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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (95794)	5/3/2002 9:45:43 AM
From: Monish Shelat	Read Replies (1) \| Respond to of 132070

KT What do you make of this: biz.yahoo.com H&Q Healthcare Investors and H&Q Life Sciences Investors Announce Asset Purchase Agreement BOSTON--(BUSINESS WIRE)--May 3, 2002--The Trustees and officers of H&Q Healthcare Investors (NYSE: HQH - news) and H&Q Life Sciences Investors (NYSE: HQL - news; together the "Funds"), today announced that Hambrecht & Quist Capital Management LLC (HQCM LLC), a newly formed investment adviser, has agreed to acquire certain of the assets and liabilities of Hambrecht & Quist Capital Management Incorporated (HQCM Inc.), the current investment adviser to the Funds. The transaction is expected to close early this summer. HQCM Inc. is owned by Hambrecht & Quist California, itself an indirect wholly owned subsidiary of J.P. Morgan Chase & Co. HQCM LLC, the new investment adviser, is owned by the current senior management of HQCM Inc. and expects to have complete succession and continuity of staff from its predecessor, HQCM Inc. Lawrence S. Lewin, the Chairman of the Board of both HQH and HQL, stated that "the Board of Trustees of each Fund is pleased that the adviser's management team will remain unchanged following the spin-off transaction involving the Funds' investment adviser. The Board believes that the Funds' portfolio management team will continue to deliver significant value to the Funds' shareholders." "We wish the management of the newly-formed, independent HQCM LLC well as they go forward in advising the Funds. We are pleased that the Funds' shareholders will have the opportunity for the continuity of management provided by Mr. Carr and Dr. Omstead and other members of the existing staff," said David Golden, Managing Director of Hambrecht & Quist California. As a result of the transaction, each Fund's investment advisory agreement with HQCM Inc. will terminate and, under the Investment Company Act of 1940, shareholder approval of a new investment advisory agreement for each Fund with HQCM LLC is required. The Trustees and management intend to seek approval at the Funds' previously scheduled joint annual shareholders meeting on June 25, 2002. More detailed information about this transaction will be included in the Funds' joint proxy statement to be issued in advance of that meeting. H&Q Healthcare Investors and H&Q Life Sciences Investors are closed-end funds that invest in public and private companies in the healthcare industries. Shares of each Fund can be purchased on the New York Stock Exchange through any brokerage.