Tekla Capital Management LLC (Tekla) announced today that the requisite vote has been attained to approve the new investment advisory agreement with abrdn Inc. for each of its four closed-end funds (the Funds).
The Funds are:
- Tekla Healthcare Investors (HQH)
- Tekla Life Sciences Investors (HQL)
- Tekla Healthcare Opportunities Fund (THQ)
- Tekla World Healthcare Fund (THW)
Tekla Healthcare Opportunities Fund (THQ) and Tekla World Healthcare Fund (THW) approved the proposal at the Special Meetings held on October 25th, 2023. Tekla Healthcare Investors (HQH) and Tekla Life Sciences Investors (HQL) approved the proposal at the Special Meetings of Shareholders held previously on October 13th and October 3rd respectively.
Upon the close of business on October 27, 2023, the New Advisory Agreements for each of the Funds will become effective and abrdn Inc. will assume its responsibilities thereunder.
About Tekla
Tekla is an asset manager primarily focused on healthcare investing. Since its inception, Tekla has maintained a singular focus on the asset class. Its expertise comes from a diverse team of individuals, many with advanced degrees in science and business, investing experience and industry experience that help drive investment decisions. For more information, please visit www.teklacap.com.
About abrdn
abrdn is a global investment company that helps clients and customers plan, save and invest for the future. abrdn’s purpose is to enable its clients to be better investors. abrdn manages and administers £496bn of assets for clients (as at 30 June 2023). abrdn is structured around three businesses – Investments, Adviser and Personal – focused on their changing needs. The capabilities in abrdn’s Investments business are built on the strength of its insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge. abrdn’s teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs. As at 30 June 2023, abrdn’s Investments business manages £368bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices. For more information, please visit www.abrdn.com.
Additional Information about the Funds and the transaction
This press release is not intended to, and does not, solicit any proxy from any shareholder of the Funds. The solicitation of proxies to effect the transaction described herein is made by a definitive proxy statement.
The Funds and their trustees and officers, Tekla and its officers and employees, and other persons may be deemed to be participants in the solicitation of proxies with respect to the approval of new investment management contracts described herein. Fund shareholders may obtain more detailed information regarding the direct and indirect interests of a Fund’s trustees and officers, Tekla and its officers and employees, and other persons by reading the proxy statement relating to the transaction that has been filed with the Securities and Exchange Commission. Fund shareholders should read the proxy statement because it contains important information. The proxy statement is available for free at the Securities and Exchange Commission’s website (www.sec.gov).
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that are, in some cases, beyond a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
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The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
There can be no assurance that any closed-end fund will achieve its investment objective(s). Past performance does not guarantee future results. The net asset value of any closed-end fund will fluctuate with the value of the underlying securities. Historically closed-end funds have often traded at a discount to their net asset value. The distribution rate and income amounts reflect past amounts distributed and may not be indicative of future rates or income amounts. Distribution rates and income amounts can change at any time.
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Contacts
Destra Capital Advisors LLC
877.855.3434
