OVERLAND PARK, KS - Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) announced today that it has adjourned its Special Meeting of Stockholders due to insufficient attendance to establish a quorum. The meeting, which was initially convened on Thursday morning, will be postponed until the following Thursday, November 14, 2024, at 9:00 a.m. Central Time.
The fund, which is based in Overland Park, Kansas, had scheduled the Special Meeting to allow stockholders to vote on a proposal detailed in the proxy statement filed on October 11, 2024. However, the turnout of stockholders was inadequate to meet the quorum requirement, necessitating the adjournment. The record date for determining stockholders eligible to vote at the Special Meeting remains set at September 10, 2024.
During the interim period, Tortoise Sustainable and Social Impact Term Fund will continue to reach out to its stockholders to encourage participation in the voting process. The reconvened meeting will take place at the same location, 6363 College Boulevard, Suite 100A, Overland Park, Kansas.
InvestingPro Insights
As Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) works to secure a quorum for its Special Meeting, investors might find additional context from recent financial data helpful. According to InvestingPro, TEAF currently boasts a substantial dividend yield of 8.56%, with the most recent ex-dividend date on October 24, 2024. This aligns with one of the InvestingPro Tips, which notes that TEAF "pays a significant dividend to shareholders."
Despite the meeting's postponement, TEAF's stock has shown resilience, with a year-to-date total return of 16.14% and a one-year total return of 18.93%. The fund's market capitalization stands at $170.26 million, with a price-to-earnings ratio of 24.86. These metrics suggest that while the fund faces challenges in shareholder engagement, it maintains a solid financial position that could be of interest to income-focused investors.
InvestingPro offers additional tips that could provide further insight into TEAF's investment profile, with a total of 4 tips available for subscribers looking to deepen their analysis of this social impact fund.
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