HARTFORD, Conn., July 24, 2020 /PRNewswire/ -- The Duff &
Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE),
a closed-end fund, today announced it did not achieve the requisite
majority vote to approve a proposal to liquidate and dissolve the
fund at a meeting of shareholders despite achieving a plurality of
votes cast.
The proposal to liquidate and dissolve the fund was recommended
to shareholders based on an assessment of a variety of factors,
including the volatility in the MLP and midstream energy sector, in
which the fund invests, and the fund's level of assets. In
addition, the fund had been notified that it is not in compliance
with the New York Stock Exchange's continued listing standards
because the average closing price of its shares had fallen below
$1.00 per share over a consecutive
30-day trading period.
Management will continue to manage the fund according to its
mandate and will review options for the fund that are in the best
interest of shareholders, including actions necessary to maintain
the fund's listing on the NYSE. Management will also voluntarily
waive 50% of the management and administration fees that the fund
will resume paying, effective August
1. These fees had previously been fully waived since
March 1, 2020. It is expected that
due to its asset level, the fund will have a higher expense ratio
and lesser or no ability to use leverage to increase its asset
base.
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.