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Tekla Healthcare Investors Announce Renewal of Share Repurchase Program
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Tekla Healthcare Investors (NYSE: HQH) has announced a renewal of its share repurchase program, allowing for the purchase of up to 12% of its outstanding common shares in the open market. This program will run for one year, ending July 14, 2024. The initiative aims to enhance shareholder value and potentially close the gap between the fund's market price and its net asset value. The timing and amount of repurchases will be determined by Tekla Capital Management LLC, the fund's investment adviser. While the program is designed to increase net asset value and provide liquidity, there is no guarantee of any specific outcome.
Positive
Renewal of share repurchase program allows purchase of up to 12% of outstanding shares, enhancing shareholder value.
Potential to reduce market price discount relative to net asset value, benefiting overall fund value.
Negative
No assurance that share repurchases will lead to an increase in market price or net asset value.
Discretionary nature of repurchase timing may not align with market opportunities.
BOSTON--(BUSINESS WIRE)--
Tekla Healthcare Investors (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2023. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2024. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.
The amount and timing of repurchases will be at the discretion of Tekla Capital Management LLC, the investment adviser to the Fund. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts or on any specific date. The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the Fund’s shares, either absolute or relative to net asset value, will increase as a result of any share repurchases. The Board will monitor the effect of the share repurchase program on the Fund’s market prices and net asset value per share, expense ratio and investment strategy over time.
Tekla Healthcare Investors (NYSE: HQH) is a closed-end fund that invests in companies in the healthcare industry. Tekla Capital Management LLC, based in Boston, serves as investment adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.
For additional information, please consult www.teklacap.com or call (877) 855-3434.
