Lazard Global Total Return and Income Fund, Inc.

Rhea-AI Summary

Lazard Global Total Return and Income Fund (NYSE: LGI) has elected to be subject to the Maryland Control Share Acquisition Act (MCSAA) to protect the interests of its stockholders. This law limits the voting rights of holders of 'control shares' above 10% unless approved by other stockholders. The move aims to prevent undue influence from single stockholders seeking short-term gains, ensuring long-term value for all stockholders. As of November 30, 2021, Lazard's investment manager, LAM, managed $267.4 billion in client assets, highlighting its significant market presence.

Positive

• The election to be subject to the MCSAA aims to protect stockholders' long-term interests.
• Limits the influence of large shareholders, potentially stabilizing the Fund's performance.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Lazard Global Total Return and Income Fund, Inc. (NYSE: LGI) (the "Fund") announced today that the Board of Directors of the Fund has elected that the Fund be subject to the Maryland Control Share Acquisition Act (the "MCSAA"), effective immediately. The Board believes that electing to be subject to the MCSAA protects the interests of the Fund and its stockholders. The objective of the MCSAA is to protect the interests of all stockholders of a Maryland corporation. Maryland lawmakers instituted the MCSAA to limit the ability of any single stockholder to exert undue influence in pursuit of short-term gains at the expense of long-term value for fund stockholders and a fund's ability to achieve its investment objective.

The election to become subject to the MCSAA limits the ability of holders of "control shares" to vote those shares above various threshold levels that start at 10% unless the other stockholders of a Fund reinstate or approve those voting rights at a meeting of stockholders as provided in the MCSAA.

The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA and the Fund's bylaws for more information, including definitions of key terms, various exclusions and exemptions from the statute's scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of "control shares."

An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any commentary provided in this press release is for informational purposes only.

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 November 30, 2021, LAM and affiliated asset management companies in the Lazard Group managed $267.4 billion worth of client assets. For more information about LAM, please go to www.LazardAssetManagement.com. Follow LAM at @LazardAsset.

Forward-Looking Statements

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "could", "would", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "target," "goal", or "continue", and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005529/en/

Media contact:

Zoe Butt, +44 20 7448 2802

zoe.butt@lazard.com

Investor contact:

Ben Wulfsohn, +1 800 828 5548

ben.wulfsohn@lazard.com

Source: Lazard Global Total Return and Income Fund, Inc.

FAQ

What is the Maryland Control Share Acquisition Act relevant to LGI?

The MCSAA restricts voting rights of control share holders above 10%, aiming to protect stockholders from undue influence.

How does the MCSAA affect LGI's stockholders?

It ensures that no single stockholder can exert excessive influence, supporting long-term investment goals.

What significant assets does Lazard manage as of November 30, 2021?

Lazard's investment manager, LAM, managed $267.4 billion in client assets.