Goldman Sachs Asset Management Announces Share Repurchase Program for MLP and Energy Renaissance Fund and Quarterly Distribution of $0.200 Per Share
11 November 2022 - 3:18PM
Business Wire
Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”)
(NYSE: GER) is announcing its quarterly distribution of $0.200
per common share, which represents a 14% increase over the
distribution amount for the previous quarter. The distribution is
payable on the date noted below.
The distribution schedule is as follows:
Ex-Date:
November 22, 2022
Record Date:
November 23, 2022
Payable Date:
November 30, 2022
Amount:
$0.200 per share
It is currently anticipated that a portion of this distribution
will be treated for tax purposes as a return of capital, however,
the final characterization of such distribution will be made in
early 2023 when the Fund can determine its earnings and profits for
the full year. The final tax status of the distribution may differ
substantially from this preliminary information.
Additionally, Goldman Sachs Asset Management, the investment
adviser for the Fund, announced today that the Fund’s Board of
Trustees has approved a share repurchase program for the Fund,
effective from November 10, 2022 through November 10, 2023. Under
the share repurchase program, GER intends to purchase up to $10
million of its outstanding common shares in the open market, if the
shares are trading at a discount to net asset value (“NAV”) per
share in excess of 10%. The share repurchase program seeks to
enhance shareholder value by purchasing the Fund’s shares trading
at a discount to NAV per share, which could result in NAV and Net
Investment Income per share accretion.
“As the cash flow receipts of the Fund’s underlying investments
continue to grow, we remain committed to returning incremental
capital to our investors and are thus increasing the dividend by
over 14% this quarter. Additionally, we continue to believe that
open market share repurchases are an optimal way to further enhance
shareholder value and therefore are renewing our share repurchase
program,” said lead Portfolio Manager Kyri Loupis.
The Fund’s repurchase activity will be disclosed in its
shareholder reports for the relevant fiscal periods. The share
purchase program will follow the requirements of Rule 10b-18 and
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended,
and there is no assurance that the Fund will repurchase shares in
any amount.
In addition, portfolio holdings as of September 30, 2022, as
well as additional information regarding the Fund, can be accessed
through the Goldman Sachs Asset Management Closed-End Fund landing
page at www.GSAMFUNDS.com/cef.
Goldman Sachs MLP and Energy Renaissance Fund
Goldman Sachs MLP and Energy Renaissance Fund is a
non-diversified, closed-end management investment company managed
by Goldman Sachs Asset Management’s Energy & Infrastructure
Team, which is among the industry’s largest MLP investment
groups.
The Fund began trading on the NYSE on September 26, 2014. The
Fund seeks a high level of total return with an emphasis on current
distributions to shareholders. The Fund invests primarily in master
limited partnerships (“MLPs”) and other energy investments. The
Fund currently expects to concentrate its investments in the energy
sector, with an emphasis on midstream MLP investments. The Fund
invests across the energy value chain, including upstream,
midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
Bringing together traditional and alternative investments,
Goldman Sachs Asset Management provides clients around the world
with a dedicated partnership and focus on long-term performance. As
the primary investing area within Goldman Sachs (NYSE: GS), we
deliver investment and advisory services for the world’s leading
institutions, financial advisors and individuals, drawing from our
deeply connected global network and tailored expert insights,
across every region and market – overseeing more than $2 trillion
in assets under supervision worldwide as of September 30, 20221.
Driven by a passion for our clients’ performance, we seek to build
long-term relationships based on conviction, sustainable outcomes,
and shared success over time. Follow us on LinkedIn.
Disclosures
Shares of closed-end investment companies frequently trade at a
discount from their net asset value (“NAV”), which may increase
investors’ risk of loss. At the time of sale, an investor’s shares
may have a market price that is above or below NAV, and may be
worth more or less than the original investment. There is no
assurance that the Fund will meet its investment objective. Past
performance does not guarantee future results. Investments in
securities of MLPs involve risks that differ from investments in
common stock, including among others risks related to limited
control and limited rights to vote on matters affecting MLPs,
potential conflicts of interest risk, cash flow risks, dilution
risks and trading risks.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any security. The Fund has
completed its initial public offering. Investors should consider
their investment goals, time horizons and risk tolerance before
investing in the Fund. An investment in the Fund is not appropriate
for all investors, and the Fund is not intended to be a complete
investment program. Investors should carefully review and consider
the Fund’s investment objective, risks, charges and expenses before
investing.
1 Assets Under Supervision (AUS) includes assets under
management and other client assets for which Goldman Sachs does not
have full discretion. AUS figure as of September 30, 2022.
Compliance Code: 297730.OTU
Date of First Use: November 11, 2022
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Media Contact: Avery Reed Tel: 212-357-0125 Investor Contact:
Charles Sturges Tel: 212-902-7996
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