BOSTON--(BUSINESS WIRE)--Third paragraph of release dated May 19, 2014, should read: The rights may be exercised any time during the period from Friday, June 6, 2014 to Monday, June 23, 2014 at 5:00 p.m., Eastern Time. (instead of The rights may be exercised any time during the period from Tuesday, June 6, 2014 to Monday, June 23, 2014 at 5:00 p.m., Eastern Time.)
The corrected release reads:
H&Q LIFE SCIENCES INVESTORS ANNOUNCES TERMS OF NON-TRANSFERABLE RIGHTS OFFERING
H&Q Life Sciences Investors (the “Fund”) announced the terms of its non-transferable rights offering (the “Offer”). The Offer entitles shareholders of record on May 30, 2014 to subscribe for an aggregate of 5,095,792 additional shares of beneficial interest of the Fund through the exercise of rights. The proceeds from the Offering (if commenced) would allow the Fund to take advantage of new investment opportunities without having to reduce existing holdings. Increasing the assets of the Fund may also result in certain economies of scale which may lower the Fund’s fixed expenses as a percentage of average net assets.
The Fund will issue to shareholders one non-transferable right for each share of the Fund owned, rounded down to the nearest number of rights evenly divisible by three. Pursuant to the Offer, shareholders will be entitled to acquire one share of the Fund for every three rights held. Fractional shares will not be issued upon the exercise of rights. The rights will not be admitted for trading on the New York Stock Exchange. Shareholders who fully exercise their rights will have, subject to certain limitations and subject to allotment, an over-subscription privilege to subscribe for additional shares. The Fund may issue, at its discretion, up to an additional 25% of the shares available pursuant to the Offer to honor over-subscriptions.
The rights may be exercised any time during the period from Friday, June 6, 2014 to Monday, June 23, 2014 at 5:00 p.m., Eastern Time.
The final subscription price per share will be 95% of the volume weighted average price of a share of the Fund on the New York Stock Exchange on June 25, 2014 (the “Pricing Date”) and the three preceding business days.
The Offer will be made only by means of a prospectus, which, along with exercise instructions, is expected to be mailed to shareholders on or about June 5, 2014. The Offer, including the terms described herein, is subject to effectiveness of the Fund’s registration statement on file with the U.S. Securities and Exchange Commission. The definitive terms of the Offer, including the estimated subscription price, will be contained in the Fund’s prospectus for the Offer.
H&Q Life Sciences Investors (NYSE: HQL) is a closed-end fund that invests in public and private 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.
This communication shall not constitute an offer to sell or a solicitation for an offer to buy these securities, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the laws of any such State.