On June 5, 2019, BlackRock Advisors, LLC (“BlackRock”) provided the following statements to members of the press seeking comments with respect to BlackRock New York Municipal Bond Trust’s (“BQH” or the “Fund”) contested proxy statement.
On Saba Capital Management, L.P. (“Saba”)
“Our clients invest in these strategies to achieve specific outcomes, most often it’s to generate income, includingtax-advantaged income, that they rely on. Saba’s hedge fund is trying to disrupt these strategies so Saba can enrich themselves through a short-term trade at the expense of the funds’ longer-term shareholders, while potentially subjecting shareholders to unanticipated tax consequences.”
On Classified Boards
“A classified board structure is common forclosed-end funds, which are different from operating companies, and is intended to ensure stability and protect the long-term interests of fund shareholders.”
On Lawsuit
“Saba knew — or should have known — about the Funds’ bylaws when it invested, and when it nominated individuals for the Fund boards. It is disingenuous for Saba, a sophisticated hedge fund who used a major New York law firm, to assert that it can ignore the Funds’ longstanding and unambiguous bylaws because it missed a bylaw deadline.”
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Additional Information
The Fund has filed its definitive proxy statement for the 2019 Annual Meeting of Shareholders with the U.S. Securities and Exchange Commission (the “SEC”) in connection with solicitation of proxies from Fund shareholders.
BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE URGED TO READ THE NOTICE OF ANNUAL MEETING OF SHAREHOLDERS, DEFINITIVE PROXY STATEMENT,WHITE PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE FUND AND THE UPCOMING ANNUAL MEETING OF SHAREHOLDERS. Shareholders can obtain additional copies of the notice of annual meeting and proxy statement, and other documents filed by the Fund with the SEC by directing a request to the Fund’s proxy solicitor, Georgeson LLC, by calling toll free at1-866-821-2614. Copies are also available at no charge at the following website:https://www.proxy-direct.com/blk-30684. Additional copies of the proxy materials will be delivered promptly upon request. Free copies of these materials can also be found on the SEC’s website at http://www.sec.gov.
Pursuant to SEC proxy rules, the Fund’s Trustees, nominees for Trustee and executive officers are “participants” in connection with the 2019 Annual Meeting of Shareholders. Certain regular employees and officers of the Fund’s investment manager, administrator, or any of their affiliates may become “participants” if any such persons solicit proxies. Shareholders may obtain information regarding the names, affiliations, and interests of these individuals in the Fund’s proxy statement, when available, for the 2019 Annual Meeting of Shareholders.