In a recent shift within its Board of Trustees, NXG Cushing® Midstream Energy Fund (SRV), a Delaware-based investment fund with a market capitalization of $142 million, has announced changes following the retirement of one of its trustees.
According to InvestingPro data, the fund has demonstrated strong performance, trading near its 52-week high of $50.61 and delivering an impressive 68% return over the past year. On Thursday, Ronald P. Trout stepped down from his position as a trustee of the Fund. Subsequently, the Board appointed John Musgrave, the Fund's current Chief Executive Officer and President, to fill the vacancy.
In addition to Musgrave's appointment, John H. Alban, previously considered an Interested Trustee, has transitioned to an Independent (LON:IOG) Trustee status. Alban's change in designation is due to the absence of any material business or professional relationship with the Fund's investment adviser over the past two fiscal years. As part of his new role, Alban was also appointed to the Audit Committee and the Nominating and Corporate Governance Committee of the Fund.
These boardroom developments come as the NXG Cushing® Midstream Energy Fund continues to navigate the investment landscape. The Fund, which has its shares of beneficial interest listed on the New York Stock Exchange under the trading symbol SRV, is known for its focus on midstream energy infrastructure assets and its attractive 10.9% dividend yield. InvestingPro analysis reveals the fund has maintained dividend payments for 19 consecutive years, with subscribers having access to 8 additional key insights about SRV's performance and valuation metrics.
In other recent news, NXG Cushing Midstream Energy Fund has announced significant developments. The company has launched an at-the-market share offering, allowing the sale of up to 745,000 common shares. This initiative, facilitated through Foreside Fund Services and UBS Securities LLC, is designed to provide a flexible way to raise capital at prevailing market prices.
Simultaneously, NXG Cushing Midstream Energy Fund has disclosed a new rights offering. The company has entered into a dealer manager agreement with NXG Investment Management and UBS Securities LLC, enabling the issuance of transferable rights to existing shareholders. This allows eligible shareholders to subscribe for up to 1,004,176 new common shares.
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