity of, shares of each Fund’s common stock.
No fractional shares will be issued as a result of the reverse stock splits. Instead, stockholders entitled to fractional shares that result from the reverse stock splits will receive a proportional cash payment in lieu of such fractional shares. The reverse stock splits will not impact any stockholder’s ownership in the Funds or voting power, except for minimal effects resulting from the treatment of fractional shares.
Computershare Trust Company, N.A., the Funds’ transfer agent, will act as the exchange agent for the reverse stock splits. Please contact Computershare Trust Company, N.A. for further information at 800-546-5141.
About the Funds
Each Fund is a non-diversified, closed-end management investment company that is managed by Legg Mason Partners Fund Advisor, LLC (“LMPFA”), and subadvised by ClearBridge Investments, LLC. LMPFA and ClearBridge are wholly owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on each Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in each Fund’s filings with the SEC.
For more information about the Funds, please call Investor Relations: 1-888-777-0102, or consult each Fund’s web site at www.lmcef.com. The information contained on each Fund’s web site is not part of this press release. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.
Category: Fund Announcement
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