NEW YORK--(BUSINESS WIRE)--
Lazard Global Total Return and Income Fund, Inc. (NYSE:LGI) (the "Fund"), a closed-end investment company, announced today that its Board of Directors has approved a stock repurchase program for the Fund.
The Fund's Board of Directors has authorized the repurchase, through November 30, 2017, of an aggregate of 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.
The Fund's Board of Directors has delegated to Lazard Asset Management LLC ("LAM") discretion to determine the amount and timing of repurchases of shares of the Fund in accordance with the best interests of the Fund, subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer's stock by the issuer, the ability of the Fund to raise cash to repurchase shares of the Fund's common stock in a tax-efficient manner and general market conditions. There can be no assurance that the program will enhance stockholder value or increase the market value of the Fund's shares.
The Fund's Board of Directors will receive periodic reports on repurchase activity as part of its ongoing oversight of the program. The Board of Directors could determine to discontinue the program at any time. Any amendment to the Fund's announced stock repurchase program will be publicly disclosed.
The Fund is a diversified, closed-end management investment company which commenced investment operations on April 28, 2004. The Fund's investment objective is total return, consisting of capital appreciation and income.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), LAM, the Fund's investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of September 30, 2016, LAM and affiliated asset management companies in the Lazard Group managed $205 billion worth of client assets. For more information about LAM, please go to www.LazardNet.com.
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of the Fund's shares in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
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