HARTFORD, Conn., May 26, 2017 /PRNewswire/ -- The Virtus Global
Dividend & Income Fund Inc. (NYSE: ZTR) and the Virtus Total
Return Fund Inc. (NYSE: ZF) have each commenced a tender offer to
acquire for cash up to 5 percent of its outstanding shares at a
price equal to 98 percent of the fund's net asset value per share
as of the close of regular trading on the New York Stock Exchange
on the date the offer expires. If more than 5 percent of a fund's
outstanding shares are tendered, the fund will purchase shares from
tendering stockholders on a pro-rata basis.
The tender offers are being made on the terms and subject to the
conditions set forth in the Issuer Tender Offer Statements and
related Letters of Transmittal that have been filed with the
Securities and Exchange Commission. The tender offers will
terminate at 11:59 p.m. (Eastern) on
June 23, 2017, unless extended. The
pricing dates will also be June 23,
2017, unless the tender offers are extended.
In connection with the tender offers, each fund has temporarily
suspended its open-market purchases of shares pursuant to its share
repurchase program until on or about 10 business days after the
termination of the tender offer, as required by the Securities
Exchange Act of 1934, as amended.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell shares of the funds. The
tender offers are being made only by an Issuer Tender Offer
Statement, a related Letter of Transmittal and other documents,
which have been filed with the Securities and Exchange Commission.
Shareholders of each fund should read the Issuer Tender Offer
Statements and related exhibits, as they contain important
information about the tender offers. These and other filed
documents are available to investors for free both at the website
of the Securities and Exchange Commission and from the fund.
Shareholders may obtain further information regarding the Tender
Offers from Georgeson LLC, the Information Agent for the Tender
Offers, by calling (866) 821-0284 for inquiries relating to ZTR and
(866) 775-2705 for inquiries relating to ZF.
About the Funds
The Virtus Global Dividend &
Income Fund Inc. is a diversified closed-end fund that seeks to
generate total return, consisting of capital appreciation and
income. Virtus Investment Advisers is the adviser to the fund and
Kayne Anderson Rudnick and Newfleet Asset Management are
subadvisers. The fund's investment strategy has a current target
allocation of 60 percent equities, incorporating Kayne Anderson Rudnick's global dividend yield
strategy, and 40 percent fixed income, using Newfleet's
multi-sector core plus strategy. The fund also pursues an options
income strategy whereby it purchases and sells out-of-the money
puts and calls, creating an options spread.
The Virtus Total Return Fund Inc. (formerly known as The Zweig
Fund, Inc.) is a diversified closed-end fund whose investment
objective is capital appreciation, with income as a secondary
objective. The fund has a current target allocation of
approximately 60 percent equity securities, primarily invested
globally in owners/operators of infrastructure in the
communications, utility, energy, and transportation industries, and
40 percent fixed income, designed to generate high current income
and total return through the application of active sector rotation,
extensive credit research, and disciplined risk management. The
fund also pursues an options overlay strategy that seeks to
generate additional income through the use of index-based,
out-of-the money put and call spreads. Virtus Investment Advisers
is the adviser to the fund and Duff & Phelps Investment
Management and Newfleet Asset Management are the subadvisers.
For more information about the funds, contact Shareholder
Services at (866) 270-7788, by email at closedendfunds@virtus.com,
or through the closed end fund section on the web at
www.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 discount to their
net asset value.
Forward-Looking Information
This press release
contains statements that are, or may be considered to be,
forward-looking statements. All statements that are not historical
facts, including statements about beliefs or expectations, are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements may be
identified by such forward-looking terminology as "expect,"
"estimate," "plan," "intend," "believe," "anticipate," "may,"
"will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the funds
undertake no obligation to update or review any forward-looking
statements. The funds can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
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SOURCE Virtus Global Dividend & Income Fund Inc.; Virtus
Total Return Fund Inc.