Tekla Healthcare Opportunities Fund announces an Equity Buyback for to 12% of its outstanding common shares.
March 23, 2017 at 12:00 am EDT
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Tekla Healthcare Opportunities Fund announces a share repurchase program. Under the program, the company will repurchase up to 12% of its outstanding common shares. The shares will be purchased in open market. The company aims 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. 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 program will run for a one year period ending July 14, 2018.
abrdn Healthcare Opportunities Fund (the Fund), formerly Tekla Healthcare Opportunities Fund, is a non-diversified closed-end management investment company. The Fund's investment objective is to seek current income and long-term capital appreciation through investments in United States and non-United States companies in the healthcare industry, including equity securities, debt securities and pooled investment vehicles. It invests primarily in securities of public and private companies. The Fund invests up to 20 % of managed assets, measured at the time of investment, in the debt of healthcare companies. The Fund also invests in private companies and other restricted securities, including private investments in public equity and venture capital investments. It invests in health care providers and services, pharmaceuticals, health care equipment and supplies, life sciences tools and services, biotechnology, and medical devices and diagnostics. The Fund's investment adviser is abrdn Inc.