BlackRock Enhanced Government Fund, Inc. Announces Expiration of Annual Repurchase Offer
NEW YORK--(BUSINESS WIRE)--Nov 26, 2018--BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) announced the expiration of the Fund’s annual repurchase offer for its shares of common stock (the “Repurchase Offer”). The Repurchase Offer and withdrawal rights expired at 5:00 p.m., Eastern Time, on November 26, 2018. The Fund offered to repurchase up to 10% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the net asset value of the Shares as of the close of regular trading on the New York Stock Exchange on November 27, 2018, subject to a repurchase fee of 2% of the value of the Shares repurchased, which will be deducted from the repurchase price. As of Monday, November 26, 2018, 5,845,662 Shares of the Fund were outstanding. A repurchase amount of 10% of the Shares outstanding as of November 26, 2018 would represent approximately 584,566 Shares.
The preliminary count by Computershare Trust Company, N.A., the Fund’s depositary agent, indicated that approximately 4,381,471 Shares (approximately 75% of the Fund’s Shares outstanding as of November 26, 2018) were validly tendered and not withdrawn prior to the expiration of the Fund’s Repurchase Offer. This determination is subject to final confirmation and the proper delivery of all Shares tendered and not withdrawn.
Because the aggregate number of Shares tendered and not withdrawn exceeds the total number of Shares that the Fund offered to repurchase, the Fund will repurchase any Shares tendered on a pro rata basis. However, the Fund will accept all Shares tendered by stockholders who own, beneficially or of record, an aggregate of not more than 99 Shares and who tender all of their Shares, before pro rating Shares tendered by other stockholders. Shares validly tendered and accepted will not be entitled to receive any Fund dividend or distribution with a record date on or after November 29, 2018.
The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to provide stockholders with current income and gains.
None of the Fund, its investment adviser or its Board of Directors has made any recommendation to any stockholder as to whether to tender or refrain from tendering Shares in the Repurchase Offer.
For client-specific information regarding the Repurchase Offer, please contact your broker or financial advisor, or in the case of registered stockholders, Computershare Trust Company, N.A., which is acting as the depositary agent in connection with the Repurchase Offer.
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately $6.44 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.
Availability of Fund Updates
BlackRock will update performance and certain other data for the BlackRock closed-end funds (the “Funds”) on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.
This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or its net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Fund with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s website at and on BlackRock’s website at , and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: BlackRock Closed-End Funds
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PUB: 11/26/2018 06:30 PM/DISC: 11/26/2018 06:30 PM