Welcome to our dedicated page for BlackRock Enhanced Gov Fund news (Ticker: EGF), a resource for investors and traders seeking the latest updates and insights on BlackRock Enhanced Gov Fund stock.
The EGF news page on Stock Titan focuses on BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) and its reorganization with BlackRock Income Trust, Inc. (NYSE: BKT). BlackRock has announced that the Boards of Directors of both funds approved a reorganization in which EGF was combined with and into BKT, and later confirmed that this reorganization was completed as of the opening of business of the New York Stock Exchange on March 24, 2025.
News items for EGF center on this corporate action, including Board approval of the closed-end fund reorganization and the subsequent closing of the transaction. Coverage explains how the reorganization was structured, the requirement for EGF shareholder approval, and the fact that BKT continued as the surviving fund without requiring approval from BKT shareholders.
Another key element of EGF-related news is the share conversion mechanics. BlackRock reported that each EGF shareholder received BKT common shares based on the aggregate net asset value of their EGF holdings as of March 21, 2025, using a specific share conversion ratio. Articles also describe that no fractional BKT shares were issued and that cash was paid in lieu of any fractional shares, as well as noting that the EGF distribution scheduled for March 31, 2025 would be paid in cash.
This page serves as a historical archive of press releases and announcements related to EGF’s transition into BKT. Investors can use it to review how the reorganization was communicated, the timeline of Board approval through completion, and references to regulatory documents such as the Proxy Statement/Prospectus filed with the SEC.
BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) has completed its reorganization with BlackRock Income Trust, Inc. (NYSE: BKT), effective March 24, 2025. As part of the reorganization, EGF shareholders received BKT common shares equivalent to their EGF shares' net asset value, calculated at market close on March 21, 2025.
No fractional BKT shares were issued during the reorganization process, with shareholders receiving cash compensation for any fractional shares. The scheduled EGF distribution for March 31, 2025, will be paid in cash as planned.
BlackRock Enhanced Government Fund (EGF) shareholders have approved the proposed reorganization with BlackRock Income Trust (BKT). The merger, scheduled to complete on March 24, 2025, will result in BKT becoming the surviving fund. The reorganization will be executed based on the relative net asset values of each fund's common shares, subject to customary closing conditions.
BlackRock Advisors announced the Board approval of a reorganization between BlackRock Enhanced Government Fund (EGF) and BlackRock Income Trust (BKT), with BKT as the surviving fund. The reorganization is expected to complete in the first half of 2025, subject to EGF shareholders' approval. After the reorganization, BKT plans to offer repurchasing of a portion of its common shares through annual tender offers under specific conditions. BKT shareholders are not required to approve the reorganization.
BlackRock Enhanced Government Fund (NYSE: EGF) has completed its annual repurchase offer for up to 5% of its outstanding common stock shares. The Fund received tenders for 439,157 shares (approximately 12% of outstanding shares) as of November 15, 2024. Due to oversubscription, shares were repurchased on a pro rata basis, with approximately 42% of validly submitted shares accepted.
Stockholders who owned 99 or fewer shares and tendered all their holdings were exempt from pro-ration. The repurchase price was set at $9.80 per share, reflecting the Fund's net asset value on November 18, 2024, less a 2% repurchase fee. Accepted shares will not receive Fund dividends or distributions recorded after November 22, 2024.
BlackRock Enhanced Government Fund (NYSE: EGF) announced the expiration of its annual repurchase offer for common stock shares. The Fund offered to repurchase up to 5% of outstanding shares (approximately 186,925 shares) at net asset value, with a 2% repurchase fee. Preliminary counts showed approximately 439,157 shares (12% of outstanding shares) were validly tendered. Due to oversubscription, shares will be repurchased on a pro rata basis, except for stockholders owning 99 or fewer shares who tender all shares. Tendered and accepted shares won't receive Fund dividends with record dates after November 22, 2024.
BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) has announced its annual Repurchase Offer for outstanding shares, commencing on October 11, 2024. The Fund is offering to purchase up to 5% of its Shares at the net asset value (NAV) per Share, less a 2% repurchase fee. The offer is set to expire on November 15, 2024, with payment scheduled by November 25, 2024.
Key points:
- Record date for stockholder eligibility: September 27, 2024
- Pricing date: November 18, 2024
- Shares tendered will not be eligible for distributions after November 25, 2024
- The Fund's objective is to provide current income and gains to stockholders
Stockholders are advised to consider market prices, which may trade at a premium to NAV, before tendering shares. Neither the Fund, its investment adviser, nor the Board of Directors is making recommendations regarding participation in the Repurchase Offer.
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