CT Healthcare Trust PLC (CTHT) has announced its third quarterly tender offer since Columbia Threadneedle was appointed as its AIFM and investment manager in March 2026, offering to repurchase up to 15 per cent of its issued share capital at a price equal to NAV per share less tender offer expenses as at 30 November 2026. The offer, made by J.P. Morgan Cazenove as principal, is open to eligible shareholders on the register as at 6.00 p.m. on 9 November 2026. The announcement also discloses that the Company's NAV per share total return has been -6.55 per cent since Columbia Threadneedle's appointment, a period during which the MSCI World Healthcare Index returned +14.20 per cent in sterling terms.

Key Points

  • CT Healthcare Trust PLC (CTHT) is a London-listed investment trust focused on global healthcare equities, managed by Columbia Threadneedle
  • The Company is offering to repurchase up to 6,344,822 shares, representing 15 per cent of shares in issue excluding treasury shares as at 5 November 2026
  • The tender price will be based on NAV per share as at 30 November 2026, less costs; the share price stood at a 4.6 per cent discount to NAV as at 5 November 2026
  • Shareholders should watch the General Meeting on 27 November 2026, where a special resolution is required for the tender offer to proceed

CTHT's Third Quarterly Tender Offer Under Columbia Threadneedle Stewardship

CT Healthcare Trust confirmed this is its third quarterly tender offer since Columbia Threadneedle assumed the role of AIFM and investment manager on 5 March 2026, following shareholder approval. The tender offer structure was first committed to in a circular to shareholders dated 12 February 2026, with the Board fulfilling that commitment by offering shareholders the ability to tender all or part of their holdings for cash each quarter. The maximum number of shares available for repurchase under this offer is 6,344,822, equal to 15 per cent of shares in issue excluding treasury shares as at 5 November 2026, with J.P. Morgan Cazenove acting as principal purchaser.

NAV and Share Price Performance Since Columbia Threadneedle Appointment

From Columbia Threadneedle's appointment on 5 March 2026 to 30 October 2026, CTHT's NAV per share and share price total returns were -6.55 per cent and -4.61 per cent respectively. Over the same period, the MSCI World Healthcare Index returned +14.20 per cent in sterling terms. The Board noted that performance in the final three months of this period was particularly challenging, attributed to extreme dispersion in healthcare equity markets, with high-quality biotechnology stocks sold off and clinical-stage biotech significantly underperforming commercial-stage peers. By contrast, a comparable fund managed by Columbia Threadneedle using a similar strategy has delivered a sterling total return after all costs of +61.32 per cent since its inception on 25 March 2024 to 30 October 2026.

Tender Price Calculation, Matching Facility, and Takeover Code Considerations

The tender price will equal NAV per share at close of business on 30 November 2026, less a per-share deduction for offer expenses capped at 5 per cent of NAV. A matching facility operated by J.P. Morgan Cazenove allows incoming investors to acquire tendered shares, with any shares not sold to such investors repurchased by the Company and either cancelled or held in treasury. The announcement also highlights Takeover Code implications: the CTI Concert Party, comprising Threadneedle Asset Management Holdings Limited and associated entities, currently holds 25.44 per cent of voting rights, and TAMHL has agreed to tender sufficient shares to keep the concert party below the 30 per cent threshold that would trigger a mandatory offer obligation.

General Meeting Scheduled for 27 November 2026 to Approve Tender Offer

Shareholder approval is required for the tender offer and matching facility to proceed, with a General Meeting convened for 27 November 2026 at 11.00 a.m. at Columbia Threadneedle's offices at 78 Cannon Street, London. A special resolution must pass to authorise the repurchase of tendered shares from J.P. Morgan Cazenove. The Board unanimously recommends shareholders vote in favour of both resolutions, and the Directors intend to vote their combined holding of 269,964 shares accordingly. The deadline for receipt of tender forms and proxy appointments is 25 November 2026, with the tender price announced on 1 December and purchases completing on 15 December 2026. No Director intends to tender shares.