Joby Aviation closes $591 million stock offering with full underwriter option
Saba Capital Management, L.P., along with Boaz Weinstein, a ten percent owner, reported selling shares of BlackRock ESG Capital Allocation Term Trust (NASDAQ:ECAT) on September 9 and 10. The sales amounted to a total of $3.11 million, with prices ranging from $16.69 to $16.7 per share. The $1.66 billion trust currently offers an attractive dividend yield of ~21% and has maintained strong dividend consistency, according to InvestingPro data.
On September 9, Saba Capital sold 76,416 shares at $16.69 per share. The following day, September 10, the firm sold an additional 109,895 shares at $16.7 per share.
Following these transactions, Saba Capital Management’s reported ownership in BlackRock ESG Capital Allocation Term Trust is 27,879,035 shares.
In other recent news, Institutional Shareholder Services (ISS) has advised shareholders of BlackRock ESG Allocation Term Trust to support nine out of ten incumbent board nominees. This recommendation also includes a vote against a proposal to terminate BlackRock as the investment adviser. The suggestion by ISS comes ahead of the Fund’s annual meeting and aligns with the stance of Glass Lewis, another proxy advisory firm, which has also endorsed all incumbent nominees and opposed the termination proposal. These developments indicate a unified front among leading proxy advisory firms in favor of the current board members and management structure. The annual meeting, where these recommendations will be considered, is scheduled for June 26. This situation highlights the ongoing governance and advisory dynamics within BlackRock’s ESG fund. Shareholders will have the opportunity to weigh in on these recommendations during the upcoming meeting.
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