BlackRock Announces Closing of Closed-End Fund Reorganizations
28 February 2012 - 12:53AM
Business Wire
BlackRock Advisors, LLC today announced that the reorganization
of each of BlackRock Equity Dividend Trust (formerly NYSE:BDV) and
BlackRock Strategic Equity Dividend Trust (formerly NYSE:BDT) with
and into BlackRock Enhanced Equity Dividend Trust (NYSE:BDJ)
(collectively, the “Reorganizations”) is effective as of the
opening for business of the New York Stock Exchange on February 27,
2012.
In the Reorganizations, BDJ acquired substantially all of the
assets and liabilities of BDV and BDT, respectively, each in a
tax-free transaction in exchange for an equal aggregate value of
newly-issued common shares of BDJ. Common shareholders of BDV and
BDT, respectively, received an amount of BDJ common shares equal to
the aggregate net asset value of their holdings of BDV and/or BDT
common shares, as applicable, as determined at the close of
business on February 24, 2012. Fractional BDJ shares were not
issued in the Reorganizations and consequently cash will be
distributed for any such fractional amounts.
Relevant details pertaining to the Reorganizations are as
follows:
Fund
NAV/Share
($)
Conversion
Ratio
BlackRock Enhanced Equity Dividend Trust (BDJ)
$8.4561 N/A BlackRock Equity Dividend Trust (BDV)
$10.8103 1.27840257 BlackRock Strategic
Equity Dividend Trust (BDT) $11.9347
1.41137167
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At December 31, 2011, BlackRock’s AUM was $3.513
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 December 31, 2011, the firm
has approximately 10,100 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 may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
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 each of BDJ, BDV and BDT, 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, 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; (11) the impact of
problems at other financial institutions or the failure or negative
performance of products at other financial institutions; and (12)
the ability of BlackRock to integrate the operations of Barclays
Global Investors.
Annual and Semi-Annual Reports and other regulatory filings of
the funds 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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