BlackRock Announces Shareholder Approval of Closed-End Fund Liquidation
September 02 2010 - 7:03PM
Business Wire
BlackRock Advisors, LLC announced that shareholders of BlackRock
California Investment Quality Municipal Trust, Inc. (NYSE Amex:RAA)
(the “Fund”) have, at the Fund’s annual meeting of shareholders
held today, approved a Plan of Liquidation and Dissolution (the
"Plan") for the Fund, as previously approved by the Fund’s Board of
Directors.
In accordance with the Plan, the Fund’s investment adviser will
begin the orderly liquidation of the Fund’s assets, determine and
pay, or set aside in cash or cash equivalents, an amount at least
equal to all known or reasonably ascertainable liabilities and
obligations of the Fund, including liabilities associated with the
Fund’s financial leverage, redeem the Fund’s auction rate municipal
preferred shares and make one or more liquidating distributions to
the Fund’s common shareholders. Such distributions will be paid in
cash.
Additional details with respect to the liquidation will be
provided as they become available. It is currently anticipated that
the liquidation will be completed in the fourth quarter of
2010.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At June 30, 2010, BlackRock’s AUM was $3.151 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares®
(exchange traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York
City, as of June 30, 2010, the firm has approximately 8,500
employees in 24 countries and a major presence in key global
markets, including North and South America, Europe, Asia, Australia
and the Middle East and Africa. For additional information, please
visit the firm’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.
With respect to the Fund, the following factors, among others,
could cause actual events to differ materially from any
forward-looking statements or historical performance: (1) changes
in political, economic or industry conditions, the interest rate
environment or financial and capital markets, which could result in
changes in the Fund’s net asset value; (2) the performance of the
Fund’s investments; (3) the impact of increased competition; (4)
the extent and timing of any distributions or share repurchases;
(5) 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; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The 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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