Macquarie Global Infrastructure Total Return Fund Inc. Announces Final Results of Cash Tender Offer
November 20 2012 - 9:13AM
Business Wire
Macquarie Global Infrastructure Total Return Fund Inc. (NYSE:
MGU) (the “Fund”) announced today the final results of its cash
tender offer for up to 3,463,415 (representing approximately 20%)
of its issued and outstanding shares of common stock (the “Offer”).
The Offer expired on November 16, 2012, at 12:00 midnight, New York
City time.
Based on information provided by The Colbent Corporation, the
depository for the tender offer, approximately 8,199,887 shares of
common stock or approximately 47.4% of the Fund’s outstanding
shares of common stock were properly tendered, and the Fund has
accepted 3,463,415 shares for cash payment at a price equal to
$19.49 per share, which represents 95% of the Fund’s net asset
value per share (“NAV”) as of the close of regular trading session
of the New York Stock Exchange (“NYSE”) on November 19, 2012. Since
the total number of shares tendered exceeds the number of shares
the Fund offered to purchase, on a pro-rated basis, 42.2% of the
shares of common stock tendered by each tendering shareholder were
accepted for payment. Following the purchase of the properly
tendered shares, the Fund will have approximately 13,853,659
outstanding shares.
The Fund previously announced that it would commence a
subsequent conditional offer for up to 10% of the then-outstanding
shares of common stock at a price equal to 92% of the net asset
value per share, determined as of the business day immediately
following the day the subsequent conditional tender offer expires,
if: (1) more than 25% of the Fund’s outstanding shares of common
stock are validly tendered and not properly withdrawn pursuant to
the Offer and (2) the Fund’s shares have traded at a market price
that represents an average daily discount from net asset value of
more than 8% during the 20-business day period beginning January
15, 2013 (“measuring period”). The Fund would commence a subsequent
tender offer no later than fifteen business days following the
conclusion of the measuring period. The first condition has been
met because more than 25% of the Fund’s outstanding shares of
common stock were validly tendered and not withdrawn pursuant to
the Offer. The subsequent conditional offer will occur if the
second condition is met, which will be announced after the end of
the measuring period.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements. These
statements are based on the current expectations and beliefs of the
Fund’s management and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. The
forward-looking statements contained in this document include
references to completion of the tender offer and the payment for
shares related thereto. These statements, including their
underlying assumptions, are subject to risks and uncertainties and
are not guarantees of future performance. Results may differ due to
various factors such as the possibility that shareholders may not
tender their shares in the tender offer, or other conditions to
completion of the tender offer are not satisfied. For further
details of these risks, you should read our filings with the
Securities and Exchange Commission related to the tender offer,
including our Schedule TO and the documents referred to therein.
Except as required by law, the Fund is under no obligation to (and
expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events, or otherwise.
About Macquarie Global Infrastructure Total Return Fund
Inc.
Macquarie Global Infrastructure Total Return Fund Inc. is a
non-diversified, closed-end management investment company that
seeks to provide a high level of total return consisting of
dividends and other income, and capital appreciation. The Fund’s
investment adviser is Macquarie Capital Investment Management LLC
with its principal executive offices located at 125 West 55th
Street, New York, New York 10019. The Fund is a closed-end fund and
does not continuously offer or redeem shares.
About Macquarie
Macquarie Group (Macquarie) is a global provider of banking,
financial, advisory, investment and funds management services.
Macquarie’s main business focus is making returns by providing a
diversified range of services to clients. Founded in 1969,
Macquarie operates in more than 70 office locations in 28 countries
and employs more than 13,400 people. Assets under management total
approximately US$351 billion at September 30, 2012.
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