Tender Offer - BlackRock Energy & Resources Trust
Form Type: SC TO-I/A
Filing Date: 2025-02-25
Corporate Action: Tender-offer
Type: Update
Accession Number: 000119312525034456
Filing Summary: This document is the Final Amendment to the Schedule TO for a tender offer initiated by BlackRock Energy and Resources Trust, initially filed on January 22, 2025. The Fund intended to repurchase 2.5% of its outstanding common shares at a price equal to 98% of the net asset value (NAV) per share as determined at the close of trading after the offer expired. The offer expired on February 21, 2025, and was oversubscribed. A total of 3,894,759 shares were tendered, with 652,722 shares accepted for repurchase at a price of $13.8376 per share. This amendment serves to report the final results of the Offer and includes a press release about the Offer's results.
Additional details:
Tender Offer Expiration: 2025-02-21
Tendered Shares: 3894759
Accepted Shares: 652722
Repurchase Price: 13.8376
Final Results Press Release Date: 2025-02-24
Form Type: SC TO-I/A
Filing Date: 2025-02-24
Corporate Action: Tender-offer
Type: Update
Accession Number: 000119312525032207
Filing Summary: BlackRock Energy and Resources Trust filed Amendment No. 1 to its Issuer Tender Offer Statement regarding its offer to repurchase 2.5% of its issued and outstanding common shares of beneficial interest. The tender offer was first issued on January 22, 2025, and was set to expire on February 21, 2025. The repurchase price was specified to be 98% of the net asset value (NAV) per share as determined after the close of trading on the relevant date. This amendment updates Item 12 of the Schedule TO to include a press release that announces the preliminary results of the tender offer. The filing includes a reference to financial documents from prior periods which were incorporated by reference to provide financial context.
Additional details:
Date Tender Offer First Published: 2025-01-22
Percentage Of Shares To Repurchase: 2.5%
Repurchase Price: 98% of NAV
Tender Offer Expiration: 2025-02-21 17:00
Form Type: SC TO-I
Filing Date: 2025-01-22
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525010433
Filing Summary: BlackRock Energy and Resources Trust is initiating an issuer tender offer to repurchase 2.5% of its outstanding common shares of beneficial interest. The repurchase price will be set at 98% of the net asset value (NAV) per Share, calculated after the expiration of the offer. The offer was officially published on January 22, 2025, and the Fund aims to provide liquidity to its shareholders through this tender. The Fund has set up a framework in accordance with the Securities Exchange Act of 1934, seeking to draw on investor interest while also adhering to regulatory stipulations. A Saba Standstill Agreement is also noted, which affects the parameters within which Saba Capital Management can act regarding their shares in the Fund, solidifying a cooperative approach during this repurchase process.
Additional details:
Title Of Class Of Securities: Common Shares of Beneficial Interest
Cusip Number: 09250U101
Purchase Price: 98% of the net asset value per Share
Percent Shares Offered: 2.5%
Form Type: SC TO-C
Filing Date: 2025-01-03
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525000807
Filing Summary: On January 2, 2025, BlackRock Energy and Resources Trust announced a tender offer in conjunction with the results of their discount management programs. The offer is part of a broader strategy from BlackRock, which aims to manage discounts on shares and enhance long-term shareholder value. The tender offer is triggered when the Fund's common shares trade at an average daily discount to net asset value (NAV) exceeding 7.50% over a measurement period. The announcement details a quarterly measurement period that ran from October 1, 2024, to December 31, 2024, with a specific focus on Funds meeting the trigger criteria. The tender offers for several BlackRock Funds, including the Energy and Resources Trust, have commencement dates starting January 21, 2025, through January 23, 2025, and expiration dates stretching into late February 2025. The purchase price for tendered shares will be 98% of the NAV per share as determined after the expiration date, with the expectation of payment within five business days following the tender offer's expiration. Shareholders are encouraged to read the tender offer materials for comprehensive details before making decisions regarding their shares.
Additional details:
Name Of Subject Company: BlackRock Energy and Resources Trust
Average Daily Discount: -8.75%
Tender Offer Commencement Date: 2025-01-22
Tender Offer Expiration Date: 2025-02-21
Tender Offer Percentage: 2.5%
Tender Offer Price: 98% of NAV
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