BLACKROCK AMERICAN
INCOME TRUST PLC
LEI:
549300WWOCXSC241W468
Agreement with
Saba
London, January
21 2025 -The Board of BlackRock American Income
Trust plc (the "Company") announces that it has today entered into
an agreement with Saba Capital Management L.P. (`Saba') pursuant to
which Saba has given a number of undertakings to the Company,
including as set out below:
-
Saba will not put forward any proposals to shareholders or
requisition any resolution or general meeting of the
Company;
-
Saba will not seek to change the composition of the
Board;
-
Saba will not seek to control or influence the Board or Fund or the
policies or management of the Fund;
-
where able to do so, if Saba holds any interests in the issued
share capital of the Company, Saba will vote on any resolution at
any shareholder meeting of the Company in accordance with the
Board's recommendation;
-
Saba will not engage, directly or indirectly, in any short selling
of the Company's shares; and
-
Saba will not engage in any takeover offer for the company (unless
recommended by the Board or made by an independent third party
without the involvement of Saba) or any other extraordinary
transaction with respect to the Company (other than a transaction
recommended by the Board or on the same basis as other
shareholders),
in each case for a period
lasting until the earlier of the day following completion of the
Company's 2027 annual general meeting of shareholders or
31 August 2027.
The Board notes that
certain BlackRock closed-end funds in the US and UK have entered
into separate agreements with Saba, each of which was negotiated on
behalf of the applicable fund and approved by such fund's board of
directors.
The Board understands that
Saba does not hold any interests in the issued share capital of the
Company as at today's date.
The Company has given no
monetary consideration to Saba or any of its affiliates in return
for the benefits outlined above, and such benefits do not restrict
the Board's or the Company's independence in any way. The Board is
committed at all times to exercising the best standards of
corporate governance, promoting the success of the Company and
putting first the interests of shareholders as a
whole.
For further information,
please contact:
Press
Enquiries:
Lansons
Communications
Ed
Hooper
+44 207 294 3610
edh@lansons.com
