BlackRock Capital Allocation Term Trust · NYSE:BCAT
BlackRock Capital Allocation Term Trust — Proxy Contest (May 2024)
34 slides from BlackRock Capital Allocation Term Trust's proxy contest presentation, May 20, 2024
Slide 1: Boaz Weinstein statement on BlackRock voting standard
boaz weinstein @ @boazweinstein Something amazing happened with @blackrock just now! Feeling heat from shareholders post my @CNBC interview, they issued a statement. The problem is they did one of the very bad things that they've been doing for too long. They intentionally tricked you. Here's the qu
Slide 2: Boaz Weinstein post on $1.4 billion NAV exit
Folks, this shows the lengths they're going to in order to keep you from making $1.4 billion from a Saba board that would endeavor to provide a NAV exit for you. I'm not sure what's worse - the horrible governance or today's statement clearly meant to deceive. Lest anyone think I'm wrong, | call on
Slide 3: Geoff Wilson reply on shareholder voting
boaz weinstein @ oh @boazweinstein Thanks @GeoffWilsonWAM for your leadership as a closed-end fund manager. ® Geoff Wilson @ @GeoffWilsonWAM - May 17 Replying to @boazweinstein @BlackRock and @CNBC Unbelievable, in Australia that is illegal and a breach of directors duties.
Slide 4: Reply to BlackRock press release
boaz weinstein @ @boazweinstein Isn't it? @BlackRock you've seen my reply to your press release - please clarify. It's a simple question. We're excited to get the answer! @ Geoff Wilson @ @GeoffWilsonWAM - May 17 Replying to @premiamgmt @boazweinstein and 3 others Isn't it simple. One share one vote
Slide 5: Antithetos Capital reply
boaz weinstein @ @boazweinstein Thanks @AntithetosCptl - avid follower. antithetos @antithetoscptl - May 17 Replying to @boazweinstein and @BlackRock @BlackRock fuzzy math need not apply to shareholder voting #NeverForget Look for 3 things in a person. Intelligence, Energy, & Integrity. If they don'
Slide 6: Saba Capital press release on presentation
Saba Capital Management, L.P. (“Saba Capital”) issued the below press release. Saba Capital Releases Presentation Detailing Plan to Deliver Enhanced Shareholder Value at 10 BlackRock Closed-End Funds Presentation Details the Funds’ Significant Long-Term Underperformance, BlackRock’s Attempts to Crus
Slide 7: Hey BlackRock webinar: why change is urgently needed at BlackRock CEFs
HEY BLACKROCK’ WEBINAR: WHY CHANGE IS URGENTLY NEEDED AT 10 BLACKROCK CEFS PRESENTATION BY SABA CAPITAL MANAGEMENT MAY 20, 2024 VOTE THE GOLD PROXY FOR SABA’S PROPOSALS
Slide 8: BlackRock Could Deliver $1.4 Billion to Shareholders
BlackRock Could Deliver $1.4 Billion to Shareholders With the Push of a Button , f h ; > \. aN $1.04 billion $1.40 billion HEY a SABA CAPITAL MANAGEMENT
Slide 9: Saba Is an Experienced Investor in Closed-End Funds
Saba Is an Experienced Investor in Closed-End Funds * We are the world’s largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs. v Saba’s successful track record as a CEF activist has earned it recognition as the “Activist Hedge Fund Manager of
Slide 10: Saba Is Committed to Turning Around the BlackRock Funds
Saba Is Committed to Turning Around the BlackRock Funds Saba has a long history of investing in CEFs and engaging with BlackRock about its CEFs. Saba begins investing in CEFs. Ayear into its dispute with Saba, BlackRock announces it will merge the CEFs into open-ended vehicles. OBSERVER Saba Capital
Slide 11: The BlackRock Funds Have Significantly Underperformed
The BlackRock Funds Have Significantly Underperformed Nine of the 10 CEFs have had negative returns over the past three years, demonstrating their Boards’ persistent inability to turn around their performance. Three-Year Total Return Performance vs. Benchmark ( BIGZ ) { -57.1% } 44.3% } ( BSTZ ml -3
Slide 12: The Funds Trade at -11.8% Average Discount to NAV
The Funds Trade at a Disappointing -11.8% Average Discount to NAV We believe the Funds’ persistent trading discounts are a direct result of poor governance and mismanagement under the oversight of the current trustees. [ BSTZ } [ -17.7% } ( BIGZ ) { -17.6% J f BMEZ } [ -16.5% } f MHN } { -13.1% } f
Slide 13: The Funds Are Racking Up Expenses
The Funds Are Racking Up Expenses Last year, the BlackRock Funds spent approximately $142 million of shareholders’ money on expenses. BCAT’ $2,048,314,068 $24,376,782 119% [ BIGZ’ ]( $2.026,469,838 |{ $29,279,222 ‘| [ 1.44% } [ ECAT" ](_ $1977,848,928 | [ $24,285,241 \( 123% ] ( BMEZ" ] (. $1,907,37
Slide 14: Inability to Provide Reliable Dividends/Income to Investors
One of the Funds’ Biggest Failures Is Their Inability to Provide Reliable Dividends/Income to Investors BlackRock acknowledges that shareholders want income, but the reality is that the Funds are generating almost zero income — despite the fact that they were marketed as income-producing funds. [ Pe
Slide 15: Inability to Provide Reliable Dividends/Income (cont.)
One of the Funds’ Biggest Failures Is Their Inability to Provide Reliable Dividends/Income to Investors (cont.) If a fund loses half of an investor’s capital, it is simply not going to be able to produce the level of income that the investor was seeking when they invested in the fund. “BlackRock has
Slide 16: BlackRock Is Talking Out of Both Sides of Its Mouth
BlackRock Is Talking Out of Both Sides of Its Mouth BlackRock says one thing as an investor but does the opposite when managing its own funds. BlackRock © A & © BlackRock. “Directors should be re-elected annually; classification of the board generally limits shareholders’ rights to regularly evaluat
Slide 17: BlackRock and Its Trustees Have Limited Shareholder Rights
BlackRock and Its Trustees Have Limited Shareholder Rights BD} < fx] x J x A federal court ruled that several of the Fund's trustees illegally stripped shareholders’ votes at last year’s annual meeting." Each of the 10 Funds’ trustees serves on at least 68 other BlackRock fund boards, in addition to
Slide 18: BlackRock Is Trying to Mislead Shareholders About Its Own Rules
BlackRock Is Trying to Mislead Shareholders About Its Own Rules Something amazing happened with @blackrock just now! “It is very misleading to say that non-votes Feeling heat from shareholders post my @CNBC interview, they issued a count as votes for BlackRock nominees. For statement. The problem is
Slide 19: The Opportunity: BlackRock Could Unlock Billions of Dollars
The Opportunity: BlackRock Could Easily Unlock Billions of Dollars If BlackRock provided an opportunity to exit at NAV, shareholders could gain $1.4 billion across these 10 Funds. BCAT {$17.34 $15.78 | [ $167,640,408 J BFZ sue | [ $33,070,004 } $718 | ( $323,163,072 } BMEZ $14.76 | ( $291,849,182 }
Slide 20: Our Plan to Create Long-Term Value for All Investors
Our Plan to Create Long-Term Value for All Investors Our nominees’ #1 priority as trustees would be to put the Fund’s long-suffering shareholders first. Vv Offer a liquidity event for Explore various tools to narrow the shareholders so they can exit at NAV, discount: if they so wish. _A v v_ This co
Slide 21: Saba's Highly Qualified Nominees
Saba’s Highly Qualified Nominees Can Improve the BlackRock CEFs Athanassios Diplas Mr. Diplas has significant experience in credit markets, including swaps, derivatives, risk management and Ilya Gurevich Mr. Gurevich is a retirement planner with >25 years of experience in the Shavar Jeffries Mr. Jef
Slide 22: Questions
HEY BLACKROCK QUESTIONS VOTE THE [ey PROXY FOR SABA’S PROPOSALS
Slide 23: Information on BlackRock Fund Benchmarks
Information on BlackRock Fund Benchmarks - From 2023 Annual Reports ¢ BFZ: Bloomberg Municipal Bond Index + BCAT: MSCI ACWI Index ¢ ECAT: MSCI ACWI Index + BMEZ: MSCI ACWI Index ¢ BIGZ: Russell 2500 Growth Index ¢ MHN: Bloomberg Municipal Bond Index ¢ MYN: Bloomberg Municipal Bond Index + MPA: Bloom
Slide 24: Disclaimer
Disclaimer The materials in this presentation (the “Presentation”) are for informational purposes only, are not complete and do not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether o
Slide 25: Saba Capital posted the below
Saba Capital posted the below to https://www.heyblackrock.com/
Slide 26: Replay: Saba's May 20th webinar for BlackRock CEF shareholders
HEY BLACKROCK REPLAY: WATCH SABA'S MAY 20TH WEBINAR FOR BLACKROCK CEF SHAREHOLDERS. FINK ABOUT IT. BlackRock considers itself a leader in governance, but is crushing shareholder rights Saba intends to hold BlackRock accountable for running its closed-end funds into the ground. BLACKROCK CANNOT HIDE
Slide 27: Hear from Boaz Weinstein on his campaign
HEAR FROM BOAZ WEINSTEIN ON HIS CAMPAIGN TO DELIVER $1.4 BILLION IN TRAPPED VALUE FOR BLACKROCK FUND SHAREHOLDERS. » BOAZ WEINSTEIN ON THE RECORD
Slide 28: How to Vote
HEY A BLACKROCK HOW TO VOTE Tell BlackRock what you think. The Funds’ Annual Meetings are scheduled for: a (nin) dune 18 at 10:000m eT) (srz (sane 18 at 12:00pm eT) MPA (June 18 at 2:00pm ET) We recommend that you vote your shares on the GOLD proxy card as follows: © “FOR ALL’ of Saba's nominees sta
Slide 29: Questions / Assistance
‘QUESTIONS / ASSISTANCE InvestorCom SHAREHOLDER INTELLIGENCE 19 014Kings Highway 5, Sute 190 Din CT 06820 ‘Sharebee cl lea HEY BLACKROCK’
Slide 30: Resources
HEY a BLACKROCK RESOURCES Important Materials REPLAY: Saba Capital Webinar for BlackRock CEF Shareholders Webinar Presentation: Why Change Is Urgently Needed at 10 BlackRock CEFS Presentation: Why Change Is Urgently Needed at 10 BlackRock CEFS Broadcast Interviews Press Releases (CNBC's Full Exclusi
Slide 31: Saba Capital sent the below messages
Saba Capital sent the below messages to shareholders.
Slide 32: Boaz Weinstein details why BlackRock CEF shareholders deserve better
HEY BLACKROCK Saba Capital Co-Founder and CIO Boaz Weinstein Details Why BlackRock CEF Shareholders Deserve Better Fellow Stakeholder: Thank you for your interest in our campaign to hold BlackRock accountable for destroying billions in shareholder value at 10 of its CEFs. Saba's Founder and CIO Boaz
Slide 33: We urge shareholders to elect all of our proposed directors
We urge shareholders to elect all of our proposed directors at the BlackRock CEFs' 2024 Annual Meetings in June. For more information on how to vote the GOLD Proxy Card for each of our proposals, visit www.HeyBlackRock.com. We appreciate your interest in our campaign for change at the BlackRock CEFs
Slide 34: Today: Join Saba Capital's webinar at 11am EST
HEY BLACKROCK TODAY: Join Saba Capital's Webinar at 11am EST Fellow Stakeholder: As a reminder, today, Monday, May 20 at 11:00am EST, Saba Capital Founder and ClO Boaz Weinstein will host a live webinar to share his plan to improve the BlackRock closed- end funds and answer your questions. ACCESS WE
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