Presentation Details the Funds’ Significant
Long-Term Underperformance, BlackRock’s Attempts to Crush
Shareholder Rights and the Opportunity to Unlock $1.4 Billion in
Value for Investors
Join Saba’s Webinar on May 20th at 11AM EST Where Boaz Weinstein Will
Detail Why BlackRock and Its Hand-Picked Directors Must Be Held
Accountable, Unveil Saba’s Plans to Improve the Funds and Answer
Questions from the Audience
Visit www.HeyBlackRock.com to Download the Full
Presentation, Access the Webinar and Obtain Information on How to
Vote for Each of Saba’s Proposals on the GOLD Proxy
Saba Capital Management, L.P. (together with its affiliates,
“Saba” or “we”) today issued a presentation detailing its plan to
deliver shareholder value at 10 BlackRock Advisors, LLC
(“BlackRock”) closed-end funds (collectively, the “Funds”).1 The
presentation can be viewed here.
As a reminder, Saba has submitted proposals to (i.) elect new,
independent directors to each of the Funds’ Boards of Trustees, and
(ii.) terminate the management agreement between BlackRock and six
of the Funds at the upcoming 2024 Annual Meetings of
Shareholders.
Saba Founder and CIO Boaz Weinstein will be hosting a
live webinar today, Monday, May 20th at
11AM EST where he will detail why BlackRock and its
hand-picked directors must be held accountable, unveil Saba’s plans
to improve the Funds and take questions from the audience.
To gain access to the webinar and sign up for important campaign
updates, visit www.HeyBlackRock.com.
***
VOTE “FOR” BOTH OF
SABA’S PROPOSALS ON THE GOLD PROXY CARD:
- The election of Saba’s highly qualified and independent
nominees: Athanassios Diplas, Ilya Gurevich, Shavar Jeffries, David
Littlewood, David Locala, Jennifer Raab and Alexander
Vindman.
- The termination of BlackRock’s investment management
agreement at BFZ, BCAT, ECAT, BMEZ, BIGZ and BSTZ.
***
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of clients. Founded in 2009 by Boaz
Weinstein, Saba is a pioneer of credit relative value strategies
and capital structure arbitrage. Saba is headquartered in New York
City. Learn more at www.sabacapital.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
The information herein contains “forward-looking statements.”
Specific forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
include, without limitation, words such as “may,” “will,”
“expects,” “intends,” “believes,” “anticipates,” “plans,”
“estimates,” “projects,” “potential,” “targets,” “forecasts,”
“seeks,” “could,” “should” or the negative of such terms or other
variations on such terms or comparable terminology. Similarly,
statements that describe our objectives, plans or goals are
forward-looking. Forward-looking statements relate to future events
or future performance and involve known and unknown risks,
uncertainties, and other factors that may cause actual results,
levels of activity, performance or achievements or those of the
industry to be materially different from those expressed or implied
by any forward-looking statements. Each of the BlackRock Funds (as
defined below) has also identified additional risks relating to its
business in its public filings with the Securities and Exchange
Commission (the “SEC”). Saba Capital Management, L.P. (“Saba
Capital”), and as applicable the other participants in the proxy
solicitation, have based these forward-looking statements on
current expectations, assumptions, estimates, beliefs, and
projections. While Saba Capital and the other participants, as
applicable, believe these expectations, assumptions, estimates, and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which involve factors or circumstances that
are beyond the participants’ control. There can be no assurance
that any idea or assumption herein is, or will be proven, correct.
If one or more of the risks or uncertainties materialize, or if the
underlying assumptions of Saba Capital or any of the other
participants described herein prove to be incorrect, the actual
results may vary materially from outcomes indicated by these
statements. Accordingly, forward-looking statements should not be
regarded as a representation by Saba Capital that the future plans,
estimates or expectations contemplated will ever be achieved. You
should not rely upon forward-looking statements as a prediction of
actual results and actual results may vary materially from what is
expressed in or indicated by the forward-looking statements. Except
to the extent required by applicable law, neither Saba Capital nor
any participant will undertake and specifically declines any
obligation to disclose the results of any revisions that may be
made to any projected results or forward-looking statements herein
to reflect events or circumstances after the date of such projected
results or statements or to reflect the occurrence of anticipated
or unanticipated events.
Certain statements and information included herein have been
sourced from third parties. Saba Capital does not make any
representations regarding the accuracy, completeness or timeliness
of such third party statements or information. Except as may be
expressly set forth herein, permission to cite such statements or
information has neither been sought nor obtained from such third
parties. Any such statements or information should not be viewed as
an indication of support from such third parties for the views
expressed herein.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Saba Capital, Saba Capital Master Fund, Ltd. (“SCMF”), Boaz R.
Weinstein (“Mr. Weinstein,” and together with Saba Capital and
SCMF, “Saba”) and the Nominees (as defined below, and together with
Saba, the “Participants”) have filed definitive proxy statements
and accompanying GOLD proxy cards (collectively, the “Proxy
Statements”) with the SEC to be used in conjunction with the
solicitation of proxies in connection with the 2024 annual meeting
of shareholders of each of BlackRock Innovation and Growth Term
Trust (“BIGZ”); BlackRock Capital Allocation Term Trust (“BCAT”);
BlackRock ESG Capital Allocation Term Trust (“ECAT”); BlackRock
Health Sciences Term Trust (“BMEZ”); BlackRock California Municipal
Income Trust (“BFZ”); BlackRock Science and Technology Term Trust
(“BSTZ”); BlackRock MuniYield Pennsylvania Quality Fund (“MPA”);
BlackRock MuniYield New York Quality Fund, Inc. (“MYN”); BlackRock
New York Municipal Income Trust (“BNY”); and BlackRock MuniHoldings
New York Quality Fund, Inc. (“MHN” and together with BIGZ, BCAT,
ECAT, BMEZ, BFZ, BSTZ, MPA, MYN and BNY, collectively, the
“BlackRock Funds”). Shareholders of the BlackRock Funds are advised
to read the applicable Proxy Statements, including any supplements
thereto, and other documents related to the solicitation of proxies
with respect to such BlackRock Funds by the Participants because
they contain important information, including additional
information related to the Participants and a description of their
direct or indirect interests by security holdings or otherwise.
Such materials will be made available at no charge on the SEC’s
website, https://www.sec.gov.
The “Nominees” refer to (i) with respect to BIGZ, ECAT and MPA,
Ilya Gurevich (“Mr. Gurevich”), Shavar Jeffries (“Mr. Jeffries”),
Jennifer Raab (“Ms. Raab”), Athanassios Diplas (“Mr. Diplas”),
David Littlewood (“Mr. Littlewood”), David Locala (“Mr. Locala”)
and Alexander Vindman (“Mr. Vindman”); (ii) with respect to BCAT,
Mr. Jeffries, Ms. Raab and Mr. Vindman; (iii) with respect to BMEZ,
Mr. Gurevich, Mr. Jeffries and Mr. Locala; (iv) with respect to
BFZ, Mr. Gurevich and Mr. Jeffries; (v) with respect to BSTZ, Mr.
Diplas, Mr. Locala and Mr. Vindman; (vi) with respect to MYN, Ms.
Raab and Mr. Vindman; (vii) with respect to BNY, Mr. Gurevich and
Ms. Raab; and (viii) with respect to MHN, Mr. Jeffries and Ms.
Raab.
_________________ 1 The Funds include: the BlackRock California
Municipal Income Trust (NYSE: BFZ), BlackRock Capital Allocation
Term Trust (NYSE: BCAT), BlackRock ESG Capital Allocation Term
Trust (NYSE: ECAT), BlackRock Health Sciences Term Trust (NYSE:
BMEZ), BlackRock Innovation and Growth Term Trust (NYSE: BIGZ),
BlackRock MuniHoldings New York Quality Fund (NYSE: MHN), BlackRock
MuniYield New York Quality Fund (NYSE: MYN), BlackRock MuniYield
Pennsylvania Quality Fund (NYSE: MPA), BlackRock New York Municipal
Income Trust (NYSE: BNY) and BlackRock Science and Technology Term
Trust (NYSE: BSTZ).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240520606568/en/
Longacre Square Partners Charlotte Kiaie / Kate Sylvester,
646-386-0091 ckiaie@longacresquare.com /
ksylvester@longacresquare.com
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