Blackrock Enhanced Equity Yield Fund, Inc.- (425)
30 August 2008 - 6:08AM
Edgar (US Regulatory)
Contact:
1-800-882-0052
BlackRock Advisors,
LLC Announces Stockholder Approval of Two Closed-End Fund Mergers
New York, August 29, 2008
– BlackRock
Advisors, LLC today announced that, at a special meeting held today, stockholders
of BlackRock Enhanced Equity Yield Fund, Inc. (NYSE:EEF), BlackRock Enhanced Equity
Yield & Premium Fund, Inc. (NYSE:ECV) and BlackRock Enhanced Capital & Income
Fund, Inc. (NYSE:CII) approved the reorganization of each of EEF and ECV into CII.
It is currently expected that the
reorganizations will be concluded on or about November 3, 2008, subject to all
regulatory requirements and customary closing conditions being satisfied. In the
reorganizations, CII would acquire substantially all of the assets and liabilities
of EEF and ECV in a tax free transaction for shares of common stock of CII. Each
transaction would occur based on the relative net asset values of CII, EEF and ECV.
Prior to the completion of the reorganizations, EEF and ECV anticipate declaring a
final distribution of any income and gains for their current fiscal year on September
15, 2008.
CII’s investment objective is
to provide investors with a combination of current income and capital
appreciation. CII primarily invests in equity securities and utilizes an option
writing strategy to enhance current gains.
About BlackRock
BlackRock is one of the world’s
largest publicly traded investment management firms. At June 30, 2008, BlackRock’s
AUM was $1.428 trillion. The firm manages assets on behalf of institutions and
individuals worldwide through a variety of equity, fixed income, cash management and
alternative investment products. In addition, a growing number of institutional
investors use BlackRock Solutions investment system, risk management and
financial advisory services. Headquartered in New York City, as of June 30, 2008,
the firm has approximately 5,700 employees in 19 countries and a major presence in
key global markets, including the U.S., Europe, Asia, Australia and the Middle
East. For additional information, please visit the Company’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.
The following factors, among
others, could cause actual events to differ materially from forward-looking
statements or historical performance: (1) the introduction, withdrawal, success
and timing of business initiatives and strategies; (2) changes in political,
economic or industry conditions, the
interest rate environment or
financial and capital markets, which could result in changes in demand for products or
services or in the value of assets under management; (3) the relative and absolute
investment performance of BlackRock’s investment products; (4) the impact of
increased competition; (5) the impact of future acquisitions or divestitures;
(6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any
distributions or share repurchases; (8) the impact, extent and timing of technological
changes and the adequacy of intellectual property protections; (9) the impact of
legislative and regulatory actions and reforms and regulatory, supervisory or
enforcement actions of government agencies relating to BlackRock, Merrill Lynch or
PNC; (10) terrorist activities and international hostilities, which may adversely
affect the general economy, domestic and local financial and capital markets; (11) the
ability to attract and retain highly talented professionals; (12) the impact of changes
to tax legislation; and (13) BlackRock’s ability to successfully carry out the
business of CII after the reorganizations.
The Annual and Semi-Annual Reports
and other regulatory filings of the BlackRock Closed-End 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 Closed-End
Funds. The information contained on our website is not a part of this press release.
The Joint Proxy
Statement/Prospectus relating to the upcoming reorganization contains important
information and stockholders are urged to read it. Free copies of the Joint Proxy
Statement/Prospectus are available by calling BlackRock at (800) 882-0052 or on the SEC’s
web site at
www.sec.gov.
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