BlackRock Announces Additional Details Related to Proposed Liquidation of Certain BlackRock Closed-End Funds
01 June 2012 - 8:00AM
Business Wire
BlackRock Advisors, LLC today announced that, at a special
meeting of shareholders of BlackRock Investment Quality Municipal
Income Trust (NYSE Amex:RFA) held today, shareholders of RFA have
approved a Plan of Liquidation and Termination (the "Plan") for
RFA, as previously approved by RFA’s Board of Trustees. The Plan is
expected to take effect on or about June 4, 2012.
Subsequent to the Plan’s effectiveness, the Fund’s investment
adviser will begin the orderly liquidation of RFA’s assets,
determine and pay, or set aside in cash or cash equivalents, an
amount at least equal to all known or reasonably ascertainable
liabilities and obligations of RFA, including liabilities
associated with RFA’s financial leverage, redeem RFA’s auction rate
municipal preferred shares and make one or more liquidating
distributions to RFA’s common shareholders. Such distributions will
be paid in cash. Additional details with respect to RFA’s
liquidation will be provided as they become available. It is
currently anticipated that the liquidation will be completed in
June 2012.
Special meetings of shareholders of BlackRock New Jersey
Investment Quality Municipal Trust, Inc. (NYSE Amex:RNJ) and
BlackRock New York Investment Quality Municipal Trust, Inc. (NYSE
Amex:RNY) (collectively, the “Adjourned Funds”) were also held
today, and each has been adjourned by the chair to allow additional
time to further solicit votes of RNJ and RNY shareholders in
connection with a Plan of Liquidation and Dissolution for each of
the Adjourned Funds, as outlined in the Notice of Special Meeting
of Shareholders previously mailed to shareholders of RNJ and RNY.
The reconvened special meeting of the Adjourned Funds will be held
at One University Square Drive, Plainsboro, New Jersey at 9:00 A.M.
on June 28, 2012.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2012, BlackRock’s AUM was $3.684 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York
City, as of March 31, 2012, the firm has approximately 9,900
employees in 27 countries and a major presence in key global
markets, including North and South America, Europe, Asia,
Australia, and the Middle East and Africa. For additional
information, please visit BlackRock’s website at
www.blackrock.com.
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 Fund 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 RFA, RNJ and RNY, 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 a fund
or in a 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, 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
RFA, RNJ and RNY with the 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 funds. The information contained on BlackRock’s
website is not a part of this press release.
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