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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Common Stock | NYSE:TPZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.35 | -1.64% | 20.94 | 21.30 | 20.86 | 21.30 | 50,808 | 22:30:00 |
SCHEDULE 13D DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT 1/17/2024 1. NAME OF REPORTING PERSON Bulldog Investors, LLP 2. CHECK THE BOX IF MEMBER OF A GROUP a[] b[] 3. SEC USE ONLY 4. SOURCE OF FUNDS WC 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION DE ___________________________________________________________ 7. SOLE VOTING POWER 6,794 8. SHARED VOTING POWER 267,122 9. SOLE DISPOSITIVE POWER 6,794 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 267,122 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 273,916 (Footnote 1) 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ___________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 4.65% 14. TYPE OF REPORTING PERSON IA ___________________________________________________________ 1. NAME OF REPORTING PERSON Phillip Goldstein 2. CHECK THE BOX IF MEMBER OF A GROUP a[] b[] 3. SEC USE ONLY 4. SOURCE OF FUNDS WC 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ___________________________________________________________ 7. SOLE VOTING POWER 6,794 8. SHARED VOTING POWER 357,884 9. SOLE DISPOSITIVE POWER 6,794 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 357,884 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 364,678 (Footnote 1) 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ___________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 6.19% 14. TYPE OF REPORTING PERSON IN ___________________________________________________________ 1. NAME OF REPORTING PERSON Andrew Dakos 2. CHECK THE BOX IF MEMBER OF A GROUP a[] b[] 3. SEC USE ONLY 4. SOURCE OF FUNDS WC 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ___________________________________________________________ 7. SOLE VOTING POWER 6,794 8. SHARED VOTING POWER 357,884 9. SOLE DISPOSITIVE POWER 6,794 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 357,884 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 364,678 (Footnote 1) 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ___________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 6.19% 14. TYPE OF REPORTING PERSON IN ___________________________________________________________ Item 1. SECURITY AND ISSUER This Schedule 13D relates to the shares of Common Stock of Tortoise Power and Energy Infrastructure Fund, Inc. ("TPZ" or the "Issuer"). The principal executive offices of TPZ are located at 5100 W. 115th Place Leawood, KS 66211 Item 2. IDENTITY AND BACKGROUND (a) This statement is filed on behalf of Bulldog Investors,LLP (a Delaware Limited Liability Partnership), Phillip Goldstein, and Andrew Dakos. (b) The business address of the reporting persons is Park 80 West-Plaza Two, 250 Pehle Ave., Suite 708, Saddle Brook, NJ 07663. (c) Bulldog Investors,LLP is a registered investment adviser. Messrs. Goldstein and Dakos are partners of Bulldog Investors,LLP. (d) n/a (e) n/a (f) Each of Messrs. Goldstein and Dakos is a citizen of the United States. ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS Shares of the Issuer have been accumulated on behalf of clients of Bulldog Investors,LLP, and on behalf of a registered closed-end investment company for which Messrs. Goldstein and Dakos have investment and voting authority. ITEM 4. PURPOSE OF TRANSACTION Letter was sent to the company. See exhibit B. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As per the N-CSRS filed on 8/7/23 there were 6,200,175 shares of common stock outstanding as of 5/31/23.On 11/8/23 310,008 shares were tenderd, leaving 5,890,167 shares outstanding. The percentages set forth herein were derived using such number. Phillip Goldstein and Andrew Dakos own Bulldog Investors, LLP, a registered investment advisor. As of January 19, 2024 Bulldog Investors, LLP is deemed to be the beneficial owner of 273,916 shares of TPZ (representing 4.65% of TPZ's outstanding shares) solely by virtue of Bulldog Investors LLP's power to direct the vote of,and dispose of, these shares. Such shares are also beneficially owned by clients of Bulldog Investors, LLP who are not members of any group. As of January 19, 2024, each of Messrs. Goldstein and Dakos is deemed to be the beneficial owner of 364,678 shares of TPZ (representing 6.19% of TPZ's outstanding shares) by virtue of their power to direct the vote of, and dispose of, these shares. (b)Bulldog Investors,LLP has sole power to dispose of and vote 6,794 shares. Bulldog Investors, LLP has shared power to dispose of and vote 267,122 shares. Certain of Bulldog Investors, LLP's clients (none of whom beneficially own more than 5% of TPZ's shares) share this power with Bulldog Investors, LLP. Messrs. Goldstein and Dakos are partners of Bulldog Investors, LLP. Messrs. Goldstein and Dakos have shared power to dispose of and vote an additional 90,762 shares. c) During the past 60 days the following shares of TPZ were bought. Date Shares Price 12/6/2023 444 13.5577 12/5/2023 57,753 13.6700 12/4/2023 33,466 13.7197 12/1/2023 694 13.7084 11/29/2023 2,214 13.5100 11/27/2023 9,134 13.3300 11/22/2023 805 13.3200 11/21/2023 9,198 13.3099 d) Clients of Bulldog Investors, LLP and a closed-end investment fund for which Messrs. Goldstein and Dakos have investment and voting authority are entitled to receive any dividends or sales proceeds. e) N/A ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. N/A ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit A & B After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: 1/22/2024 By: /S/ Phillip Goldstein Name: Phillip Goldstein By: /S/ Andrew Dakos Name: Andrew Dakos Bulldog Investors, LLP By: /s/ Andrew Dakos Andrew Dakos, Partner Footnote 1: The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest therein.
Exhibit A: Agreement to Make Joint Filing Agreement made as of the 22th day of January, 2024, by and among Bulldog Investors, LLP, Phillip Goldstein and Andrew Dakos. WHEREAS, Rule 13d-1(k)(1) under the Securities Exchange Act of 1934 provides that whenever two or more persons are required to file a statement containing the information required by Schedule 13D with respect to the same securities, only one such statement need be filed, so long as, among other things, such filing includes as an exhibit an agreement among such persons that such a statement is filed on behalf of each of them; WHEREAS, in connection with certain holdings of Tortoise Power and energy infrastructure Fund, Inc. (TPZ), each of the parties to this Agreement is required to file a statement containing the information required by Schedule 13D with respect to the same holdings of TPZ; NOW THEREFORE, the parties hereby agree that one statement containing the information required by Schedule 13D shall be filed on behalf of each party hereto. IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first written above. By:/s/ Phillip Goldstein By:/s/ Andrew Dakos Phillip Goldstein Andrew Dakos BULLDOG INVESTORS, LLP By:/s/ Andrew Dakos Andrew Dakos, Partner
Exhibit B: Special Opportunities Fund, Inc. 615 East Michigan Street, Milwaukee, WI 53202 January 17, 2024 Tortoise Power and Energy Infrastructure Fund, Inc. 6363 College Boulevard Suite 100A Overland Park, Kansas 66211 Attn: Diane M. Bono, Secretary Dear Ms. Bono: Special Opportunities Fund is the beneficial owner of shares of Tortoise Power and Energy Infrastructure Fund, Inc. with a value in excess of $25,000.00. It has held these shares continuously for more than 12 months and plans to continue to hold them through the next meeting of shareholders. We hereby submit the following proposal and supporting statement pursuant to rule 14a-8 of the Securities Exchange Act of 1934 for inclusion in management's proxy materials for the next meeting of stockholders for which this proposal is timely submitted. We are available to discuss our proposal at any mutually convenient time. RESOLVED: If the Fund's average trading discount to net asset value (NAV) exceeds 10% for the twenty trading days ending December 31, 2024, the stockholders urge the board to consider measures to allow all shareholders to monetize their shares at a price at or close to NAV. SUPPORTING STATEMENT The Fund's long-term performance has been poor. For the ten-year period ending May 31, 2023, the annualized market price return of the Fund's shares is 0.39%. Plus, the Fund's shares have traded at a double-digit discount for almost four years. The board has responded by authorizing the Fund to conduct a small self-tender offer in any year that the discount exceeds 10% during a designated measurement period. However, in the most recent tender offer, more than 90% of the shares tendered were returned to shareholders. Consequently, more aggressive action is warranted. We propose that if the Fund's current double-digit discount persists through 2024, the board should take action to afford shareholders an opportunity to realize a price close to NAV for all shares. Among the options the board should consider are converting the Fund to an open-end fund or an ETF, liquidating the Fund, or launching a self-tender offer for all shares. Very truly yours, /S/Phillip Goldstein Phillip Goldstein Chairman
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