Saba Capital Management, L.P., a significant stakeholder in Tortoise Power & Energy Infrastructure Fund Inc. (NYSE:TPZ), recently executed a notable transaction involving the sale of common stock. On December 26, 2024, Saba Capital sold 1,000,000 shares at a price of $20.09 each, amounting to a total of approximately $20.1 million. This transaction reduced their holdings to 11,234 shares.
Earlier, on December 24, 2024, Saba Capital had acquired 347,278 shares at $13.78 per share, totaling $4,785,490. The transactions were reported as indirect ownership. Boaz Weinstein, a key figure at Saba Capital, was also listed in the filing.
In other recent news, Tortoise Capital Series Trust has seen significant changes in its accounting oversight following a series of mergers with Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., and Tortoise Power and Energy Infrastructure Fund, Inc. As a result of the mergers, the Trust has engaged Tait, Weller & Baker LLP as its new independent registered public accounting firm. This transition marks the end of the Trust’s relationship with previous accountant, Ernst & Young LLP.
During the fiscal years leading up to the merger, there were no disagreements between the Predecessor Fund and Ernst & Young LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Trust’s new accounting firm, Tait, Weller & Baker LLP, has not been consulted on any accounting principles or transactions prior to their engagement.
These are recent developments that reflect Tortoise Capital Series Trust’s commitment to transparency and adherence to regulatory standards. The shift in accounting oversight comes at a time when the Trust has consolidated its operations through the aforementioned mergers, aiming to streamline its management and financial reporting structures. Investors and stakeholders can view the detailed filing and Ernst & Young LLP’s letter on the SEC’s website.
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