BlackRock Enhanced Equity Yield Fund, Inc. Completes Annual Repurchase Offer
14 Juni 2008 - 12:40AM
Business Wire
BlackRock Enhanced Equity Yield Fund, Inc. (the �Fund�) (NYSE: EEF,
CUSIP: 09256C105) announced the completion of the Fund�s annual
repurchase offer for its shares of common stock. The repurchase
offer and withdrawal rights expired at 5:00 p.m., Eastern Time, on
June 13, 2008. The Fund offered to repurchase up to 5% of its
outstanding shares of common stock for cash at a price equal to the
net asset value as of the close of regular trading on the New York
Stock Exchange (�NYSE�) on June 27, 2008, subject to a repurchase
fee of 2% of the Fund�s net asset value per share, which will be
deducted from the repurchase price. As of Friday, June 13, 2008,
21,348,041 shares of the Fund were outstanding. A repurchase amount
of 5% of the outstanding shares of the Fund�s common stock would
represent approximately 1,067,402 shares. The preliminary count by
The Bank of New York Mellon, the Fund's depositary agent, indicated
that approximately 393,614 shares (approximately 1.84% of the
Fund's outstanding shares) were validly tendered and not withdrawn
prior to the expiration of the Fund's repurchase offer. This
determination is subject to final confirmation and the proper
delivery of all shares tendered and not withdrawn. 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 has made 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 is
acting 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 assets under management were $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. 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 future acquisitions or divestitures; (6) the
unfavorable resolution of legal proceedings; (7) the extent and
timing of any share repurchases; (8) the impact, extent and timing
of technological changes and the adequacy of intellectual property
protection; (9) 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;
(10) terrorist activities and international hostilities, which may
adversely affect the general economy, domestic and local financial
and capital markets, specific industries, and BlackRock; (11) the
ability to attract and retain highly talented professionals; (12)
fluctuations in foreign currency exchange rates, which may
adversely affect the carrying value of certain assets and
liabilities denominated in foreign currencies; (13) the impact of
changes to tax legislation; (14) BlackRock�s ability to
successfully integrate the MLIM and Quellos Businesses with its
existing business; (15) the ability of BlackRock to effectively
manage the former MLIM and Quellos assets along with its historical
assets under management; and (16) BlackRock�s success in
maintaining the distribution of its products. The Annual and
Semi-Annual Reports and other regulatory filings of the BlackRock
Closed-End Funds filed 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 factors in more detail and
identify additional factors that can affect the Closed-End Funds.
The information contained on BlackRock�s website is not a part of
this press release.
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