NEW YORK--(BUSINESS WIRE)--Macquarie Global Infrastructure Total Return Fund Inc. (NYSE:MGU) today announced that its Board of Directors has approved a share repurchase program authorizing the Fund to purchase, from time to time, up to 10% of the Fund’s common shares in open-market transactions, at the discretion of management, in an effort to reduce the Fund’s market price discount to net asset value.
Subject to the 10% limitation, the timing and amount of repurchases will be in the discretion of the Fund’s management. In exercising their discretion, management will take into account various other factors, including, but not limited to, the level of the discount, the Fund’s performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund.
If and when the Fund’s 10% threshold is reached, no further repurchases could be completed unless authorized by the Board. Until the 10% threshold is reached, Fund management will have the flexibility to seek to repurchase the Fund's common shares in open-market transactions if and when it is determined to be appropriate in light of prevailing circumstances. The share repurchase program is intended to benefit shareholders by enabling the Fund to repurchase shares at a discount to net asset value, thereby increasing the proportionate interest of each remaining shareholder in the Fund. There can be no assurance that this program will enhance shareholder value. The Board may amend or terminate this program, solely in its discretion, at any time during the duration of the program. Any such amendment or termination will be publicly disclosed.
About Macquarie Global Infrastructure Total Return Fund Inc.
Macquarie Global Infrastructure Total Return Fund Inc., a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund’s investment adviser is Delaware Management Company (“Investment Adviser”), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. (“MMHI”). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Investment Management (“MIM”), a member of Macquarie Group, is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
