BLACKROCK
ENERGY AND RESOURCES INCOME TRUST PLC
LEI:
54930040ALEAVPMMDC31
Agreement
with Saba
London,
January 21 2025
-The Board of
BlackRock Energy and Resources Income Trust Plc (the "Company")
announces that it has today entered into an agreement with Saba
Capital Management L.P. (`Saba') pursuant to which Saba
has given a number of
undertakings to the Company, including as set out below:
-
Saba will not put forward any
proposals to shareholders or requisition any resolution or general
meeting of the Company;
-
Saba will not seek to change the
composition of the Board;
-
Saba will not seek to control or
influence the Board or Fund or the policies or management of the
Fund;
-
where able to do so, if Saba holds any
interests in the issued share capital of the Company, Saba will
vote on any resolution at any shareholder meeting of the Company in
accordance with the Board's recommendation;
-
Saba will not engage, directly or
indirectly, in any short selling of the Company's shares;
and
-
Saba will not engage in any takeover
offer for the company (unless recommended by the Board or made by
an independent third party without the involvement of Saba) or any
other extraordinary transaction with respect to the Company (other
than a transaction recommended by the Board or on the same basis as
other shareholders),
in each case for a period lasting until the
earlier of the day following completion of the Company's 2027
annual general meeting of shareholders or 31
August 2027.
The Board notes that
certain BlackRock closed-end funds in the US and UK have entered
into separate agreements with Saba, each of which was negotiated on
behalf of the applicable fund and approved by such fund's board of
directors.
The Board understands that
Saba does not hold any interests in the issued share capital of the
Company as at today's date.
The Company has given no monetary consideration to
Saba or any of its affiliates in return for the benefits outlined
above, and such benefits do not restrict the Board's or the
Company's independence in any way. The Board is committed at all
times to exercising the best standards of corporate governance,
promoting the success of the Company and putting first the
interests of shareholders as a whole.
For further information, please
contact:
Press Enquiries:
Lansons Communications
Ed
Hooper
+44 207
294 3610
edh@lansons.com