Saba Capital Issues Second Open Letter to Boards of Trustees of Three BlackRock Closed-End Funds
03 Dicembre 2019 - 2:30PM
Business Wire
Asks Boards to Act in Accordance with
BlackRock’s Publicly Stated Corporate Governance Principles and
Fiduciary Duties
Shareholders Voted Overwhelmingly in Favor of
Saba’s Proposals at the Funds’ 2019 Annual Meetings
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba”) today issued the following open letter to the
Boards of Trustees of BlackRock Muni New York Intermediate Duration
Fund, Inc. (NYSE: MNE), BlackRock New York Municipal Bond Trust
(NYSE: BQH) and BlackRock Credit Allocation Income Trust (NYSE:
BTZ).
December 3, 2019
Boards of Trustees of
BlackRock Muni New York Intermediate Duration
Fund, Inc. BlackRock New York Municipal Bond Trust BlackRock Credit
Allocation Income Trust
To the Members of the Boards of Trustees:
Months have passed since the annual meetings of BlackRock Muni
New York Intermediate Duration Fund, Inc. (MNE), BlackRock New York
Municipal Bond Trust (BQH) and BlackRock Credit Allocation Income
Trust (BTZ). At these annual meetings, shareholders passed the
proposals submitted by Saba Capital by a tremendous margin.
It is telling that all three proposals would have passed even
without the votes of the shares held by Saba Capital. Further,
declassification of the Funds’ Boards was supported by both ISS and
Glass Lewis, and is consistent with BlackRock’s publicly stated
corporate governance principles.
2019 Annual Meeting
Results:
Fund
For
Against
Abstain
MNE (tender for 100% of
shares)
1,434,666
678,816
31,217
BQH (declassify)
788,931
503,855
46,434
BTZ (declassify)
37,911,873
23,795,534
777,873
Notwithstanding BlackRock’s strong public support for
shareholder franchise rights, BlackRock’s investment entities acted
expeditiously to weaken the rights of shareholders of BlackRock’s
investment vehicles. In 2016, just six weeks after Saba announced a
desire for changes in the BlackRock Debt Strategies Fund (NYSE:
DSU), BlackRock orchestrated the unilateral enactment of bylaw
amendments to entrench management of DSU and thirteen other
BlackRock closed-end funds.
Unfortunately, when it comes to restoring the rights of
shareholders that BlackRock has diminished, you have instead
squandered shareholder monies through the appeal and litigation
over the validity of Saba’s nominees.
Defying BlackRock - the largest asset manager on earth - must be
difficult for you. After all, despite your flourishing and busy
careers, you have been paid a small fortune to sit on eighty-eight
BlackRock fund boards simultaneously. Still, your fiduciary duty
remains squarely to the shareholders of those funds and to
implement the measures for which they have voted
overwhelmingly.
Sincerely, Saba Capital
cc: Richard E. Cavanagh, Karen P. Robards, Michael J.
Castellano, Cynthia L. Egan, Frank J. Fabozzi, Henry Gabbay, R.
Glenn Hubbard, W. Carl Kester, Catherine A. Lynch, Robert
Fairbairn, John M. Perlowski
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version on businesswire.com: https://www.businesswire.com/news/home/20191203005342/en/
Investors Leah Jordan Investor Relations
Leah.Jordan@sabacapital.com
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