BlackRock Enhanced Capital and Income Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 2.5% of its issued share capital.
July 01, 2024 at 05:00 am
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BlackRock Enhanced Capital and Income Fund, Inc. (NYSE:CII) announces a share repurchase program. Under the offer, the company will repurchase its own shares, representing 2.5% of its issued share capital. The price equal to 98% of the Fund?s NAV per share as determined as of the close of the regular trading session of the NYSE on the next day the NAV is calculated after the expiration date of the tender offer. If more than 2.5% of a Fund?s outstanding common shares are tendered, the Fund will purchase its shares from tendering shareholders on a pro rata basis. The repurchases will commence on July 17, 2024 and will be valid till August 16, 2024,
Margery K. Neale of Willkie Farr & Gallagher LLP and Janey Ahn of BlackRock Advisors, LLC acted as legal advisor to the company.
BlackRock Enhanced Capital and Income Fund, Inc. (the Trust) is a closed-end management investment company. The Trust's investment objective is to provide current income and capital appreciation. It seeks to achieve its investment objective by investing in a portfolio of equity securities of the United States and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. The Trust invests in various sectors, including Information technology, consumer discretionary, communication services, financials, health care, industrials, materials, energy, consumer staples, and real estate. Investment adviser of the Trust is BlackRock Advisors, LLC.
BlackRock Enhanced Capital and Income Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 2.5% of its issued share capital.