BlackRock Energy and Resources Income AGM 2023

Refreshments and a sandwich lunch will be provided.

At present UK Government restrictions on public gatherings are no longer in force in connection with COVID-19 and we therefore intend to hold the AGM in the normal way with physical attendance by shareholders. However, although unlikely, shareholders should be aware that it is possible that such restrictions could be reimposed if required prior to the date of the AGM and therefore we recommend that as well as physical attendance, shareholders also cast their votes by proxy to ensue that their votes are counted in the event that they are unable to attend.

Shareholders who intend to attend the AGM should ensure that they have read and understood the venue requirements for entry to the AGM. These requirements, along with further information on the business of this year’s AGM, can be found in the Directors Report contained in the Annual Report for the year ended 30 November 2022.

The Board very much looks forward to meeting shareholders and answering any question you may have on the day. We hope you can attend this year’s AGM; light refreshments will be made available to shareholders who have attended the AGM.

The Board notes that although the Company has in previous years sought authority from shareholders at the AGM to issue up to 10% of share capital with pre-emption rights disapplied, to the extent demand for the Company’s shares remains strong, there is a possibility that this will be insufficient to last until the AGM in 2024 and the Company will need to convene additional special General Meetings in order to request further authority. To minimise the cost to shareholders and to ensure the Company is positioned to issue into market demand on a timely basis, the Board is seeking additional shareholder authority at the forthcoming Annual General meeting to issue and allot new shares for an additional 10% over and above the 10% authority that is usually sought.  These issuance and allotment authorities are structured as four separate resolutions; two seek to renew the Board’s power to sell shares from Treasury and/or to issue new shares, and to do so on a non pre-emptive basis up to 10% of the Company’s issued share capital, with two equivalent resolutions for an additional 10%. It should be noted that any shares issued will be a premium to the NAV per share. The Board believes these resolutions are in shareholders’ best interests and encourages shareholders to support them. There can be no certainty that issuance will continue at the same level; however by seeking this additional 10% authority concurrently with the usual 10% authority, your Board is seeking to ensure that the Company is position to allot new shares into market demand at minimal cost to shareholders.  Such issuance will also increase the capital base over which the Company’s fixed costs are spread, reducing the Company’s ongoing charges ratio and further minimising costs for shareholders.