DEFR14A: BlackRock Innovation & Growth Term Trust Amends Proxy Statement Following Court Decision

BlackRock Innovation & Growth Term Trust amends its proxy statement to reflect a court decision impacting the applicability of the Maryland Control Share Acquisition Act to the Trust's upcoming shareholder meetings.

Summary

• BlackRock Innovation and Growth Term Trust (the Fund) has filed an amendment to its proxy statement for the annual meeting of shareholders to be held on June 25, 2024.
• The amendment addresses a U.S. District Court decision from December 5, 2023, regarding the applicability of the Maryland Control Share Acquisition Act to certain BlackRock-sponsored funds.
• The court ruled in favor of a plaintiff's claim for rescission of resolutions by sixteen closed-end funds that opted into the Maryland Control Share Acquisition Act, declaring that the funds' elections violate Section 18(i) of the 1940 Act.
• The funds have appealed the district court's decision to the U.S. Court of Appeals for the Second Circuit.
• As a result of the district court's decision, the Maryland Control Share Acquisition Act will not apply to the Trust's 2024 and 2025 annual shareholder meetings.
• The amendment clarifies that information in the amendment controls to the extent that it differs from or updates information contained in the Proxy Statement filed with the SEC on April 25, 2024.

Sentiment

Score: 6

Explanation: The announcement is primarily informational, reflecting a legal development. The sentiment is neutral as it reports on a court decision and its impact on the fund's shareholder meetings.

Future Outlook

The Maryland Control Share Acquisition Act will not apply to the Trust's 2024 and 2025 annual shareholder meetings.

Industry Context

This announcement highlights the ongoing legal and regulatory complexities faced by closed-end funds, particularly those domiciled in Maryland, regarding control share acquisition acts. The outcome of the appeal could have broader implications for other funds that have opted into similar state laws.

Legal Proceedings

• The U.S. District Court for the Southern District of New York granted judgment in favor of a plaintiff's claim for rescission of resolutions by sixteen closed-end funds that opted in to elect to be subject to the Maryland Control Share Acquisition Act.
• The funds have appealed the district court's decision to the U.S. Court of Appeals for the Second Circuit.

Stakeholder Impact

• Shareholders should be aware that the Maryland Control Share Acquisition Act will not apply to the Trusts 2024 and 2025 annual shareholder meetings.

Key Dates

Keywords

Proxy Statement, Amendment, BlackRock Innovation and Growth Term Trust, Maryland Control Share Acquisition Act, Shareholder Meeting, Closed-End Funds, SEC, Court Decision