The offer by BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) to repurchase up to 5% of its outstanding shares of common stock (the “Shares”) from its stockholders (the “Repurchase Offer”) will commence on October 23, 2009.
Under the terms of the Repurchase Offer, the Fund is offering to purchase up to 5% of its Shares from stockholders at an amount per Share equal to the Fund’s net asset value (“NAV”) per Share calculated as of the close of business of the New York Stock Exchange on December 11, 2009, less a repurchase fee of 2% of the value of the Shares repurchased. The Repurchase Offer is scheduled to expire on November 27, 2009, unless extended, with payment for the Shares repurchased to be made on or before December 18, 2009.
The Fund has established a record date of October 9, 2009 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 primary 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 shareholder’s interest to tender Shares in connection with this repurchase offer if the Shares are trading at a premium. The market price of the Shares can and does fluctuate. Accordingly, on December 11, 2009, 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, The Bank of New York Mellon, which will act as the Depositary Agent in connection with the Repurchase Offer.
About BlackRock
BlackRock is one of the world’s largest publicly traded investment management firms. At June 30, 2009, BlackRock’s assets under management were $1.373 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 21 countries throughout the U.S., Europe and Asia Pacific. 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 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; (6) BlackRock’s ability to attract and retain highly talented professionals; and (7) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock, Barclays PLC, Bank of America, Merrill Lynch or PNC.
The Annual and Semi-Annual Reports and other regulatory filings of the Fund with the 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 our website is not a part of this press release.
Contacts:
BlackRock Closed End Funds
1-800-882-0052