4/A: Franklin Resources Amends Filing on ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) Transaction
SEC Filing (Form 4/A Amendment)
Franklin Resources Inc. files an amended Form 4 to correct the reported amount of shares sold in ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) on December 11, 2024, and the subsequent beneficial ownership.
Summary
- Franklin Resources Inc. (FRI) filed an amendment to a Form 4 regarding transactions in ClearBridge Energy Midstream Opportunity Fund Inc. (EMO).
- The amendment corrects the number of EMO shares sold on December 11, 2024, which was previously reported erroneously.
- The corrected filing also reflects the accurate amount of securities beneficially owned following the transaction on December 11, 2024.
- The original filing was made on December 13, 2024.
- FRI acquired shares of EMO as a result of the merger of ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) with and into EMO on September 9, 2024.
- 1,200 shares were sold at a price of $47.4517.
- Following the transaction, the number of shares beneficially owned was 31,709.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing correcting a previous error. It doesn't contain overtly positive or negative information, but the need for correction introduces a slightly negative element.
Negatives
- The initial Form 4 contained errors in the reported amount of shares sold and the subsequent beneficial ownership, necessitating an amendment.
Risks
- Errors in regulatory filings can lead to scrutiny from the SEC and potentially impact investor confidence.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, providing transparency to the market.
Comparison to Industry Standards
- Form 4 filings are a standard regulatory requirement for publicly traded companies and their insiders.
- The information disclosed in Form 4 filings is used by investors to assess the trading activity of insiders and their sentiment towards the company's stock.
- Comparable companies would also be required to file similar forms when insiders trade their company's stock.
Key Dates
| Date | Description |
|---|---|
| 2023-12-11 | Date of Limited Power of Attorney and Revocation of Limited Power of Attorney |
| 2024-09-09 | Merger of ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) with and into EMO |
| 2024-12-11 | Date of transaction (sale of shares) |
| 2024-12-13 | Date of original Form 4 filing |
| 2025-03-06 | Date of signature on the amended Form 4/A |
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