LEAWOOD, KS / ACCESSWIRE / June 3, 2021 / Tortoise and the Board of Directors for its closed-end funds today announced the termination of the proposed merger of Tortoise Energy Independence Fund, Inc. (NDP) with and into Tortoise Pipeline & Energy Fund, Inc. (TTP).
"Tortoise and the Board viewed the merger of these two funds as an opportunity to expand the investment strategy to better capture and accelerate the opportunity around the global energy evolution," said Brad Adams, CEO of Tortoise's closed-end funds. "Despite our efforts to obtain votes from all shareholders, there were ultimately not enough votes from both TTP and NDP shareholders to approve the merger. We remain focused on long-term shareholder value and both funds will continue to pursue their current investment strategies while we review strategic options for each fund."
Tortoise Capital Advisors, L.L.C. is the adviser to the funds.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
For more information contact Maggie Zastrow at (913) 981-1020 or [email protected].