BlackRock Reains Board Seats at Six Funds Despite Saba Capital's Opposition

MT Newswires Live06-26

BlackRock (BLK) retained board seats at six closed-end funds after Saba Capital Management failed to secure enough votes to replace directors or dismiss the fund manager, multiple media outlets reported Wednesday, citing a BlackRock statement.

"Preliminary results from last week's shareholder meetings show that shareholders rejected both Saba's nominees and their attempt to replace BlackRock as the investment advisor," a BlackRock spokesperson was quoted by media outlets as saying.

Shareholder votes took place at BlackRock MuniYield New York Quality Fund (MYN), BlackRock New York Municipal Income Trust (BNY), BlackRock California Municipal Income Trust (BFZ), BlackRock MuniHoldings New York Quality Fund (MHN), BlackRock Science and Technology Term Trust (BSTZ), and BlackRock MuniYield Pennsylvania Quality Fund (MPA) last week.

Votes for four more funds, the BlackRock Innovation and Growth Term Trust (BIGZ), BlackRock Health Sciences Term Trust (BMEZ), BlackRock ESG Capital Allocation Term Trust (ECAT), and BlackRock Capital Allocation Term Trust (BCAT) are scheduled for this week.

On Tuesday, US District Judge Margaret Garnet rejected Saba's request for a preliminary injunction to prevent BlackRock from using a bylaw that mandates that challengers for board seats must secure the votes of a majority of shareholders, whereas incumbent trustees running unopposed need only a plurality of votes cast in the election, Bloomberg reported Wednesday.

Price: 794.30, Change: -0.09, Percent Change: -0.01

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