Alban John, a director and trustee at NXG Cushing Midstream Energy Fund (NYSE:SRV), recently sold 1,089.6452 common shares in the open market. The fund, with a market capitalization of $130.7 million, has delivered an impressive 48% return year-to-date and currently offers a substantial 12.1% dividend yield. The shares were sold on December 10, 2024, at a price of $44.76 each, totaling approximately $48,772. Following this transaction, John no longer holds any shares in the company. This transaction was reported in a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro, the fund has maintained dividend payments for 18 consecutive years, though it currently shows weak financial health metrics. Subscribers can access additional financial health indicators and ProTips on the platform.
In other recent news, NXG Cushing Midstream Energy Fund has announced a rights offering. The Delaware-incorporated energy investment fund has entered into several agreements related to this new offering. In collaboration with its management firm, NXG Investment Management, and UBS Securities LLC, the fund will issue transferable rights to current shareholders. These rights will allow them to subscribe for up to 1,004,176 new common shares.
Shareholders will receive one right for each common share they own, with each right enabling the purchase of one new common share for every three rights held. Additional shares may be available to those who fully exercise their rights, subject to certain conditions. The fund has also partnered with Equiniti Trust Company, LLC, and EQ Fund Solutions, LLC, to serve as subscription and information agents for the offering. These recent developments are part of the fund's previously filed shelf registration statement with the Securities and Exchange Commission.
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