Tekla Life Sciences Investors announces an Equity Buyback.
March 23, 2017 at 12:00 am EDT
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Tekla Life Sciences Investors announces a share repurchase program. Under the program, the company will repurchase up to 12% of its outstanding shares. The shares will be repurchased in the open market. The Board authorized the program as a result of its periodic review of the options available to enhance the shareholders’ value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The 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. There is no assurance that the Fund will repurchase the 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 repurchases. The Board will monitor the effect of the program on the Fund's market price and the net asset value per share, expense ratio and investment strategy over time. The amount and the timing of the repurchases will be made at the discretion of Tekla Capital Management LLC, the Fund’s investment adviser. The program will be valid for a period of one year ending on July 14, 2018.
abrdn Life Sciences Investors (the Fund), formerly Tekla Life Sciences Investors, is a non-diversified closed-end management investment company. The Fund's investment objective is long-term capital appreciation through investment in United States and foreign companies in the life sciences industry, including biotechnology, pharmaceutical, diagnostics, managed healthcare and medical equipment, hospitals, healthcare information technology and services, devices and supplies, and agriculture and environmental management. The Fund invests primarily in securities of public and private companies, which have the potential for above-average growth. The Fund invests up to 20% of its net assets in securities of foreign issuers, expected to be located primarily in Western Europe, Canada and Japan, and securities of United States issuers that are traded primarily in foreign markets. The Fund's investment adviser is abrdn Inc.