Tortoise North American Energy Corp. Announces Second Quarter Dividend Increase and Tax Credit
12 Mai 2006 - 10:49PM
Business Wire
Tortoise North American Energy Corp. (NYSE: TYN), today declared
the company's second quarterly dividend of $0.33 per share. The
dividend will be distributed on June 1, 2006, to stockholders of
record on May 23, 2006. The company also announced that it has
accumulated a foreign source income tax credit for the income tax
withheld during this quarter in Canada, of approximately $.04 per
share. "When our cash dividend is added to the availability of a
tax credit, the pre-tax equivalent yield is 5.9 percent on our
October 2005 IPO price of $25.00, and 6.8 percent on the May 11
market closing price of $21.85," said Tortoise Capital Advisors
Managing Director, David Schulte. "The political stability of the
North American energy complex has been increasingly important with
recent geopolitical events. Our investments include the critical
infrastructure in Canada and the U.S. connecting valuable
on-continent reserve basins to end markets." Based on current
company financial information, this dividend is estimated to
consist of 60 to 65 percent net income for book purposes, with the
remainder consisting of return of capital. This is subject to
change based upon completion of the company's fiscal year-end. For
tax purposes, the character of the dividend and the amount of the
tax credit will be determined at year-end and will be reported to
stockholders at the beginning of 2007 on their Form 1099. About
Tortoise North American Energy Corp. Tortoise North American Energy
invests in a portfolio consisting primarily of publicly traded
Canadian royalty trusts and income trusts (collectively RITs) and
publicly traded United States master limited partnerships (MLPs)
with an emphasis on the midstream and downstream North American
energy sector. Tortoise North American Energy Corp.'s goal is to
provide its stockholders with a high level of total return with an
emphasis on current dividends. About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise North
American Energy Corp., is a pioneer in the capital markets for
investment companies focused on the energy infrastructure sector.
Tortoise Capital Advisors also serves as the adviser to Tortoise
Energy Infrastructure Corp. (NYSE: TYG) and Tortoise Energy Capital
Corp. (NYSE: TYY). To date, the adviser has approximately $1.7
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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