Business Context and Reporting Period
This Form 8-K is a current report filed by Lazard Global Total Return and Income Fund, Inc. (the "Fund") on December 22, 2021. The Fund is a Maryland corporation with its principal executive offices in New York, New York. Its common stock trades on the New York Stock Exchange under the symbol "LGI".
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance changes rather than financial performance data.
Material Changes
The Board of Directors elected for the Fund to be subject to the Maryland Control Share Acquisition Act (MCSAA), effective immediately. This change limits the ability of holders of "control shares" to vote those shares above various threshold levels starting at 10% unless other stockholders approve the reinstatement of voting rights at a meeting.
Guidance, Outlook, and Risks
The Board believes the MCSAA election protects the interests of the Fund and its stockholders by limiting the ability of any single stockholder to exert undue influence for short-term gains at the expense of long-term value. The filing includes a standard risk disclosure stating that an investment in the Fund involves risk, including loss of principal, and that investment returns and share values will fluctuate.
Key Facts for Investor Verification
- The Fund is now subject to the Maryland Control Share Acquisition Act (MCSAA).
- Voting rights for holders of "control shares" (starting at 10% ownership) are restricted unless approved by other stockholders.
- The Fund has filed Amended and Restated Bylaws as Exhibit 5.03 to reflect this change.
- No financial performance data is included in this specific filing.