HARTFORD, Conn., March 24, 2020 /PRNewswire/ -- The Duff &
Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE),
a closed-end fund managed by Duff & Phelps Investment
Management Co., announced today that it will redeem all outstanding
shares of the Series A and Series B Preferred Shares (CUSIP Nos.
26433F2#4 and 26433F3#3), effective March
31, 2020 (the redemption date). This announcement supersedes
the fund's announcement on March 11,
2020, regarding redemption of Series B Preferred Shares
only.
The shares will be redeemed at a price equal to $25.00 per share (the liquidation preference),
plus cash dividends accumulated but unpaid as of the redemption
date. The fund reached an agreement with the holders of its Series
A and B preferred shares to accelerate the payment on Series B
Preferred Shares as well as redeem all of the Series A Preferred
Shares in exchange for their agreeing to forego their right to
receive an additional payment of up to 2% of the liquidation
preference.
The elimination of the additional payments, combined with the
redemption of the preferred shares, will result in reduced costs
for the fund's common shareholders. Upon the redemption, the
preferred shares will no longer be deemed outstanding, dividends
will cease to accumulate, and all the rights of the shareholders
with respect to all of the fund's preferred shares will cease.
About the Fund
The Duff & Phelps Select MLP and
Midstream Energy Fund Inc. is a closed-end fund that seeks to
provide shareholders with a high level of total return resulting
from a combination of current tax-deferred distributions and
capital appreciation by investing primarily in publicly traded
master limited partnerships ("MLPs") in the energy sector and other
midstream energy companies that are not organized as MLPs. For
information, contact shareholder services at (866) 270-7788, by
email at duff@virtus.com, or visit the DSE website.
About Duff & Phelps Investment Management
Duff
& Phelps Investment Management Co., the investment subadviser
of the fund, has more than 35 years of experience managing
investment portfolios, including institutional separate accounts
and open- and closed-end funds investing in utilities, master
limited partnerships (MLPs), infrastructure, and real estate
investment trusts (REITs). For more information visit
www.dpimc.com.
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 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" as set forth at the end of
this press release.
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.