Goldman Sachs Asset Management Closed-End Funds Effect Reverse Share Splits
13 Avril 2020 - 10:11PM
Business Wire
Goldman Sachs Asset Management (“GSAM”), investment adviser for
the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman
Sachs MLP and Energy Renaissance Fund (GER) (together, the
“Funds”), announced today that GMZ effected a 7-for-1 reverse share
split and GER effected a 9-for-1 reverse share split for each
Fund’s issued and outstanding common shares effective after the
market close on April 13, 2020. The Funds’ common shares will begin
trading on a split-adjusted basis when the market opens on April
14, 2020.
Common shares of GMZ and GER will continue to trade on the New
York Stock Exchange (“NYSE”) under the symbols "GMZ" and “GER,”
respectively, but under new CUSIP numbers, as listed below.
Ticker
Fund
Old CUSIP
New CUSIP
GMZ
Goldman Sachs MLP Income Opportunities
Fund
38147W103
38147W202
GER
Goldman Sachs MLP and Energy Renaissance
Fund
38148G107
38148G206
No fractional shares have been or will be issued in connection
with the reverse share splits. Instead, shareholders who would
otherwise be entitled to receive fractional shares, including
through the Funds’ Dividend Reinvestment Program, will receive a
proportional cash payment once the reverse share splits are
processed by the Funds’ exchange agent. The changes resulting from
the reverse share splits will be automatically reflected in the
Funds’ records and no additional action needs to be taken by
shareholders. The reverse share splits do not impact any
shareholder’s ownership percentage in the Funds or his or her
voting power, except for minimal effects resulting from the
treatment of fractional shares. As a result of the reverse share
splits, the numbers of outstanding common shares of GMZ and GER
have been reduced by a factor of seven and nine, respectively.
Please contact Computershare Trust Company, N.A., the Funds’
transfer agent and the exchange agent for the reverse share splits,
for further information at (800) 546-5141.
The Funds
Each Fund is a non-diversified, closed-end management investment
company managed by GSAM’s Energy & Infrastructure Team, which
is among the industry’s largest master limited partnerships (“MLP”)
investment groups. The Goldman Sachs MLP Income Opportunities Fund
began trading on the NYSE on November 26, 2013, and the Goldman
Sachs MLP and Energy Renaissance Fund began trading on the NYSE on
September 26, 2014.
Each Fund seeks a high level of total return with an emphasis on
current distributions to shareholders. The Goldman Sachs MLP Income
Opportunities Fund invests primarily in MLP investments. The
Goldman Sachs MLP and Energy Renaissance Fund invests primarily in
MLPs and other energy investments. Each Fund currently expects to
concentrate its investments in the energy sector, with an emphasis
on midstream MLP investments. The Goldman Sachs MLP and Energy
Renaissance Fund invests across the energy value chain, including
upstream, midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group,
Inc. (NYSE: GS), and supervises $1.69 trillion as of December 31,
2019.1 GSAM has been providing discretionary investment advisory
services since 1988 and has investment professionals in all major
financial centers around the world. The company offers investment
strategies across a broad range of asset classes to institutional
and individual clients globally. Founded in 1869, Goldman Sachs is
a leading global investment banking, securities and investment
management firm that provides a wide range of financial services to
a substantial and diversified client base that includes
corporations, financial institutions, governments and
high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under
management and other client assets for which Goldman Sachs does not
have full discretion.
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 a 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. Each Fund has
completed its initial public offering. Investors should consider
their investment goals, time horizons and risk tolerance before
investing in a Fund. An investment in a Fund is not appropriate for
all investors, and each Fund is not intended to be a complete
investment program. Investors should carefully review and consider
a Fund’s investment objective, risks, charges and expenses before
investing.
For additional information, please visit the Funds’ website
at www.GSAMFUNDS.com/cef.
© 2020 Goldman Sachs. All rights reserved. Compliance code:
200248.OTU Date of first use: 4/13/2020
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Media Contacts: Patrick Scanlan Tel: 212-902-6164
Investor Contact: Immanuel Tan Tel: 917-343-3375
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