BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE:
EGF, CUSIP: 09255K108) today announced the completion of its annual
offer to repurchase a portion of its outstanding shares of common
stock from its stockholders (the “Repurchase Offer”).
Under the terms of the Repurchase Offer, the Fund offered to
repurchase up to 5% of its issued and outstanding shares of common
stock (the “Shares”) for cash at a price equal to the Fund’s net
asset value per Share calculated as of the close of business of the
New York Stock Exchange on November 18, 2024 (subject to the
repurchase fee of 2% of the net asset value per Share, which was
deducted from the repurchase price (the “Repurchase Fee”)).
As previously announced on November 15, 2024, the expiration
date of the Repurchase Offer, Computershare Trust Company, N.A.,
the Fund’s depositary agent, indicated that 439,157 Shares
(approximately 12% of the Fund’s Shares outstanding as of November
15, 2024) were validly submitted for tender and not withdrawn.
Since more than 5% of the Fund’s outstanding Shares were validly
submitted for tender, the Fund repurchased validly tendered Shares
on a pro rata basis. However, the Fund accepted all Shares validly
submitted for tender by stockholders who owned, beneficially or of
record, an aggregate of not more than 99 Shares and who validly
tendered all of their Shares, before pro rating Shares validly
tendered by other stockholders. Consequently, approximately 42% of
Shares validly submitted for tender were accepted for
repurchase.
On November 18, 2024, and subject to pro ration as applicable,
validly tendered Shares were repurchased by the Fund at $9.80 per
Share, the Fund’s net asset value per Share determined as of 4:00
p.m. EST, Monday, November 18, 2024 less the Repurchase Fee. Shares
validly tendered and accepted will not be entitled to receive any
Fund dividend or distribution with a record date on or after
November 22, 2024.
The Fund is a diversified, closed-end management investment
company. The Fund’s investment objective is to provide stockholders
with current income and gains.
None of the Fund, its investment adviser or its Board of
Directors made any recommendation to any stockholder as to whether
to tender or refrain from tendering Shares in the Repurchase
Offer.
For client-specific information regarding the Repurchase Offer,
please contact your broker or financial advisor, or in the case of
registered stockholders, Computershare Trust Company, N.A., which
is acting as the depositary agent in connection with the Repurchase
Offer.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate
Availability of Fund Updates
BlackRock will update performance and certain other data for the
Fund 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
Fund. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Fund 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
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Fund’s 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 Fund, 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 and regulatory, supervisory or
enforcement actions of government agencies relating to the Fund 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 Fund with the Securities and Exchange Commission (“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 Fund. The information
contained on BlackRock’s website is not a part of this press
release.
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