Today, BlackRock Enhanced Government Fund, Inc. (the "Fund")
(NYSE: EGF, CUSIP: 09255K108) announced that the annual offer to
repurchase up to 10% of its outstanding shares of common stock (the
"Shares") from its stockholders (the "Repurchase Offer") will
commence on October 24, 2018.
Under the terms of the Repurchase Offer, the Fund is offering to
purchase up to 10% of its Shares from stockholders at an amount per
Share equal to the Fund's net asset value ("NAV") per Share, less a
repurchase fee of 2% of the value of the Shares repurchased,
calculated as of the close of regular trading on the New York Stock
Exchange on November 27, 2018. The Repurchase Offer is scheduled to
expire on November 26, 2018, unless extended, with payment for the
Shares repurchased to be made on or before December 4, 2018. Shares
validly tendered and accepted will not be eligible for any
distributions declared, paid or distributed in respect of a record
date on or after November 29, 2018.
The Fund has established a record date of October 10, 2018
solely for the purpose of identifying stockholders eligible to
receive Repurchase Offer materials.
The Fund is a diversified, closed-end management investment
company. The Fund's investment objective is to provide stockholders
with current income and gains. The Shares have at times traded at a
premium to the Fund's NAV per Share. It may not be in a
stockholder's interest to tender Shares in connection with the
Repurchase Offer if the Shares are trading at a premium. The market
price of the Shares can and does fluctuate. Accordingly, on
November 27, 2018, the pricing date of the Repurchase Offer, the
market price of the Shares may be above or below the Fund's NAV per
Share.
None of the Fund, its investment adviser or its Board of
Directors is making 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
will act as the Depositary Agent in connection with the Repurchase
Offer.
About BlackRock
BlackRock helps investors build better financial futures. As a
fiduciary to our clients, we provide the investment and technology
solutions they need when planning for their most important goals.
As of September 30, 2018, the firm managed approximately $6.44
trillion in assets on behalf of investors worldwide. For additional
information on BlackRock, please visit www.blackrock.com | Twitter:
@blackrock | Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock.
Availability of Fund Updates
BlackRock will update performance and certain other data for the
BlackRock closed-end funds (the “Funds”) 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 Funds. This reference to BlackRock’s website
is intended to allow investors public access to information
regarding the Funds 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 a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a 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 Funds, 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 Funds or
in a Fund’s net asset value; (2) the relative and absolute
investment performance of a 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, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to a Fund or BlackRock, as applicable; (8) terrorist activities,
international hostilities 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 Funds 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 Funds. The information
contained on BlackRock’s website is not a part of this press
release.
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