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BlackRock Advisors announced the Board approval of a reorganization between BlackRock Enhanced Government Fund (EGF) and BlackRock Income Trust (BKT), with BKT as the surviving fund. The reorganization is expected to complete in the first half of 2025, subject to EGF shareholders' approval. After the reorganization, BKT plans to offer repurchasing of a portion of its common shares through annual tender offers under specific conditions. BKT shareholders are not required to approve the reorganization.
BlackRock Income Trust, Inc. (NYSE:BKT) announced a 1-for-3 reverse stock split approved by its Board of Directors. This split will take effect before trading opens on October 18, 2022, with record stockholders as of October 17, 2022. The reverse split is expected to reduce the number of outstanding shares, potentially increasing the market price per share. Following the split, the monthly distribution will rise from $0.0294 to $0.0882 per share, maintaining cash flow to shareholders. The Fund aims to enhance liquidity and broaden investor interest.
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