BlackRock Enhanced Government Fund, Inc. Announces Expiration of Annual Repurchase Offer
BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) announced the expiration of its annual repurchase offer for common stock shares, expiring on November 16, 2022. The Fund aimed to repurchase up to 5% of its outstanding shares at the net asset value determined on November 17, 2022. With 4,142,327 shares outstanding, the repurchase would represent about 207,116 shares. Approximately 68% of shares tendered were accepted, with a pro rata approach for excess tenders. The Fund's goal is to provide current income and gains for stockholders.
- 68% of shares outstanding were tendered, indicating strong investor interest.
- The repurchase of shares may enhance shareholder value and improve EPS.
- The Fund only repurchased a small fraction (5%) of the outstanding shares, potentially limiting immediate impact on share price.
The preliminary count by
Because the aggregate number of Shares tendered and not withdrawn exceeds the total number of Shares that the Fund offered to repurchase, the Fund will repurchase any Shares tendered on a pro rata basis.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
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,
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 | 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 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
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Source: BlackRock Closed-End Funds
FAQ
What was the purpose of the repurchase offer for EGF shares?
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