BlackRock MuniYield Michigan Quality Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 5% of its issued share capital.
November 15, 2023 at 12:00 am EST
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BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) announces a share repurchase program. Under the program, the company will repurchase its own shares, representing 5% of its issued share capital. The purpose of the plan is to enhance shareholder value. The repurchases will commence on December 1, 2023 and will be valid till November 30, 2024.
BlackRock Advisors, LLC acted as legal advisor to the company.
BlackRock MuniYield Michigan Quality Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide shareholders with as high a level of current income exempt from federal and Michigan income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Michigan income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund invests in various sectors, such as education, health, state, state, utilities, transportation, housing, county/city/special district/school district, and tobacco. The Fund's investment adviser is BlackRock Advisors, LLC.
BlackRock MuniYield Michigan Quality Fund, Inc. announces an Equity Buyback for repurchase of its own shares, representing 5% of its issued share capital.