ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of April 30, 2020.
As was previously announced, on February 18, 2020, Franklin Resources, Inc. ("Franklin Resources") and Legg Mason, Inc. ("Legg Mason") announced that they have entered into a definitive agreement for Franklin Resources to acquire Legg Mason in an all-cash transaction. The Funds’ investment manager, Legg Mason Partners Fund Advisor, LLC, is a wholly-owned subsidiary of Legg Mason and would become a wholly-owned subsidiary of Franklin Resources as a result of the transaction. The Funds are sub-advised by other affiliates of Legg Mason that also would be acquired by Franklin Resources as a result of the transaction. The transaction is subject to approval by Legg Mason’s shareholders and customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of the other conditions, the transaction is expected to be consummated in the latter part of 2020.
Each of the Funds listed above announced today that, due to the public health impact of the coronavirus ("COVID-19") pandemic and to support the health and safety of its shareholders, the location of the Special Meeting of Shareholders (the "Meeting") of the Fund has been changed. As previously announced, each Fund’s Meeting will be held on Friday, June 5, 2020 at 9:00 a.m. Eastern Time. In light of public health concerns regarding COVID-19, the Meeting will be held in a virtual meeting format only. Each Meeting will be accessible solely by means of remote communication.
The Funds announced that the board of directors of each Fund has set a record date of March 9, 2020 for determining those stockholders of each Fund entitled to notice of and to vote at the special meeting of stockholders, or at any adjournment thereof, to be held on or about June 5, 2020 at the offices of the Funds.
ClearBridge MLP and Midstream Fund Inc. (the "Fund"), which is traded on the New York Stock Exchange under the symbol "CEM," announced today the results of the votes cast at the Fund’s annual meeting of shareholders held March 20, 2020.
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of March 31, 2020.
ClearBridge Investments, LLC ("ClearBridge") will host a live conference call with questions and answers on March 17, 2020 at 4:00 p.m. (EST). The conference call will feature ClearBridge portfolio managers Michael Clarfeld, CFA, and Chris Eades who will provide an outlook on the U.S. energy markets and the ClearBridge energy midstream closed-end funds.
KlaymanToskes ("KT"), http://www.klaymantoskes.com, announces an investigation on behalf of investors who sustained losses from the purchase of ClearBridge MLP and Midstream Fund, Inc. (NYSE:CEM) ("CEM") a Master Limited Partnership ("MLP"). CEM closed at 10.49 on February 21, 2020, prior to the significant market event that was precipitated by COVID-19. Today, CEM trades at 1.94, or more than 81% lower than its market value on February 21, 2020. This product may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks.
Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared their distributions for the month of May 2020.
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of February 29, 2020.
ClearBridge Investments, LLC ("ClearBridge") hosted a live conference call on March 17, 2020 at 4:00 p.m. (EST). The replay and transcript of the conference call is now available.