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Tekla Life Sciences Investors Announce Renewal of Share Repurchase Program
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Tekla Life Sciences Investors (NYSE: HQL) has announced a renewal of its share repurchase program, allowing the purchase of up to 12% of outstanding shares for one year until July 14, 2024. This move aims to enhance shareholder value and potentially close the discount between market price and net asset value per share. The repurchase program is at the discretion of Tekla Capital Management LLC and will be periodically reviewed. It aims to increase net asset value per share and liquidity in trading, although no assurance is given regarding specific buyback levels or market price effects.
Positive
Renewed share repurchase program to buy up to 12% of shares enhances shareholder value.
Potential to increase net asset value per share and market liquidity.
Negative
No assurance that market price will increase due to repurchase activities.
BOSTON--(BUSINESS WIRE)--
Tekla Life Sciences 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, 20233. 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 Life Sciences Investors (NYSE: HQL) is a closed-end fund that invests in companies in the life sciences 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.
