Lazard Global Total Return and Income Fund, Inc. announces an Equity Buyback for 5% of issued share capital.
November 09, 2016 at 05:00 am
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Lazard Global Total Return and Income Fund, Inc. (NYSE:LGI) announces a share repurchase program. Under the plan, the company will repurchase up to 5% of the Fund's outstanding shares in open-market transactions. The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect on the Fund's expense ratio. Lazard Asset Management LLC acted as a broker for the company. The shares will be repurchased till November 30, 2017.
Lazard Global Total Return and Income Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fundâs investment objective is total return, consisting of capital appreciation and income. The Fund seeks to achieve its objective by investing in a portfolio of approximately 60-80 United States and non-United States equity securities, generally with a market cap of $2 billion or greater, at the time of purchase, and may invest in emerging markets. It seeks enhanced income by investing in short duration (typically below one year) emerging market forward currency contracts and other emerging market debt instruments. It invests in various sectors, including communication services, consumer discretionary, consumer staples, financials, healthcare, industrials, information technology, materials, sovereign debt and short-term investments.