BlackRock Announces Results of Joint Special Shareholder Meeting Relating to the Reorganizations of Three Municipal Closed-End Funds
BlackRock Advisors announced that shareholders of BlackRock MuniYield California Fund (MYC) have approved its reorganization into BlackRock MuniHoldings California Quality Fund (MUC), which will continue as the surviving fund. However, BlackRock MuniYield California Quality Fund (MCA) and MUC did not secure the required votes from common shareholders for their respective proposals. Consequently, their joint special meeting has been adjourned to March 4, 2022, to solicit further proxies. Completion of the MYC Reorganization depends on MUC obtaining the necessary shareholder votes.
- MYC shareholders approved the reorganization with MUC.
- MUC will continue as the surviving fund post-reorganization.
- MCA and MUC did not receive sufficient shareholder votes for proposals.
- The adjournment of the meeting may create uncertainty among investors.
This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.
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BlackRock will update performance and certain other data for the BlackRock closed-end 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.
Forward-Looking Statements
This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds’ 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 Funds, 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 Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds 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 Funds 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 Funds with the
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Source: BlackRock Closed-End Funds
FAQ
What happened at the BlackRock shareholder meeting for MYC, MCA, and MUC?
When is the adjourned meeting for MCA and MUC shareholders scheduled?
What is the significance of the MYC reorganization into MUC?
What are the implications of insufficient votes for MCA and MUC?