Welcome to our dedicated page for BlackRock Innovat and Growth Term ord news (Ticker: BIGZ), a resource for investors and traders seeking the latest updates and insights on BlackRock Innovat and Growth Term ord stock.
BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) generates a steady flow of news as a BlackRock-advised closed-end fund active in the securities and investment space. Public announcements highlight changes to its investment policies, distribution practices, portfolio management and corporate actions affecting shareholders.
Recent BlackRock communications describe a series of strategy changes for BIGZ, including a new policy to invest a substantial portion of total assets in equity securities of U.S. and non-U.S. technology companies and privately held companies. The Board of Trustees has also approved a planned change in the Trust’s name to BlackRock Technology and Private Equity Term Trust and a change in its ticker symbol from BIGZ to BTX, effective upon implementation of these strategy changes.
News around BIGZ frequently covers tender offers and shareholder-related actions. BlackRock has announced multiple tender offers in which BIGZ offered to repurchase a percentage of its outstanding common shares at a price based on net asset value. Some of these offers were oversubscribed, leading to pro rata purchases of tendered shares. Additional headlines have focused on agreements with Saba Capital Management, L.P., under which BIGZ plans a tender offer to repurchase 50% of its outstanding common shares and Saba agreed to withdraw certain shareholder proposals and observe standstill covenants.
Other BIGZ-related news includes updates on its managed distribution plan, which sets monthly distributions at an annual rate tied to the Trust’s 12‑month rolling average daily net asset value, and conference calls hosted by BlackRock to discuss the Trust. Investors following BIGZ news can track developments in its investment policy, capital management activities, distribution framework and governance arrangements.
BlackRock Innovation and Growth Term Trust (BIGZ) announced significant changes to its investment policies. The Trust will adopt a new policy to invest at least 80% of assets in equity securities of U.S. and non-U.S. technology and privately held companies. The Trust will also seek shareholder approval to concentrate investments in specific industries and change from diversified to non-diversified status.
The changes are expected to be effective February 20, 2025, including a name change to BlackRock Technology and Private Equity Term Trust and ticker symbol change to BTX. The current portfolio management team will be replaced by Tony Kim and Reid Menge, both experienced technology sector specialists from BlackRock's Fundamental Equities division.
A special shareholder meeting will be held in Q2 2025 to approve the fundamental restriction and diversification status changes. The Trust's investment objectives remain unchanged.
Saba Capital Management has reached standstill agreements with BlackRock Advisors regarding two closed-end funds. The BlackRock Innovation and Growth Term Trust (BIGZ) will conduct a cash tender offer for 50% of its outstanding shares, while the BlackRock Health Sciences Term Trust (BMEZ) will tender 40% of its shares. Both offers will be priced at 99.5% of NAV.
The tender offers will commence on different dates: BMEZ on March 21, 2025, and BIGZ on June 9, 2025. Both offers will expire 20 business days after commencement, with payment occurring within seven business days after expiration. As part of the agreement, Saba will tender all its shares in both funds and withdraw its shareholder proposals, agreeing to standstill covenants through the 2027 proxy season.
BlackRock has announced significant tender offers for two of its trust funds. The BlackRock Innovation and Growth Term Trust (BIGZ) will repurchase 50% of its outstanding shares, while the BlackRock Health Sciences Term Trust (BMEZ) will repurchase 40% of its outstanding shares. Both offers will be priced at 99.5% of each fund's net asset value per common share.
These tender offers are part of agreements with Saba Capital Management that will remain effective through each fund's 2027 proxy season. Under these agreements, Saba has committed to follow certain standstill covenants, withdraw its 2025 shareholder proposal, and vote according to the Board's recommendations.
As a result, both funds will cancel their previously announced tender offers for the quarterly measurement period ended December 31, 2024, and terminate their existing discount management programs effective immediately.
BlackRock MuniVest Fund (MVF) and BlackRock Innovation and Growth Term Trust (BIGZ) announced final results of their tender offers for up to 2.5% of outstanding common shares. Both offers were oversubscribed. MVF will purchase 1,546,504 shares at $7.84 per share with a pro-ration factor of 0.05950522, while BIGZ will acquire 5,470,208 shares at $8.575 per share with a pro-ration factor of 0.15241822. The purchase price equals 98% of each Fund's NAV as of November 21, 2024. Payments are expected within five business days after expiration.
BlackRock closed-end funds announced the expiration and preliminary results of their Tender Offers for up to 2.5% of outstanding common shares. The offers ran from October 18 to November 20, 2024. For BlackRock MuniVest Fund (MVF), 26,002,760 shares were tendered against 1,546,504 offered. For BlackRock Innovation and Growth Term Trust (BIGZ), 35,904,019 shares were tendered against 5,470,208 offered. Due to oversubscription, shares will be prorated. The purchase price will be 98% of each Fund's NAV as of November 21, 2024. Final results and pro-ration factors are expected to be announced around November 21.
BlackRock closed-end funds MVF, ECAT, and BIGZ have announced the final results of their tender offers for up to 2.5% of outstanding common shares. All offers were oversubscribed, leading to pro-rata purchases. Key details:
- MVF: 26,471,815 shares tendered, 1,586,158 to be purchased at $7.9086 per share
- ECAT: 17,487,970 shares tendered, 2,547,328 to be purchased at $18.0516 per share
- BIGZ: 42,424,300 shares tendered, 5,610,470 to be purchased at $8.1242 per share
Purchase prices are set at 98% of each fund's NAV as of August 22, 2024. Payments are expected within five business days after the expiration date.
BlackRock closed-end funds MVF, ECAT, and BIGZ have announced the expiration and preliminary results of their tender offers for up to 2.5% of outstanding common shares. The offers, which began on July 22, 2024, and ended on August 21, 2024, were significantly oversubscribed. For example, BlackRock MuniVest Fund (MVF) offered 1,586,158 shares but received tenders for 26,471,815 shares. Due to oversubscription, share purchases are expected to be prorated. The purchase price will be 98% of each fund's NAV as of August 22, 2024. Final results, including pro-ration factors, are expected to be announced around August 22, 2024.
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BlackRock Advisors, LLC will host a conference call on March 15, 2023, at 2:00 PM ET, featuring Phil Ruvinsky, Head of BlackRock's U.S. Growth Team. The call will focus on the BlackRock Innovation and Growth Trust (NYSE: BIGZ). Interested participants can dial in at 877-606-0073 with passcode 400048. For automatic connection, a link is provided. Participants may send questions to cef@blackrock.com. Investors are advised to review the Trust’s quarterly commentary and prospectus for comprehensive details.
BlackRock Advisors will hold a conference call on May 23rd at 2:00pm ET, featuring portfolio manager Phil Ruvinsky and senior product strategist Ryan McNulty. Investors can join the call by dialing 877-606-0073 with the passcode 300300. The conference will provide quarterly commentary on the BlackRock Innovation and Growth Trust (BIGZ). For more details, visit the BIGZ Website.