Enhanced EQ Yld (NYSE:EEF)
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The offer by BlackRock Enhanced Equity Yield Fund, Inc. (the “Fund”)
(NYSE: EEF, CUSIP: 09256C105) to repurchase up to 5% of its outstanding
shares of common stock (the “Shares”)
from its stockholders (the “Repurchase Offer”)
will commence on May 16, 2008.
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 per Share
calculated as of the close of business of the New York Stock Exchange on
June 27, 2008, less a repurchase fee of 2% of the value of the Shares
repurchased. The Repurchase Offer is scheduled to expire on June 13,
2008, unless extended, with payment for the Shares repurchased to be
made on or before July 3, 2008.
The Fund has established a record date of May 2, 2008 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 Fund’s
secondary investment objective is to provide capital appreciation
consistent with the Fund’s investment
strategies and primary investment objective.
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 shall 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 March 31, 2008, BlackRock’s
AUM was $1.364 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. Headquartered in New York City, as of
March 31, 2008, the firm has approximately 5,600 employees in 19
countries and a major presence in key global markets, including the
U.S., Europe, Asia, Australia and the Middle East. For additional
information, please visit the Company'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.
In addition to factors previously disclosed in BlackRock’s
SEC reports and those identified elsewhere in this report, including the
Risk Factors section of Item 1A. of this report, the following factors,
among others, could cause actual results to differ materially from
forward-looking statements or historical performance: (1) the
introduction, withdrawal, success and timing of business initiatives and
strategies; (2) changes in political, economic or industry conditions,
the interest rate environment or financial and capital markets, which
could result in changes in demand for products or services or in the
value of assets under management; (3) the relative and absolute
investment performance of BlackRock’s
investment products; (4) the impact of increased competition; (5) the
impact of capital improvement projects; (6) the impact of future
acquisitions or divestitures; (7) the unfavorable resolution of legal
proceedings; (8) the extent and timing of any share repurchases; (9) the
impact, extent and timing of technological changes and the adequacy of
intellectual property protection; (10) the impact of legislative and
regulatory actions and reforms and regulatory, supervisory or
enforcement actions of government agencies relating to BlackRock,
Merrill Lynch or PNC; (11) terrorist activities and international
hostilities, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries, and
BlackRock; (12) the ability to attract and retain highly talented
professionals; (13) fluctuations in the carrying value of BlackRock’s
investments; (14) fluctuations in foreign currency exchange rates, which
may adversely affect the value of advisory and administration fees
earned by BlackRock and the carrying value of certain assets and
liabilities denominated in foreign currencies; (15) the impact of
changes to tax legislation and, generally, the tax position of the
Company; (16) BlackRock’s ability to
successfully integrate the MLIM and Quellos Businesses with its existing
business; (17) the ability of BlackRock to effectively manage the former
MLIM and Quellos assets along with its historical assets under
management; and (18) BlackRock’s success in
maintaining the distribution of its products.
BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent
filings with the SEC, accessible on the SEC's website at www.sec.gov
and on BlackRock’s website at www.blackrock.com,
discuss these factors in more detail and identify additional factors
that can affect forward-looking statements. The information contained on
our website is not a part of this press release.