Form 4: Franklin Resources Inc. Reports Transaction in ClearBridge Energy Midstream Opportunity Fund Inc. (EMO)
SEC Form 4
Franklin Resources Inc., an affiliate of the investment advisor for ClearBridge Energy Midstream Opportunity Fund Inc. (EMO), reports a transaction involving the sale of shares and updates beneficial ownership following a corrected filing.
Summary
- Franklin Resources Inc. (FRI), an affiliate of the investment advisor for ClearBridge Energy Midstream Opportunity Fund Inc. (EMO), filed a Form 4 detailing changes in beneficial ownership.
- The report indicates a sale of 9,704 shares of EMO common stock on January 8, 2025, at a price of $47.0624 per share.
- This filing amends a previous Form 4 to correct the amount of shares sold on December 11, 2024, and the subsequent amount of securities beneficially owned.
- The filing also includes exhibits referencing footnotes providing additional context, which are incorporated by reference.
- Additionally, the document includes a Limited Power of Attorney and its revocation, granting and revoking authority to specific individuals for Section 13 and 16 reporting obligations related to Franklin Resources, Inc. and its affiliated registered closed-end companies.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency regarding transactions by company insiders and significant shareholders, ensuring fair market practices.
Stakeholder Impact
- Shareholders are informed about the transactions of significant shareholders, promoting transparency.
Key Dates
| Date | Description |
|---|---|
| December 11, 2023 | Charles B. Johnson and Rupert H. Johnson, Jr. executed a Limited Power of Attorney. |
| December 11, 2023 | Charles B. Johnson and Rupert H. Johnson, Jr. revoked a previous Limited Power of Attorney granted to Steven J. Gray and Lori A. Weber. |
| September 9, 2024 | Merger of ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) with and into ClearBridge Energy Midstream Opportunity Fund Inc. (EMO). |
| December 11, 2024 | Date of previously incorrectly reported share sale. |
| January 8, 2025 | Date of the reported transaction: sale of 9,704 shares of EMO. |
| March 6, 2025 | Date of Form 4 filing. |
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