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BlackRock Enhanced Government Fund (NYSE: EGF) has completed its annual repurchase offer for up to 5% of its outstanding common stock shares. The Fund received tenders for 439,157 shares (approximately 12% of outstanding shares) as of November 15, 2024. Due to oversubscription, shares were repurchased on a pro rata basis, with approximately 42% of validly submitted shares accepted.
Stockholders who owned 99 or fewer shares and tendered all their holdings were exempt from pro-ration. The repurchase price was set at $9.80 per share, reflecting the Fund’s net asset value on November 18, 2024, less a 2% repurchase fee. Accepted shares will not receive Fund dividends or distributions recorded after November 22, 2024.
BlackRock Enhanced Government Fund (NYSE: EGF) ha completato la sua offerta annuale di riacquisto per il 5% delle sue azioni ordinarie in circolazione. Il Fondo ha ricevuto richieste per 439.157 azioni (circa il 12% delle azioni in circolazione) al 15 novembre 2024. A causa dell’eccesso di richieste, le azioni sono state riacquistate su base proporzionale, con circa il 42% delle azioni validamente presentate accettate.
Gli azionisti che possedevano 99 azioni o meno e hanno restituito tutte le loro partecipazioni erano esenti dalla proporzione. Il prezzo di riacquisto è stato fissato a $9,80 per azione, riflettendo il valore netto delle attività del Fondo al 18 novembre 2024, meno una commissione di riacquisto del 2%. Le azioni accettate non riceveranno dividendi o distribuzioni del Fondo registrate dopo il 22 novembre 2024.
BlackRock Enhanced Government Fund (NYSE: EGF) ha completado su oferta anual de recompra por hasta el 5% de sus acciones ordinarias en circulación. El Fondo recibió ofertas por 439,157 acciones (aproximadamente el 12% de las acciones en circulación) hasta el 15 de noviembre de 2024. Debido a la sobre-suscripción, las acciones fueron recompradas de manera prorrata, aceptándose aproximadamente el 42% de las acciones válidamente presentadas.
Los accionistas que poseían 99 acciones o menos y entregaron todas sus participaciones estaban exentos de prorrateo. El precio de recompra se estableció en $9.80 por acción, reflejando el valor neto de los activos del Fondo al 18 de noviembre de 2024, menos una comisión de recompra del 2%. Las acciones aceptadas no recibirán dividendos o distribuciones del Fondo registradas después del 22 de noviembre de 2024.
블랙록 강화 정부 펀드 (NYSE: EGF)는 발행된 보통주식의 최대 5%에 대한 연례 자사주 매입 제안을 완료했습니다. 2024년 11월 15일 현재, 펀드는 439,157주의 청구를 받았으며(발행 주식의 약 12%) 과다 청약으로 인해, 유효하게 제출된 주식의 약 42%가 승인되어 비례적으로 매입되었습니다.
99주 이하의 주식을 보유하고 모든 보유 주식을 제출한 주주들은 비례 배정에서 면제되었습니다. 매입 가격은 $9.80 per 주로 설정되었으며, 이는 2024년 11월 18일 기준 펀드의 순자산가치를 반영하며, 2%의 매입 수수료가 차감되었습니다. 승인된 주식은 2024년 11월 22일 이후 기록된 펀드 배당금이나 분배를 받지 않습니다.
BlackRock Enhanced Government Fund (NYSE: EGF) a terminé son offre annuelle de rachat pour un maximum de 5% de ses actions ordinaires en circulation. Au 15 novembre 2024, le Fonds a reçu des demandes pour 439 157 actions (environ 12% des actions en circulation). En raison de la sursouscription, les actions ont été rachetées sur une base prorata, avec environ 42% des actions valablement soumises acceptées.
Les actionnaires qui détenaient 99 actions ou moins et ont proposé l’intégralité de leurs avoirs étaient exemptés de prorata. Le prix de rachat a été fixé à $9,80 par action, reflétant la valeur nette des actifs du Fonds au 18 novembre 2024, moins des frais de rachat de 2%. Les actions acceptées ne recevront ni dividendes ni distributions du Fonds enregistrées après le 22 novembre 2024.
BlackRock Enhanced Government Fund (NYSE: EGF) hat sein jährliches Rückkaufangebot für bis zu 5% seiner ausstehenden Stammaktien abgeschlossen. Der Fonds erhielt bis zum 15. November 2024 Angebote für 439.157 Aktien (ca. 12% der ausstehenden Aktien). Aufgrund der Überzeichnung wurden die Aktien anteilig zurückgekauft, wobei etwa 42% der gültig eingereichten Aktien akzeptiert wurden.
Aktionäre, die 99 oder weniger Aktien hielten und alle ihre Bestände offerierten, waren von der pro-rata-Regelung ausgenommen. Der Rückkaufpreis wurde auf $9,80 pro Aktie festgelegt, was dem Nettoaktiva-Wert des Fonds am 18. November 2024 entspricht, abzüglich einer Rückkaufgebühr von 2%. Akzeptierte Aktien erhalten keine Dividenden oder Ausschüttungen des Fonds, die nach dem 22. November 2024 verbucht werden.
NEW YORK–(BUSINESS WIRE)– BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) today announced the completion of its annual offer to repurchase a portion of its outstanding shares of common stock from its stockholders (the “Repurchase Offer”).
Under the terms of the Repurchase Offer, the Fund offered to repurchase up to 5% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the Fund’s net asset value per Share calculated as of the close of business of the New York Stock Exchange on November 18, 2024 (subject to the repurchase fee of 2% of the net asset value per Share, which was deducted from the repurchase price (the “Repurchase Fee”)).
As previously announced on November 15, 2024, the expiration date of the Repurchase Offer, Computershare Trust Company, N.A., the Fund’s depositary agent, indicated that 439,157 Shares (approximately 12% of the Fund’s Shares outstanding as of November 15, 2024) were validly submitted for tender and not withdrawn. Since more than 5% of the Fund’s outstanding Shares were validly submitted for tender, the Fund repurchased validly tendered Shares on a pro rata basis. However, the Fund accepted all Shares validly submitted for tender by stockholders who owned, beneficially or of record, an aggregate of not more than 99 Shares and who validly tendered all of their Shares, before pro rating Shares validly tendered by other stockholders. Consequently, approximately 42% of Shares validly submitted for tender were accepted for repurchase.
On November 18, 2024, and subject to pro ration as applicable, validly tendered Shares were repurchased by the Fund at $9.80 per Share, the Fund’s net asset value per Share determined as of 4:00 p.m. EST, Monday, November 18, 2024 less the Repurchase Fee. Shares validly tendered and accepted will not be entitled to receive any Fund dividend or distribution with a record date on or after November 22, 2024.
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 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.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
Availability of Fund Updates
BlackRock will update performance and certain other data for the Fund 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 Fund. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the 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 in the Fund’s 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 and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics 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 www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Fund. The information contained on BlackRock’s website is not a part of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241118820582/en/
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Source: BlackRock Closed-End Funds
FAQ
What was the repurchase price per share for BlackRock Enhanced Government Fund (EGF) in November 2024?
The repurchase price was $9.80 per share, which reflected the Fund’s net asset value on November 18, 2024, minus a 2% repurchase fee.
How many shares were tendered in EGF’s 2024 repurchase offer?
439,157 shares, representing approximately 12% of the Fund’s outstanding shares, were validly submitted for tender.
What percentage of tendered shares were accepted in EGF’s 2024 repurchase offer?
Approximately 42% of validly submitted shares were accepted for repurchase due to oversubscription.
Did small shareholders receive special treatment in EGF’s 2024 repurchase offer?
Yes, shareholders who owned 99 or fewer shares and tendered all their holdings were exempt from pro-ration in the repurchase offer.
