The Zweig Fund, Inc. Buyback
OLI recorded this information on 9/19/2012
Company: |
The Zweig Fund, Inc. |
Buyback: |
ZF buyback |
Share Amount Authorized: |
10% |
Buyback Details: |
The Boards of Directors of The Zweig Fund, Inc. and The Zweig Total Return Fund, Inc have expanded each fund's stock repurchase program as part of the ongoing efforts to narrow each fund's current discount to its net asset value (NAV) and thereby continue to enhance shareholder value. Under the revised stock repurchase programs, each fund may repurchase up to 10 percent of its outstanding shares of common stock. It is anticipated that repurchases would be conducted at discount levels exceeding 8 percent of NAV, but management was granted the authority to use its discretion to repurchase shares at narrower discount levels at times to maximize benefits to shareholders. These expanded stock repurchase programs amend the previous programs, announced on March 13, 2012, that had authorized the repurchase of up to 5 percent of each fund's outstanding shares over a three-year period. The new programs will remain in effect until the repurchases are completed unless otherwise determined by the boards. |
Virtus Total Return Fund is registered as a diversified, closed-end management investment company. The Fund's investment objective is capital appreciation, primarily through investment in equity securities, consistent with the preservation of capital. The Fund invests in sectors, such as information technology, energy, industrials, materials, and consumer discretionary. As of Dec. 31, 2016, The Fund's total assets were $312,339,000 and the Fund's investment portfolio was valued at $300,524,000.
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