BlackRock Enhanced Equity Yield Fund, Inc. Announces Repurchase Offer
May 08 2008 - 4:34PM
Business Wire
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.
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