Tortoise Energy Capital Corp. Reports Fiscal 2005 Results and Characterization of 2005 Dividends
27 Januar 2006 - 12:56AM
Business Wire
Tortoise Energy Capital Corp. (NYSE:TYY) today announced its fiscal
2005 results and affirmed that the tax character of all 2005
dividends paid to stockholders is 100 percent return of capital. On
January 27, 2006, the company intends to post its 2005 annual
report at www.tortoiseadvisors.com and to commence mailing of the
reports to stockholders. "We are very pleased to report that we are
well on our way to achieving the investment objectives we set forth
in our May 2005 initial public offering," said Dave Schulte,
Tortoise Energy Capital's chief executive officer. At November, 30
2005, Tortoise Energy Capital's total assets were $494 million and
its net assets applicable to common stockholders were $370 million.
For the year ended, the company's aggregate distributable cash flow
was $9.4 million, of which 97 percent was distributed to
stockholders in the form of dividends. Tax Characterization
Stockholders will find their tax dividend information in Box 3 of
the IRS Form 1099-DIV provided from their brokers, transfer agents
or other institutions. The amount of the non-taxable distributions
reported in Box 3 of the Form 1099 should not be reported as
taxable income on the individual's current tax return. Instead, it
should be treated as a reduction in the original cost basis of the
investment. A summary of Tortoise Energy Capital Corp.'s 2005
dividend history is as follows: -0- *T Payable Per Share Date
Amount Character(a) ------- --------- ----------- 9/1/2005 $0.235
100% Return of Capital 11/30/2005 $0.340 100% Return of Capital
------ $0.575 100% Return of Capital ====== (a) If stockholders
participated in the dividend reinvestment plan, the cost basis of
the investment should be adjusted by the fair market value of
shares repurchased on the payment date(s). If stockholders sell
shares, they will have capital treatment of gains or losses. *T
Nothing contained herein should be construed as tax advice, consult
your tax advisor for more information. Furthermore, you may not
rely upon any information herein for the purpose of avoiding any
penalties that may be imposed under the Internal Revenue Code. 2006
Annual Shareholders' Meeting The company will discuss year-end
results at its annual shareholders' meeting on April 12, 2006, at
9:00 a.m. CT at the Doubletree Hotel, 10100 College Blvd. in
Overland Park, Kan. For those unable to attend the meeting, a
listen-only conference call will be provided. Please dial the
number approximately five to 10 minutes prior to the scheduled
starting time: U.S./Canada: 800-218-0204 International:
303-262-2140 The meeting will also be webcast in a listen-only
format. The link to the webcast can be accessed at
www.tortoiseadvisors.com where supplemental information related to
the meeting will also be available. A replay of the meeting will be
available beginning at 1:00 p.m. CT on April 12, 2006, and
continuing until 12:00 a.m. CT April 26, 2006, by dialing
800-405-2236 (U.S./Canada). The replay access code is 11052482#. A
replay of the webcast will also be available on the company's Web
site at www.tortoiseadvisors.com through April 12, 2007. About
Tortoise Energy Capital Tortoise Energy Capital Corp. owns a
portfolio of investments in the energy infrastructure sector,
primarily pipeline and processing Master Limited Partnerships.
Tortoise Energy Capital's goal is to provide its shareholders with
a high level of total return with an emphasis on current
distributions to stockholders. About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy
Capital Corp., is a pioneer in capital markets for master limited
partnership (MLP) investment companies and a leader in closed-end
funds and separately managed accounts focused on MLPs in the energy
infrastructure sector. Tortoise Capital Advisors also serves as the
adviser to Tortoise Energy Infrastructure Corp. (NYSE:TYG) and
Tortoise North American Energy Corp (NYSE:TYN). To date, the
adviser has approximately $1.5 billion of energy infrastructure
investment assets under management. For more information, visit our
website at www.tortoiseadvisors.com. Safe Harbor Statement This
press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
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