BlackRock Announces Additional Details Related to Proposed Liquidation of Certain BlackRock Closed-End Funds
June 28 2012 - 6:00PM
Business Wire
BlackRock Advisors, LLC today announced that, at the special
meetings of shareholders of The BlackRock New Jersey Investment
Quality Municipal Trust, Inc. (NYSE Amex:RNJ) and The BlackRock New
York Investment Quality Municipal Trust, Inc. (NYSE Amex:RNY)
(each, a “Fund”) held today, shareholders of each of RNY and RNJ
approved a Plan of Liquidation and Dissolution for their respective
Fund, as previously approved by the Board of Trustees of RNY and
RNJ. Each Plan of Liquidation is expected to take effect on or
about July 2, 2012.
Subsequent to the effectiveness of each Fund’s Plan of
Liquidation and Dissolution, the Fund’s investment adviser will
begin the orderly liquidation of each Fund’s assets, determine and
pay, or set aside in cash or cash equivalents, an amount at least
equal to all known or reasonably ascertainable liabilities and
obligations of each of the Funds, including liabilities associated
with each Fund’s financial leverage, redeem each Fund’s auction
rate municipal preferred shares and make one or more liquidating
distributions to each Fund’s common shareholders. Such
distributions will be paid in cash. Additional details with respect
to each Fund’s liquidation will be provided as they become
available. It is currently anticipated that the liquidation will be
completed in July 2012.
On or about June 11, 2012, the Funds submitted proxy materials
to shareholders for the election of Directors at the Fund’s annual
meeting of shareholders. However, since shareholders of each of the
Funds approved each Fund’s Plan of Liquidation and Dissolution,
neither Fund will hold its annual meeting, shareholders will not
vote on the election of Directors at the annual meeting, any
proxies submitted in connection with the annual meeting will not be
voted and each of the Funds will be liquidated and dissolved.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2012, BlackRock’s AUM was $3.684 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York
City, as of March 31, 2012, the firm has approximately 9,900
employees in 27 countries and a major presence in key global
markets, including North and South America, Europe, Asia,
Australia, and the Middle East and Africa. For additional
information, please visit BlackRock’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or the
Funds may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Fund or 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.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for a fund or in a
fund’s net asset value; (2) the relative and absolute investment
performance of the fund and its investments; (3) the impact of
increased competition; (4) the unfavorable resolution of any legal
proceedings; (5) the extent and timing of any distributions or
share repurchases; (6) the impact, extent and timing of
technological changes; (7) the impact of legislative and regulatory
actions and reforms, including the Dodd-Frank Wall Street Reform
and Consumer Protection Act, and regulatory, supervisory or
enforcement actions of government agencies relating to the fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities and natural disasters, which may adversely affect the
general economy, domestic and local financial and capital markets,
specific industries or BlackRock; (9) BlackRock’s ability to
attract and retain highly talented professionals; (10) the impact
of BlackRock electing to provide support to its products from time
to time; and (11) the impact of problems at other financial
institutions or the failure or negative performance of products at
other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“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 or other factors that affect the funds. The information
contained on BlackRock’s website is not a part of this press
release.
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