[DEFA14A] BlackRock ESG Capital Allocation Term Trust Additional Proxy Soliciting Materials
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) has released Definitive Additional Materials (Form DEFA14A) ahead of its 2025 annual meeting.
- Proposal 1: Election of ten director nominees across Class I, II and III seats; the fund鈥檚 board recommends a vote "FOR" all nominees.
- Proposal 2: A hedge-fund-backed motion from Saba Capital Management to terminate the current investment-management agreement with BlackRock Advisors, LLC; the board recommends voting "AGAINST" this proposal.
The filing states that no SEC filing fee was required. Shareholders are urged to use the WHITE proxy card and may vote online, by phone or by mail. Failure to vote could lead to significant changes in management and distribution policy.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) ha pubblicato Materiali Aggiuntivi Definitivi (Modulo DEFA14A) in vista della sua assemblea annuale del 2025.
- Proposta 1: Elezione di dieci candidati al consiglio di amministrazione per le classi I, II e III; il consiglio del fondo raccomanda di votare "A FAVORE" di tutti i candidati.
- Proposta 2: Una mozione sostenuta da Saba Capital Management, un fondo hedge, per terminare l'attuale contratto di gestione degli investimenti con BlackRock Advisors, LLC; il consiglio raccomanda di votare "CONTRO" questa proposta.
Il documento indica che non 猫 stata richiesta alcuna tassa di deposito alla SEC. Gli azionisti sono invitati a utilizzare la scheda proxy BIANCA e possono votare online, per telefono o per posta. La mancata partecipazione al voto potrebbe comportare cambiamenti significativi nella gestione e nella politica di distribuzione.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) ha publicado Materiales Adicionales Definitivos (Formulario DEFA14A) antes de su junta anual de 2025.
- Propuesta 1: Elecci贸n de diez candidatos para los puestos de director en las Clases I, II y III; el consejo del fondo recomienda votar "A FAVOR" de todos los candidatos.
- Propuesta 2: Una moci贸n respaldada por el fondo de cobertura Saba Capital Management para terminar el acuerdo actual de gesti贸n de inversiones con BlackRock Advisors, LLC; el consejo recomienda votar "EN CONTRA" de esta propuesta.
El documento indica que no se requiri贸 tarifa de presentaci贸n ante la SEC. Se insta a los accionistas a usar la tarjeta proxy BLANCA y pueden votar en l铆nea, por tel茅fono o por correo. No votar podr铆a provocar cambios significativos en la gesti贸n y en la pol铆tica de distribuci贸n.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT)臧� 2025雲� 鞐半 欤检＜齑濏殞毳� 鞎炿憪瓿� 頇曥爼 於旉皜 鞛愲(Form DEFA14A)毳� 氚滍憸頄堨姷雼堧嫟.
- 鞝滌晥 1: 韥措灅鞀� I, II, III 鞚挫偓 頉勲炒 10氇� 靹犾稖; 韼�霌� 鞚挫偓須岆姅 氇摖 頉勲炒鞐� 雽�頃� "彀劚" 韴憸毳� 甓岅碃頃╇媹雼�.
- 鞝滌晥 2: 項れ韼�霌滌澑 Saba Capital Management臧� 鞝滉赴頃� 順勳灛 BlackRock Advisors, LLC鞕�鞚� 韴瀽 甏�毽� 瓿勳暯 膦呺 鞝滌晥; 鞚挫偓須岆姅 鞚� 鞝滌晥鞐� 雽�頃� "氚橂寑" 韴憸毳� 甓岅碃頃╇媹雼�.
靹滊鞐愲姅 SEC 鞝滌稖 靾橃垬耄岅皜 頃勳殧頃橃 鞎婌晿雼�瓿� 氇呾嫓霅橃柎 鞛堨姷雼堧嫟. 欤检＜霌れ潃 頋办儔 鞙勳瀯鞛� 旃措摐毳� 靷毄頃橃棳 鞓澕鞚�, 鞝勴檾 霕愲姅 鞖绊幐鞙茧 韴憸頃� 瓴冹潉 甓岇灔頃╇媹雼�. 韴憸頃橃 鞎婌潉 瓴届毎 瓴届榿歆� 氚� 氚半嫻 鞝曥眳鞐� 欷戨寑頃� 氤�頇旉皜 鞛堨潉 靾� 鞛堨姷雼堧嫟.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) a publi茅 des Documents Additionnels D茅finitifs (Formulaire DEFA14A) avant son assembl茅e g茅n茅rale annuelle de 2025.
- Proposition 1 : 脡lection de dix candidats au conseil d'administration pour les si猫ges des classes I, II et III ; le conseil d'administration du fonds recommande de voter "POUR" tous les candidats.
- Proposition 2 : Une motion soutenue par le fonds sp茅culatif Saba Capital Management visant 脿 mettre fin au contrat actuel de gestion des investissements avec BlackRock Advisors, LLC ; le conseil recommande de voter "CONTRE" cette proposition.
Le dossier indique qu鈥�aucun frais de d茅p么t aupr猫s de la SEC n鈥檃 茅t茅 requis. Les actionnaires sont invit茅s 脿 utiliser la carte de procuration BLANCHE et peuvent voter en ligne, par t茅l茅phone ou par courrier. Ne pas voter pourrait entra卯ner des changements importants dans la gestion et la politique de distribution.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) hat vor seiner Hauptversammlung 2025 endg眉ltige Zusatzunterlagen (Formular DEFA14A) ver枚ffentlicht.
- Vorschlag 1: Wahl von zehn Direktorkandidaten f眉r die Klassen I, II und III; der Vorstand des Fonds empfiehlt eine "贵脺搁"-Stimme f眉r alle Kandidaten.
- Vorschlag 2: Ein von Saba Capital Management, einem Hedgefonds, unterst眉tzter Antrag zur Beendigung des aktuellen Investment-Management-Vertrags mit BlackRock Advisors, LLC; der Vorstand empfiehlt, "GEGEN" diesen Vorschlag zu stimmen.
Die Einreichung besagt, dass keine SEC-Geb眉hr erforderlich war. Aktion盲re werden aufgefordert, die WEISSE Stimmkarte zu verwenden und k枚nnen online, telefonisch oder per Post abstimmen. Ein Ausbleiben der Stimmabgabe k枚nnte zu erheblichen 脛nderungen im Management und in der Aussch眉ttungspolitik f眉hren.
- None.
- Activist proposal: Saba Capital seeks to terminate ECAT鈥檚 investment-management agreement with BlackRock Advisors, introducing governance uncertainty and potential disruption to fee structure and distributions.
Insights
TL;DR: Contested proxy puts BlackRock鈥檚 ECAT mandate at risk; outcome could reshape fees and strategy.
The DEFA14A highlights a governance battle: Saba Capital wants to end ECAT鈥檚 advisory contract with BlackRock Advisors, while the board seeks continuity. Terminating the contract would force the trust to hire a new adviser or liquidate, actions that historically trigger distribution disruptions, portfolio turnover, and higher one-off costs. Although no financial metrics are provided, the mere presence of an activist campaign is material for investors in a closed-end vehicle that relies on stable monthly payouts. Given the uncertainty and potential expense of a management change, I rate the filing鈥檚 overall impact as negative.
TL;DR: Filing signals an activist challenge; board seeks shareholder alignment.
Saba鈥檚 proposal represents classic shareholder activism aimed at altering fund governance. The board鈥檚 counter-solicitation鈥攙ia the WHITE card鈥攗nderscores concern about losing advisory control. Such disputes often lead to elevated legal and proxy-solicitation costs and may distract management. The board鈥檚 recommendation framework is clear, but the presence of competing cards suggests a hard-fought vote. Shareholder engagement will be key. While disruptive, the information provided is procedural rather than financial, so I consider the impact moderate but noteworthy.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) ha pubblicato Materiali Aggiuntivi Definitivi (Modulo DEFA14A) in vista della sua assemblea annuale del 2025.
- Proposta 1: Elezione di dieci candidati al consiglio di amministrazione per le classi I, II e III; il consiglio del fondo raccomanda di votare "A FAVORE" di tutti i candidati.
- Proposta 2: Una mozione sostenuta da Saba Capital Management, un fondo hedge, per terminare l'attuale contratto di gestione degli investimenti con BlackRock Advisors, LLC; il consiglio raccomanda di votare "CONTRO" questa proposta.
Il documento indica che non 猫 stata richiesta alcuna tassa di deposito alla SEC. Gli azionisti sono invitati a utilizzare la scheda proxy BIANCA e possono votare online, per telefono o per posta. La mancata partecipazione al voto potrebbe comportare cambiamenti significativi nella gestione e nella politica di distribuzione.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) ha publicado Materiales Adicionales Definitivos (Formulario DEFA14A) antes de su junta anual de 2025.
- Propuesta 1: Elecci贸n de diez candidatos para los puestos de director en las Clases I, II y III; el consejo del fondo recomienda votar "A FAVOR" de todos los candidatos.
- Propuesta 2: Una moci贸n respaldada por el fondo de cobertura Saba Capital Management para terminar el acuerdo actual de gesti贸n de inversiones con BlackRock Advisors, LLC; el consejo recomienda votar "EN CONTRA" de esta propuesta.
El documento indica que no se requiri贸 tarifa de presentaci贸n ante la SEC. Se insta a los accionistas a usar la tarjeta proxy BLANCA y pueden votar en l铆nea, por tel茅fono o por correo. No votar podr铆a provocar cambios significativos en la gesti贸n y en la pol铆tica de distribuci贸n.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT)臧� 2025雲� 鞐半 欤检＜齑濏殞毳� 鞎炿憪瓿� 頇曥爼 於旉皜 鞛愲(Form DEFA14A)毳� 氚滍憸頄堨姷雼堧嫟.
- 鞝滌晥 1: 韥措灅鞀� I, II, III 鞚挫偓 頉勲炒 10氇� 靹犾稖; 韼�霌� 鞚挫偓須岆姅 氇摖 頉勲炒鞐� 雽�頃� "彀劚" 韴憸毳� 甓岅碃頃╇媹雼�.
- 鞝滌晥 2: 項れ韼�霌滌澑 Saba Capital Management臧� 鞝滉赴頃� 順勳灛 BlackRock Advisors, LLC鞕�鞚� 韴瀽 甏�毽� 瓿勳暯 膦呺 鞝滌晥; 鞚挫偓須岆姅 鞚� 鞝滌晥鞐� 雽�頃� "氚橂寑" 韴憸毳� 甓岅碃頃╇媹雼�.
靹滊鞐愲姅 SEC 鞝滌稖 靾橃垬耄岅皜 頃勳殧頃橃 鞎婌晿雼�瓿� 氇呾嫓霅橃柎 鞛堨姷雼堧嫟. 欤检＜霌れ潃 頋办儔 鞙勳瀯鞛� 旃措摐毳� 靷毄頃橃棳 鞓澕鞚�, 鞝勴檾 霕愲姅 鞖绊幐鞙茧 韴憸頃� 瓴冹潉 甓岇灔頃╇媹雼�. 韴憸頃橃 鞎婌潉 瓴届毎 瓴届榿歆� 氚� 氚半嫻 鞝曥眳鞐� 欷戨寑頃� 氤�頇旉皜 鞛堨潉 靾� 鞛堨姷雼堧嫟.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) a publi茅 des Documents Additionnels D茅finitifs (Formulaire DEFA14A) avant son assembl茅e g茅n茅rale annuelle de 2025.
- Proposition 1 : 脡lection de dix candidats au conseil d'administration pour les si猫ges des classes I, II et III ; le conseil d'administration du fonds recommande de voter "POUR" tous les candidats.
- Proposition 2 : Une motion soutenue par le fonds sp茅culatif Saba Capital Management visant 脿 mettre fin au contrat actuel de gestion des investissements avec BlackRock Advisors, LLC ; le conseil recommande de voter "CONTRE" cette proposition.
Le dossier indique qu鈥�aucun frais de d茅p么t aupr猫s de la SEC n鈥檃 茅t茅 requis. Les actionnaires sont invit茅s 脿 utiliser la carte de procuration BLANCHE et peuvent voter en ligne, par t茅l茅phone ou par courrier. Ne pas voter pourrait entra卯ner des changements importants dans la gestion et la politique de distribution.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) hat vor seiner Hauptversammlung 2025 endg眉ltige Zusatzunterlagen (Formular DEFA14A) ver枚ffentlicht.
- Vorschlag 1: Wahl von zehn Direktorkandidaten f眉r die Klassen I, II und III; der Vorstand des Fonds empfiehlt eine "贵脺搁"-Stimme f眉r alle Kandidaten.
- Vorschlag 2: Ein von Saba Capital Management, einem Hedgefonds, unterst眉tzter Antrag zur Beendigung des aktuellen Investment-Management-Vertrags mit BlackRock Advisors, LLC; der Vorstand empfiehlt, "GEGEN" diesen Vorschlag zu stimmen.
Die Einreichung besagt, dass keine SEC-Geb眉hr erforderlich war. Aktion盲re werden aufgefordert, die WEISSE Stimmkarte zu verwenden und k枚nnen online, telefonisch oder per Post abstimmen. Ein Ausbleiben der Stimmabgabe k枚nnte zu erheblichen 脛nderungen im Management und in der Aussch眉ttungspolitik f眉hren.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
| Check the appropriate box: | | |
| ☐ Preliminary Proxy Statement |
| ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ Definitive Proxy Statement | ||
| ☒ Definitive Additional Materials |
| |
| ☐ Soliciting Material Pursuant to § 240.14a-12 |
| |
BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| ☒ No fee required. |
| ☐ Fee paid previously with preliminary materials. |
| ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Your vote matters BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) Vote now to support your fund. Not voting risks significant changes to your investment and consistent distributions. HOW TO VOTE THIS VOTING INSTRUCTION FORM IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING “FOR” PROPOSAL 1 AND “AGAINST” PROPOSAL 2. 1. To Elect the Class I, Class II and Class III Board Member Nominees. 1a. Cynthia L. Egan (Class I) 1b. Lorenzo A. Flores (Class I) 1c. Stayce D. Harris (Class I) 1d. Catherine A. Lynch (Class I) 1e. R. Glenn Hubbard (Class II) 1f. W. Carl Kester (Class II) 1g. John M. Perlowski (Class II) 1h. Robert Fairbairn (Class III) 1i. J. Phillip Holloman (Class III) 1j. Arthur P. Steinmetz (Class III) For Against Abstain 2. If properly presented at the meeting, a proposal submitted by a hedge fund managed by Saba Capital Management, L.P. to terminate the investment management agreement between the Trust and BlackRock Advisors, LLC. For Against Abstain
Voting is simple Vote online By scanning the QR code or using the website provided on your enclosed WHITE proxy card Vote by phone By calling number on your enclosed WHITE proxy card Vote by mail By completing and returning your enclosed WHITE card in the postage paid envelope provided ONLY RETURN THE WHITE PROXY CARD YOU RECEIVE ON BEHALF OF BLACKROCK If you have already sent back a proxy card received from another shareholder, you can still change your vote by promptly voting on the WHITE proxy card, which will replace the proxy card you previously completed. If you have any questions about the proposals to be voted, please feel free to contact Georgeson LLC, toll free at 1-866-441-6128. Important information about the Fund This material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock ESG Capital Allocation Term Trust (ECAT). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities. Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and net asset value (NAV) will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and NAV of a fund’s shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount. © 2025 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. June 2025 | BlackRock ESG Capital Allocation Term Trust (ECAT) Not FDIC Insured • May Lose Value • No Bank Guarantee ECAT_2025_FL6
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FAQ
What proposals are up for vote in ECAT鈥檚 2025 proxy?
Proposal 2: Terminate the management agreement with BlackRock Advisors, LLC.
Which proxy card does the ECAT board endorse?
How does the ECAT board recommend voting on Proposal 1?
What is the board鈥檚 stance on the Saba Capital proposal (Proposal 2)?
Was an SEC filing fee required for this DEFA14A?
