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Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of May 31, 2019 for TYG, NTG, TTP, NDP, TPZ and TEAF

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LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ
and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $2.1 billion and its unaudited net asset value was $1.2
billion, or $22.76 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 367 percent, and its coverage ratio for preferred
shares was 279 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 2,090.3 $ 38.97
Cash and Cash Equivalents 0.3 0.01
Current Tax Asset 15.6 0.29
Other Assets   4.3   0.08
Total Assets   2,110.5   39.35
 
Credit Facility Borrowings 138.7 2.59
Senior Notes 380.0 7.08
Preferred Stock   165.0   3.08
Total Leverage   683.7   12.75
 
Payable for Investments Purchased 0.9 0.02
Other Liabilities 12.4 0.23
Deferred Tax Liability   192.6   3.59
Net Assets $ 1,220.9 $ 22.76
 

53.64 million common shares currently outstanding.

 

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $1.5 billion and its unaudited net asset value was $886.3
million, or $14.02 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 358 percent, and its coverage ratio for preferred
shares was 268 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 1,494.9 $ 23.65
Cash and Cash Equivalents 0.3 0.00
Current Tax Asset 1.9 0.03
Other Assets   1.2   0.02
Total Assets   1,498.3   23.70
 
Credit Facility Borrowings 83.3 1.32
Senior Notes 312.0 4.93
Preferred Stock   132.0   2.09
Total Leverage   527.3   8.34
 
Other Liabilities 7.0 0.11
Deferred Tax Liability   77.7   1.23
Net Assets $ 886.3 $ 14.02
 

63.21 million common shares currently outstanding.

 

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $222.7 million and its unaudited net asset value was
$157.1 million, or $15.68 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 467 percent, and its coverage ratio for preferred
shares was 349 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 220.9 $ 22.05
Cash and Cash Equivalents 0.2 0.02
Receivable for Investments Sold 1.0 0.10
Other Assets   0.6   0.06
Total Assets   222.7   22.23
 
Credit Facility Borrowings 13.1 1.31
Senior Notes 34.0 3.39
Preferred Stock   16.0   1.60
Total Leverage   63.1   6.30
 
 
Payable for Investments Purchased 1.2 0.12
Other Liabilities   1.3   0.13
Net Assets $ 157.1 $ 15.68
 

10.02 million common shares currently outstanding.

 

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $123.2 million and its unaudited net asset value was
$87.7 million, or $5.94 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 354 percent. For more
information on calculation of coverage ratios, please refer to the
company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 122.8 $ 8.31
Cash and Cash Equivalents 0.3 0.02
Other Assets   0.1   0.01
Total Assets   123.2   8.34
 
Credit Facility Borrowings 34.6 2.34
 
Other Liabilities   0.9   0.06
Net Assets $ 87.7 $ 5.94
 

14.77 million common shares currently outstanding.

 

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
today announced that as of May 31, 2019, the company’s unaudited total
assets were approximately $197.7 million and its unaudited net asset
value was $139.8 million, or $20.11 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 347 percent. For more
information on calculation of coverage ratios, please refer to the
company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 195.0 $ 28.06
Cash and Cash Equivalents 0.2 0.03
Receivable for Investments Sold 0.7 0.09
Other Assets   1.8   0.26
Total Assets   197.7   28.44
 
Credit Facility Borrowings 56.6 8.14
 
Payable for Investments Purchased 0.5 0.07
Other Liabilities   0.8   0.12
Net Assets $ 139.8 $ 20.11
 

6.95 million common shares currently outstanding.

 

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $288.0 million and its unaudited net asset value was
$255.5 million, or $18.94 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
For more information on calculation of coverage ratios, please refer to
the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s preliminary unaudited
balance sheet at May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 285.3 $ 21.15
Cash and Cash Equivalents 0.7 0.05
Other Assets   2.0   0.15
Total Assets   288.0   21.35
 
Credit Facility Borrowings 31.5 2.33
 
Other Liabilities   1.0   0.08
Net Assets $ 255.5 $ 18.94
 

13.49 million common shares currently outstanding.

 

The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent
month-end can be found on each fund’s portfolio web page at https://cef.tortoiseadvisors.com.

Essential Assets Conference Call

Tortoise will host a conference call on July 24, 2019 at 3 p.m. Central
to discuss the essential asset sectors and provide an update on
Tortoise’s outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #41354 (available through Aug. 24, 2019)

About Tortoise Energy Infrastructure Corp.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio of
master limited partnership investments in the energy infrastructure
sector. Tortoise Energy Infrastructure Corp.’s objective is to provide
its stockholders a high level of total return with an emphasis on
current distributions.

About Tortoise Midstream Energy Fund, Inc.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a portfolio of
midstream energy entities that own and operate a network of pipeline and
energy-related logistical infrastructure assets with an emphasis on
those that transport, gather, process and store natural gas and natural
gas liquids (NGLs). Tortoise Midstream Energy Fund, Inc.’s objective is
to provide its stockholders a high level of total return with an
emphasis on current distributions.

About Tortoise Pipeline & Energy Fund, Inc.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified,
closed-end management investment company that seeks to obtain a high
level of total return with an emphasis on current distributions. TTP
invests primarily in equity securities of pipeline companies that
transport natural gas, natural gas liquids (NGLs), crude oil and refined
products and, to a lesser extent, in other energy infrastructure
companies.

About Tortoise Energy Independence Fund, Inc.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a
non-diversified, closed-end management investment company that seeks to
obtain a high level of total return with an emphasis on current
distributions. NDP invests primarily in North American energy companies
that engage in the exploration and production of crude oil, condensate,
natural gas and natural gas liquids.

About Tortoise Power and Energy Infrastructure Fund, Inc.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) invests
in a portfolio of fixed income and equity securities issued by power and
energy infrastructure companies. TPZ’s objective is to provide
stockholders a high level of current income, with a secondary objective
of capital appreciation.

About Tortoise Essential Assets Income Term Fund

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) is a
non-diversified, closed-end management investment company that seeks to
provide a high level of total return with an emphasis on current
distributions. TEAF provides investors access to a combination of public
and direct investments in essential assets that are making an impact on
clients and communities.

About Tortoise

Tortoise invests in essential assets – those assets and services that
are indispensable to the economy and society. 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 tortoiseadvisors.com.

Tortoise Capital Advisors, LLC is the Adviser to Tortoise Energy
Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise
Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc.,
Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise
Essential Assets Income Term Fund. Tortoise Credit Strategies, LLC and
Tortoise Advisors UK Limited are subadvisors to Tortoise Essential
Assets Income Term Fund.

Safe harbor statement

This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer or solicitation or sale
would be unlawful prior to registration or qualification under the laws
of such state or jurisdiction.

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.

Contacts

Tortoise
Pam Kearney, Investor and Public Relations
(866)
362-9331
pkearney@tortoiseadvisors.com

Cannabis

Valens expands Exclusive Licence Agreement to Bring Leading Cannabis-Infusion Technology to New International Markets

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Valens GroWorks Corp. (TSXV: VGW) (OTCQX: VGWCF) (the “Company” or “Valens“), a cannabinoid-based product company with industry leading extraction, next generation cannabinoid delivery formats and an ISO 17025 accredited analytical lab, is pleased to announce that it has entered an amended manufacturing and sales licence agreement with SōRSE Technology Corporation (“SōRSE“) which grants Valens an exclusive licence for CanadaEuropeAustralia and Mexico to use the proprietary SōRSE emulsion technology (“the Technology“) to produce, market, package, sell and distribute cannabis-infused products (the “Agreement“).

“This Agreement shows Valens’ commitment to invest and broaden its IP portfolio and enable its customers to bring differentiated, next generation products to market,” said Jeff Fallows, President of Valens. “As we move into “Cannabis 2.0” in Canada, we believe the products that offer consistent, high quality and predictable user experiences, like those we are able to create with SōRSE, will capture the lion’s share of attention and be the hallmark for brand development in a strict regulatory environment. With this expanded agreement in place, we have extended this opportunity for our existing customers to key international markets and at the same time established a platform for international consumer brands to add high quality, cannabis infused products to their portfolios.”

The SōRSE Emulsion Technology

The SōRSE emulsion technology transforms cannabis oil into water-soluble forms for use in beverages, edibles, topicals and other consumer products without the burden of cannabis taste, colour or smell. The Technology allows these cannabis infused products to maintain potency when heated, chilled or frozen and provides a number of other key advantages as well, including: (1) a faster observed onset time compared to other infused beverages and edibles, (2) a significant reduction of offset time, (3) an ability to use lower doses of cannabinoids due to the enhanced bioavailability provided by the Technology, and (4) increased consistency and stability with some product formulations achieving more than one-year shelf stability with no evidence of separation.

“We are proud to expand our partnership with Valens and leverage their near-term access to various global markets,” says Howard Lee, CEO of SōRSE. “Over the last year, our team of more than 40 plus professionals has continued to actively focus on creating and developing innovative, desirable products and formats of consumption for cannabis consumers. As emulsion technology becomes more popular through new delivery methods such as ingestion, transdermal, topical and more, it is imperative that quality and safety in consumption leads all innovation in this sector. This is a shared value and mandate that our teams at SōRSE and Valens both prioritize. We look forward to continuing this working relationship with Valens and introducing our award-winning emulsion technology to the global markets.”

Geographic Expansion

The Agreement grants Valens an exclusive licence to use the Technology in CanadaEuropeAustralia and Mexico (except in respect of medical applications requiring clinical trials) during the initial 5-year term, subject to certain performance milestones. This increases the addressable market from 37 million in the current Canada only agreement to 700 million people in the new Agreement, an increase of almost 20x. Furthermore, the Agreement provides a framework for Valens to obtain rights to establish non-exclusive agreements to sell cannabis-infused products using the Technology in the U.S. market and other markets, globally.

Bolstering “Cannabis 2.0” Platform

With the expanded exclusivity, Valens and its white label clients are positioned to not only succeed in the Canadian market, but also in the rapidly emerging legal cannabis and hemp-derived CBD markets in EuropeAustraliaMexico and beyond. The Agreement adds to the Company’s leading white label product offerings across numerous “Cannabis 2.0” categories such as beverages, edibles, transdermal products and more, enabling Valens to better serve its current and future partners.

“We have seen incredible interest from our current and potential clients regarding the SōRSE emulsion technology and we are thrilled to finalize the expanded licence agreement with SōRSE,” said Tyler Robson, CEO of Valens. “We expect the expanded exclusive territory will provide our clients with improved visibility and greater opportunity as they look to build global businesses around cannabis-infused products over the long term.

This is an exciting time in the evolution of ingestible cannabis products such as beverages and edibles. Historically, ingestible products have been lacking the necessary technology to provide a consistent, predictable experience, ultimately giving little reason to consume in this manner. At Valens, we expect that properly formulated, extract-based cannabis products, and infused beverages in particular, could disrupt many established beverage categories such as soft drinks, sports drinks, value-added water and alcohol, the latter of which has a monthly spend per capita that is roughly 16 times higher compared to legal cannabis spend in Canada. We believe the ability to plan an occasion and predict the outcome of use will be a game changer in the market and be the catalyst to bring about the full market potential of cannabis infused beverages and edibles, globally.”

Future White Label Services

The Agreement furthers the existing relationship between Valens and SōRSE and enables Valens to produce and sell SōRSE’s portfolio of branded products in Canada and the other exclusive markets at the option of the Company. These branded products include Happy Apple, a cannabis-infused sparkling cider and Major, a cannabis-infused fruit drink, both recognized as top selling cannabis beverages in the State of Washington, Pearl20, a cannabis-infused food and beverage mixer, and the Utopia line of cannabis-infused sparkling water, among others.

Agreement Summary

The consideration at closing for the exclusivity in the expanded geography was US$10 million, comprised of US$6 million in cash and US$4 million to be issued in common shares of the Company (the “Common Shares“). The Agreement carries an initial 5-year exclusive term with a 2-year renewal of the exclusivity, subject to certain performance milestones related to operational and financial achievements (the “Milestones“). As part of the Agreement, Valens will transfer to SōRSE royalty payments calculated as a percentage of sales (the “Royalty Payments“) and the Royalty Payments will be subject to an annual minimum of $2 million over the 5-year term. The Agreement also provides for a continuation of the Agreement on a non-exclusive basis after the 2-year renewal, subject to annual minimum royalty payments.

All Common Shares pursuant to the Agreement were issued at an indicative price of CDN$3.0471, being the volume-weighted average price of the Common Shares on the TSX Venture Exchange (“TSXV“) for the ten (10) trading days ending December 9, 2019. The Agreement remains subject to approval from the TSXV. All Common Shares issued in connection with the Agreement will be subject to a restricted period of four months and one day. There are no finders’ fees payable by the Company in connection with the Agreement.

 

SOURCE Valens GroWorks Corp.

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Cannabis

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Energy Transfer LP, Grubhub, Aurora Cannabis, and The RealReal and Encourages Investors to Contact the Firm

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of  Energy Transfer LP (NYSE: ET), Grubhub, Inc. (NYSE: GRUB), Aurora Cannabis, Inc. (NYSE: ACB), and The RealReal, Inc. (NASDAQ: REAL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Energy Transfer LP (NYSE: ET)

Class Period: February 25, 2017 to November 11, 2019

Lead Plaintiff Deadline: January 20, 2020

On November 12, 2019, the Associated Press reported that Energy Transfer’s Mariner East pipeline project was under investigation by the Federal Bureau of Investigation (“FBI”). Citing interviews with current and former state employees, the Associated Press reported that the FBI’s investigation “involves the permitting of the pipeline, whether [Pennsylvania Governor Tom] Wolf and his administration forced environmental protection staff to approve construction permits and whether Wolf or his administration received anything in return.”

On this news, Energy Transfer’s stock price fell $0.81 per share, or 6.77%, over the following two trading sessions, closing at $11.16 per share on November 13, 2019.

The complaint, filed on November 20, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Energy Transfer’s permits to conduct the Mariner East pipeline project in Pennsylvania were secured via bribery and/or other improper conduct; (ii) the foregoing misconduct increased the risk that the Company and/or certain of its employees would be subject to government and/or regulatory action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

 

SOURCE Bragar Eagel & Squire, P.C.

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Cannabis

iX Biopharma secures Australian cannabis manufacture licence

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Specialty pharmaceutical company iX Biopharma Ltd (SGX:42C) (“iX Biopharma” or, together with its subsidiaries, “the Group”) is pleased to announce today that its wholly-owned subsidiary, iX Syrinx (“Syrinx”), has been awarded a cannabis manufacture license from the Australian Office of Drug Control under the Narcotics Drugs Act 1967. Under the said licence, the Group is permitted to manufacture and supply extracts and tinctures of cannabis and cannabis resins.

This marks a significant milestone for the Group. Syrinx operates a TGA cGMP certified facility and holds import and export licences for cannabis and State poisons licences; together with the newly granted cannabis manufacture licence, the Group is now able to fully participate in the global medicinal cannabis business.

Importantly, the Group will be able to manufacture and distribute its newly formulated Xativa™ sublingual cannabis wafers in Australia through the Australian Special Access Scheme and in overseas markets. Xativa™ leverages on iX Biopharma’s novel and patented WaferiX™ technology to improve the speed and level of absorption and predictability of effect of medicinal cannabis. Xativa™ provides patients with a more elegant and discreet way to consume medicinal cannabis compared to existing dosage forms for cannabis such as joints, vapes and tinctures, and hence offers a superior user experience. The Group has received feedback from physicians in Australia that the advantages of Xativa™ and its differentiation from the rest of the market offerings are clear and highly desired.

Produced via iX Biopharma’s proprietary freeze-drying technique, the porous and amorphous WaferiX™ matrix holding the active CBD molecules is designed to collapse quickly within the sublingual space. The actives are then transported rapidly across the sublingual membrane into the blood vessels for a rapid onset of action.

“Globally, the use of cannabis for the treatment of a wide range of medical conditions has been growing at an exponential pace. The grant of the cannabis manufacturing licence has come at a most opportune time, allowing us to manufacture, distribute and promote Xativa™ as the gold standard in medicinal cannabis delivery, thereby charting a new growth trajectory for the Group,” said Ms Eva Tan, Director of Corporate and Commercial Strategy of iX Biopharma.

 

SOURCE iX Biopharma Ltd

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