Start of Subscription Period for Rights Offering
Hambrecht & Quist Capital Management LLC
Boston, MA, September 5, 2006 -- H&Q Life Sciences Investors (NYSE: HQL) (the "Fund") is pleased to announce the start of the Subscription Period for its non transferable rights offering (the "Offer"). The Offer entitles shareholders of record on August 18, 2006 (the "Record Date") to subscribe for an aggregate of 4,484,838 additional shares of beneficial interest of the Fund through the exercise of rights.
The Fund will issue to shareholders one non transferable right for each share of the Fund owned on the Record Date, 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. Shareholders who are issued less than three rights will not be entitled to acquire any shares in the Offer. 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 as part of the Offer. 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 at any time during the Subscription Period which starts today, Tuesday, September 5, 2006 and ends on Thursday, September 21, 2006 at 5:00 p.m., Eastern Time.
The final subscription price per share will be 95% of the volume weighted average share price of a share of the Fund on the New York Stock Exchange on September 22, 2006 and the four preceding business days.
The Offer will be made only by means of a prospectus, which, along with exercise instructions, has recently been mailed to shareholders. The definitive terms of the Offer, including the estimated subscription price, will be contained in the Fund’s prospectus for the Offer.
The Fund’s Investment Adviser is Hambrecht & Quist Capital Management LLC, 30 Rowes Wharf, 4th Floor, Boston, MA 02110.
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