Virtus Total Return Fund Inc. Announces Commencement of Tender Offer
Virtus Total Return Fund Inc. (NYSE: ZTR) has announced the commencement of a tender offer starting January 7, 2025, and expiring on February 6, 2025, at 5 p.m. Eastern time. The Fund aims to acquire up to 10% of its outstanding shares at a price equal to 98% of the Fund's net asset value (after deducting tender offer-related expenses) as determined at the close of regular trading on the expiration date.
If shareholders tender more than 10% of the Fund's outstanding shares, purchases will be made on a pro rata basis. The tender offer's terms and conditions are detailed in the Fund's Tender Offer statement and Letter of Transmittal filed with the SEC.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha annunciato l'inizio di un'offerta di acquisto a partire dal 7 gennaio 2025 e che scadr脿 il 6 febbraio 2025, alle 17:00 ora orientale. Il Fondo si propone di acquisire fino al 10% delle sue azioni in circolazione a un prezzo pari a 98% del valore patrimoniale netto del Fondo (dopo aver detratto le spese relative all'offerta di acquisto) come determinato alla chiusura della contrattazione regolare nella data di scadenza.
Se gli azionisti offriranno pi霉 del 10% delle azioni in circolazione del Fondo, gli acquisti saranno effettuati su base pro rata. I termini e le condizioni dell'offerta di acquisto sono dettagliati nella dichiarazione di offerta di acquisto e nella lettera di trasmissione del Fondo depositate presso la SEC.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha anunciado el inicio de una oferta de compra que comenzar谩 el 7 de enero de 2025 y expirar谩 el 6 de febrero de 2025, a las 5 p.m. hora del Este. El Fondo tiene como objetivo adquirir hasta el 10% de sus acciones en circulaci贸n a un precio equivalente al 98% del valor neto de los activos del Fondo (despu茅s de deducir los gastos relacionados con la oferta de compra) seg煤n lo determinado al cierre de la negociaci贸n regular en la fecha de vencimiento.
Si los accionistas ofrecen m谩s del 10% de las acciones en circulaci贸n del Fondo, las compras se realizar谩n de manera proporcional. Los t茅rminos y condiciones de la oferta de compra se detallan en la declaraci贸n de oferta de compra y en la carta de transmisi贸n del Fondo depositadas ante la SEC.
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Virtus Total Return Fund Inc. (NYSE: ZTR) a annonc茅 le d茅but d'une offre de rachat commen莽ant le 7 janvier 2025 et expirant le 6 f茅vrier 2025 脿 17 heures, heure de l'Est. Le Fonds vise 脿 acqu茅rir jusqu'脿 10% de ses actions en circulation 脿 un prix 茅gal 脿 98% de la valeur nette d'actifs du Fonds (apr猫s d茅duction des frais li茅s 脿 l'offre de rachat) tel que d茅termin茅 脿 la cl么ture de la n茅gociation r茅guli猫re 脿 la date d'expiration.
Si les actionnaires proposent plus de 10% des actions en circulation du Fonds, les achats seront effectu茅s sur une base proportionnelle. Les termes et conditions de l'offre de rachat sont d茅taill茅s dans l'茅tat de l'offre de rachat et la lettre de transmission du Fonds d茅pos茅s aupr猫s de la SEC.
Virtus Total Return Fund Inc. (NYSE: ZTR) hat den Beginn eines R眉ckkaufangebots angek眉ndigt, das am 7. Januar 2025 beginnt und am 6. Februar 2025 um 17:00 Uhr Eastern Time endet. Der Fonds beabsichtigt, bis zu 10% seiner ausstehenden Aktien zu einem Preis zu erwerben, der 98% des Nettoverm枚gens des Fonds entspricht (nach Abzug der mit dem R眉ckkaufangebot verbundenen Kosten), wie zum Schluss der regul盲ren Handelszeit am Ablaufdatum festgelegt.
Wenn Aktion盲re mehr als 10% der ausstehenden Aktien des Fonds anbieten, erfolgen die K盲ufe auf einer proportionalen Basis. Die Bedingungen und Konditionen des R眉ckkaufangebots sind in der R眉ckkaufangebotserkl盲rung und dem 脺bertragungsbrief des Fonds, die bei der SEC eingereicht wurden, detailliert beschrieben.
- Shareholders have opportunity to sell shares at 98% of NAV
- 10% of outstanding shares to be repurchased, potentially increasing value for remaining shareholders
- 2% discount to NAV on tendered shares
- Pro-rata allocation if more than 10% shares tendered, limiting full exit opportunity
Insights
The tender's timing and structure suggest a strategic move to address potential discount concerns while maintaining the fund's core investment strategy and asset base. The conditional nature that was previously announced and now met indicates careful consideration of market conditions and shareholder interests in the implementation.
Historical patterns suggest that funds implementing tender offers often see their market price converge closer to NAV during the tender period, benefiting both participating and non-participating shareholders. The 98% NAV pricing point is particularly noteworthy as it represents a relatively modest discount, potentially indicating management's confidence in the fund's underlying portfolio quality and their commitment to shareholder value. The pro-rata mechanism could lead to increased trading volume as investors calibrate their tender participation based on expected proration factors.
The Fund intends to acquire up to
The Tender Offer is being made on the terms and subject to the conditions set forth in the Fund鈥檚 Tender Offer statement and related Letter of Transmittal that have been filed with the Securities and Exchange Commission (鈥淪EC鈥�).
About the Fund
is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, Inc. is the investment adviser and and are the subadvisers to the Fund. For more information on the Fund, contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section of .
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund鈥檚 shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a premium or discount to their NAV. For more information about the Fund鈥檚 investment objective and risks, please see the Fund鈥檚 annual report. A copy of the Fund鈥檚 most recent annual report may be obtained free of charge by contacting 鈥淪hareholder Services鈥� as set forth at the bottom of this press release.
The Tender Offer will only be made pursuant to a tender offer statement on Schedule TO containing an offer to purchase, a related letter of transmittal and other documents filed with the SEC as exhibits to the tender offer statement on Schedule TO (collectively, the 鈥淭ender Offer Materials鈥�), with all such documents made available on the SEC鈥檚 website at sec.gov. The Fund will also make available to shareholders, without charge, the offer to purchase, the letter of transmittal, and other necessary documents related to the Tender Offer. Shareholders should read any Tender Offer Materials carefully and, in their entirety, when and if they become available, as well as any amendments or supplements thereto, as they would contain important information about the Tender Offer.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Investing involves risk and it is possible to lose money on any investment in the Fund.
View source version on businesswire.com:
For Further Information:
Shareholder Services
(866) 270-7788
closedendfunds@virtus.com
Source: Virtus Total Return Fund Inc.
FAQ
When does the ZTR tender offer begin and end?
What percentage of shares will ZTR purchase in the tender offer?
What is the purchase price for ZTR shares in the tender offer?
What happens if more than 10% of ZTR shares are tendered?
