BlackRock initiates tender offer for BMEZ fund after discount exceeds 10%
1 report, 1 independent
Updated Sun 00:00
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What happened
BlackRock manages the discount management program for the NYSE-listed closed-end fund, BMEZ. The fund filed a tender statement on October 16, offering to purchase shares at 98% of net asset value. This action was triggered because BMEZ's average daily discount to net asset value was 11.05% during the nine-month measurement period ending September 30.
From finchannel.com
Why it matters
The program is designed to manage discounts and provide liquidity for the fund. BMEZ, which invests at least 80% of its assets in health-sciences equities, is subject to this repurchase mechanism when its trading discount exceeds the 10% threshold.
From finchannel.com
Who's involved
- BlackRockManages the discount management program for the BMEZ fund
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The entities involved
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BlackRock
American multinational investment management corporation
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