BlackRock Announces Board Approval of Prospective Closed-End Fund Liquidation
June 07 2010 - 7:45PM
Business Wire
The BlackRock California Investment Quality Municipal Trust,
Inc. (NYSE Amex:RAA) (the “Fund”) announced that its Board of
Directors has approved submitting a Plan of Liquidation and
Dissolution (the "Plan") to the Fund’s shareholders at the Fund’s
annual meeting of shareholders anticipated to be held on September
2, 2010.
If shareholders approve the Plan, the Fund’s investment adviser
will begin the orderly liquidation of the Fund’s assets, determine
and pay, or set aside in cash or cash equivalents, the amount of
all known or reasonably ascertainable liabilities and obligations
of the Fund, including liabilities associated with the Fund’s
financial leverage, redeem the Fund’s auction rate municipal
preferred shares and make one or more liquidating distributions to
the Fund’s common shareholders. Such distributions will be paid in
cash. If shareholders do not approve the Plan, the Fund will
continue its operations, including pursuing its stated investment
objective, and the Board may consider other available options.
Additional Information and Where to Find It
The Fund and its trustees and certain executive officers may be
deemed to be participants in the solicitation of proxies from
shareholders in connection with the Fund's 2010 annual meeting of
shareholders (the "Annual Meeting"). The Fund plans to file a proxy
statement with the Securities and Exchange Commission (the "SEC")
in connection with the solicitation of proxies for the Annual
Meeting (the "2010 Proxy Statement"). Information regarding the
names of the Fund's trustees and executive officers and their
respective interests in the Fund by security holdings or otherwise
is set forth in the Fund's proxy statement, as supplemented,
relating to the Fund's 2009 Annual Meeting of Shareholders, which
may be obtained free of charge from the SEC's website at
http://www.sec.gov. Additional information regarding the interests
of such potential participants will be included in the 2010 Proxy
Statement and other relevant documents to be filed with the SEC in
connection with the Annual Meeting.
Promptly after filing its definitive 2010 Proxy Statement with
the SEC, the Fund will mail the definitive 2010 Proxy Statement and
a proxy card to each shareholder entitled to vote at the Annual
Meeting. SHAREHOLDERS ARE URGED TO READ THE 2010 PROXY STATEMENT
(INCLUDING ANY SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT
DOCUMENTS THAT THE FUND WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the
2010 Proxy Statement and any other documents filed by the Fund with
the SEC in connection with the Annual Meeting from the SEC's
website at http://www.sec.gov or by contacting the Fund at Park
Avenue Plaza, 55 East 52nd Street, New York, New York 10055.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2010, BlackRock’s assets under management
were $3.364 trillion. BlackRock offers products that span the risk
spectrum to meet clients’ needs, including active, enhanced and
index strategies across markets and asset classes. Products are
offered in a variety of structures including separate accounts,
mutual funds, iShares® (exchange traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of March 31, 2010, the firm has
approximately 8,500 employees in 24 countries and a major presence
in key global markets, including North and South America, Europe,
Asia, Australia and the Middle East and Africa. For additional
information, please visit the firm’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified
by words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “may” or similar
expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Fund, the following factors, among others,
could cause actual events to differ materially from any
forward-looking statements or historical performance: (1) changes
in political, economic or industry conditions, the interest rate
environment or financial and capital markets, which could result in
changes in the Fund’s net asset value; (2) the performance of the
Fund’s investments; (3) the impact of increased competition; (4)
the extent and timing of any distributions or share repurchases;
(5) the impact of legislative and regulatory actions and reforms
and regulatory, supervisory or enforcement actions of government
agencies relating to the Fund or BlackRock, as applicable; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of the Fund with the SEC are accessible on the SEC's website at
www.sec.gov and on BlackRock’s website at
www.blackrock.com, and may discuss these or other factors
that affect the Fund. The information contained on BlackRock’s
website is not a part of this press release.
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