Total return equity swap

[sfad]

Text says: with a total return equity swap, investor enters a swap to pay total return on the shares and receives LIBOR. If return is less than LIBOR, investor receives the difference, so return is LIBOR.
If return is less than LIBOR, why isn’t the return:
+Receive LIBOR
- Pay return on shares
Net return = LIBOR received – return on shares paid

 

[Third_Time_is_t]

If I’m understanding your question correctly, you’re missing the leg of the swap where the investor is getting the inflow from the return on shares; that is the same return on shares they are paying out. Hence, the two offset; and you’re left with LIBOR.
Please confirm if this clarifies your question based on the text to which you have alluded.