(Source: Business Wire)
Tortoise North American Energy Corp. (NYSE: TYN) today announced that as of August 31, 2009, the company's unaudited total assets were approximately $99.0 million and its unaudited net asset value was $81.5 million or $17.67 per share. As previously disclosed, the company does not anticipate qualifying as a Regulated Investment Company for tax purposes and anticipates being treated as a regular taxable corporation for federal and state income tax purposes for the period beginning Dec. 1, 2008. Accordingly, the unaudited balance sheet reflects a deferred tax asset of $5.2 million or $1.13 per share. The deferred tax asset recognizes the net benefit the company believes should be reflected under generally accepted accounting principles.
As of August 31, 2009, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 643 percent. (For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.)
Set forth below is a summary of the company's unaudited balance sheet at August 31, 2009, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) $ Per Share Investments $ 90.7 $19.67 Cash and Cash Equivalents 2.1 0.46 Receivable for Investments Sold 0.5 0.10 Deferred Tax Asset 5.2 1.13 Other Assets 0.5 0.10 Total Assets 99.0 21.46 Senior Notes 15.0 3.25 Distributions to Common Stockholders 1.7 0.37 Payable for Investments Purchased 0.3 0.06 Other Liabilities 0.5 0.11 Net Assets $81.5 $17.67 -------------------------------------------------------------------------------
4.61 million common shares currently outstanding.
Top 10 Holdings (as of August 31, 2009)
Name Market Value (in millions) % ofInvestmentSecurities(1) Enbridge Energy Management, L.L.C.
