In a recent announcement, Tortoise Pipeline & Energy Fund, Inc., a Maryland-incorporated investment company, stated that it had to adjourn its Special Meeting of Stockholders due to insufficient quorum. The meeting, originally scheduled for today, is now postponed to Thursday, December 5, 2024, at 10:00 a.m. Central Time.
The lack of quorum, which refers to the minimum number of stockholders required to conduct the proceedings, has prompted the fund to extend the period for stockholders to cast their votes on a proposal detailed in a Joint Proxy Statement/Prospectus dated November 5, 2024. The record date for determining stockholders eligible to vote remains unchanged at August 27, 2024.
This adjournment provides additional time for stockholders to review the proposal and exercise their voting rights. The Fund will continue to reach out to its stockholders to encourage participation in the voting process during the adjournment.
The reconvened Special Meeting will take place at the fund's principal executive office located at 6363 College Boulevard, Suite 100A, Overland Park, Kansas. The announcement, made in accordance with SEC regulations, reflects the Fund's commitment to ensuring that stockholders have ample opportunity to vote on important matters affecting the company.
Tortoise Pipeline & Energy Fund, Inc. is listed on the New York Stock Exchange under the ticker symbol TTP. This information is based on a statement released by the company in a Form 8-K filed with the Securities and Exchange Commission today. The company's CEO, Matthew G.P. Sallee, signed off on the report, adhering to the regulatory requirements of the Securities Exchange Act of 1934.
InvestingPro Insights
Recent data from InvestingPro sheds light on Tortoise Pipeline & Energy Fund's (TTP) financial performance and market position. The fund's market capitalization stands at $102.82 million, with a notably low P/E ratio of 4.3, suggesting potential undervaluation. TTP has demonstrated strong revenue growth, with a 27.37% increase over the last twelve months as of Q2 2024, reaching $2.89 million.
InvestingPro Tips highlight that TTP has maintained dividend payments for 13 consecutive years, currently offering a dividend yield of 4.53%. This consistent dividend history may be particularly relevant to stockholders considering the upcoming Special Meeting, as it demonstrates the fund's commitment to returning value to investors.
The fund has also shown impressive price performance, with a 102.51% total return over the past year and a 97.47% return year-to-date. These strong returns, combined with the fact that TTP is trading near its 52-week high (97.81% of the high), could influence stockholder sentiment and participation in the upcoming vote.
For investors seeking a deeper understanding of TTP's financial health and market position, InvestingPro offers 10 additional tips, providing a comprehensive analysis to inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.