Virtus Total Return Fund Inc. Announces Final Results of Tender Offer
Virtus Total Return Fund Inc. (NYSE: ZTR) has completed its previously announced tender offer, accepting 6,172,049 shares, representing 10% of its outstanding shares. The tender offer, which expired on February 6, 2025, received a total of 20,219,605 properly tendered shares. Due to oversubscription, shares were accepted on a prorated basis, with approximately 30.53% of shares tendered by each stockholder being accepted for payment.
The purchase price was set at $6.4386 per share, representing 98% of the Fund's net asset value per share as determined at the close of regular trading on the New York Stock Exchange on February 6, 2025. Payment for the accepted shares is scheduled for around February 12, 2025.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha completato la sua offerta di acquisto precedentemente annunciata, accettando 6.172.049 azioni, che rappresentano il 10% delle sue azioni in circolazione. L'offerta di acquisto, scaduta il 6 febbraio 2025, ha ricevuto un totale di 20.219.605 azioni correttamente offerte. A causa dell'eccesso di adesioni, le azioni sono state accettate su base proporzionale, con circa il 30,53% delle azioni offerte da ciascun azionista accettate per il pagamento.
Il prezzo di acquisto è stato fissato a $6.4386 per azione, che rappresenta il 98% del valore netto degli attivi del Fondo per azione, come determinato alla chiusura delle contrattazioni regolari sulla Borsa di New York il 6 febbraio 2025. Il pagamento per le azioni accettate è previsto intorno al 12 febbraio 2025.
Virtus Total Return Fund Inc. (NYSE: ZTR) ha completado su oferta de compra previamente anunciada, aceptando 6.172.049 acciones, que representan el 10% de sus acciones en circulación. La oferta de compra, que expiró el 6 de febrero de 2025, recibió un total de 20.219.605 acciones debidamente ofrecidas. Debido a la sobreadhesión, las acciones se aceptaron de manera prorrateada, con aproximadamente el 30,53% de las acciones ofrecidas por cada accionista aceptadas para el pago.
El precio de compra se estableció en $6.4386 por acción, que representa el 98% del valor neto de los activos del Fondo por acción, según lo determinado al cierre de la negociación regular en la Bolsa de Nueva York el 6 de febrero de 2025. El pago por las acciones aceptadas está programado para alrededor del 12 de febrero de 2025.
Virtus Total Return Fund Inc. (NYSE: ZTR)는 이전에 발표된 매수 제안을 완료하였으며, 6,172,049주를 수락하였습니다. 이는 발행 주식의 10%에 해당합니다. 매수 제안은 2025년 2월 6일에 만료되었으며, 총 20,219,605주가 적절하게 제출되었습니다. 초과 신청으로 인해, 각 주주가 제출한 주식의 약 30.53%가 비례적으로 수락되었습니다.
구매 가격은 $6.4386 per 주로 설정되었으며, 이는 2025년 2월 6일 뉴욕 증권 거래소에서 정규 거래 종료 시점에 기준하여 펀드의 주당 순자산 가치의 98%에 해당합니다. 수락된 주식에 대한 지급은 2025년 2월 12일경에 예정되어 있습니다.
Virtus Total Return Fund Inc. (NYSE: ZTR) a complété son offre de rachat précédemment annoncée, acceptant 6.172.049 actions, représentant 10 % de ses actions en circulation. L'offre de rachat, qui a expiré le 6 février 2025, a reçu un total de 20.219.605 actions correctement soumises. En raison de la sursouscription, les actions ont été acceptées sur une base prorata, avec environ 30,53 % des actions soumises par chaque actionnaire acceptées pour le paiement.
Le prix d'achat a été fixé à $6.4386 par action, ce qui représente 98 % de la valeur nette des actifs du Fonds par action, tel que déterminé à la clôture des échanges réguliers à la Bourse de New York le 6 février 2025. Le paiement pour les actions acceptées est prévu autour du 12 février 2025.
Virtus Total Return Fund Inc. (NYSE: ZTR) hat sein zuvor angekündigtes Rückkaufangebot abgeschlossen und 6.172.049 Aktien angenommen, was 10% seiner ausstehenden Aktien entspricht. Das Rückkaufangebot, das am 6. Februar 2025 abgelaufen ist, hat insgesamt 20.219.605 ordnungsgemäß angebotene Aktien erhalten. Aufgrund der Überzeichnung wurden die Aktien anteilig akzeptiert, wobei etwa 30,53% der von jedem Aktionär angebotenen Aktien zur Zahlung angenommen wurden.
Der Kaufpreis wurde auf $6.4386 pro Aktie festgelegt, was 98% des Nettovermögenswerts des Fonds pro Aktie entspricht, wie er zum Ende des regulären Handels an der New Yorker Börse am 6. Februar 2025 bestimmt wurde. Die Zahlung für die akzeptierten Aktien ist für etwa den 12. Februar 2025 geplant.
- Successful completion of planned 10% share buyback program
- Strong shareholder participation with 3.3x oversubscription
- Purchase price set at minimal 2% discount to NAV
- Only 30.53% of tendered shares accepted due to oversubscription
- Shareholders unable to sell their full intended position
Insights
The overwhelming response to Virtus Total Return Fund's tender offer, with 20.2M shares tendered against 6.17M shares accepted, reveals significant insights about both the fund and investor sentiment. The 327% oversubscription rate is particularly noteworthy, as it indicates substantial shareholder interest in liquidating positions at a modest 2% discount to NAV.
The tender offer's structure and execution carry several important implications:
- The high participation rate suggests shareholders view the tender price of
$6.4386 as attractive, likely due to the fund historically trading at a wider discount to NAV in the secondary market. - With only
30.53% of tendered shares accepted, many shareholders will retain larger positions than desired, potentially creating near-term selling pressure in the open market. - For remaining long-term shareholders, the tender offer is moderately accretive to NAV, as shares are being repurchased below their intrinsic value.
The tender offer represents a
The Fund accepted 6,172,049 shares, representing
The purchase price of the accepted shares is
About the Fund
Virtus Total Return Fund Inc. is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, LLC is the investment adviser and Duff & Phelps Investment Management Co. and Newfleet Asset Management 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 virtus.com.
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund’s 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’s investment objective and risks, please see the Fund’s annual report. A copy of the Fund’s most recent annual report may be obtained free of charge by contacting “Shareholder Services” as set forth at the bottom of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212981610/en/
For Further Information:
Shareholder Services
(866) 270-7788
closedendfunds@virtus.com
Source: Virtus Total Return Fund Inc.
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