HARTFORD, Conn., April 24, 2020 /PRNewswire/ -- The Duff &
Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE),
a closed-end fund, today announced it has been notified by the New
York Stock Exchange that it is not in compliance with the NYSE's
continued listing standards because the average closing price of
its shares over a consecutive 30-day trading period had fallen
below $1.00 per share, which is the
minimum average closing price per share required to maintain
listing on the NYSE.
In response, the fund notified the NYSE of its previously
announced proposal to liquidate and dissolve the fund. The
liquidation proposal, which requires the approval of shareholders,
has been submitted for approval at the fund's annual shareholder
meeting, scheduled for May 21, 2020.
Given the liquidation proposal, the fund does not expect to have to
take any additional measures to regain compliance with the minimum
share price requirement. However, if the fund has not liquidated
and dissolved prior to the deadline for compliance, the fund will
take appropriate action in the best interest of shareholders.
Fund Risks
An investment in a fund is subject to risk, including the risk
of possible loss of principal. A fund's shares may be worth less
upon their sale than what an investor paid for them. Shares of
closed-end funds may trade at a premium or discount to their net
asset value. For more information about the fund's investment
objective and risks, please see the fund's annual report. A copy of
the fund's most recent annual report may be obtained free of charge
by contacting Shareholder Services at (866) 270-7788, by email at
duff@virtus.com, or by visiting the DSE website.
Forward-Looking Information
This press release contains statements that are, or may be
considered to be, forward-looking statements. All statements that
are not historical facts, including statements about beliefs or
expectations, are "forward-looking statements" within the meaning
of The Private Securities Litigation Reform Act of 1995. These
statements may be identified by such forward-looking terminology as
"expect," "estimate," "plan," "intend," "believe," "anticipate,"
"may," "will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the fund
undertakes no obligation to update or review any forward-looking
statements. The fund can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
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SOURCE Duff & Phelps Select MLP and Midstream Energy Fund
Inc.