John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
June 02 2006 - 7:03PM
PR Newswire (US)
BOSTON, June 2 /PRNewswire-FirstCall/ -- John Hancock Bank and
Thrift Opportunity Fund (NYSE:BTO) declared its quarterly
distribution pursuant to the fund's 10% managed distribution policy
today as follows: Declaration date: June 2, 2006 Ex-dividend date:
June 8, 2006 Record date: June 12, 2006 Payment date: June 30, 2006
Source of Distribution Per Share Income $0.04185 Long-term capital
gain $0.21915 Total $0.26100 The plan offers investors an
attractive level of distributions by making quarterly payments of
at least 2.5% of the fund's net asset value as of the preceding
calendar year-end, or at least 10% annually. To maximize tax
efficiency of distributions paid by the fund, it is anticipated
that the majority of each distribution will come from net long-term
capital gains which for individual investors may qualify for U.S.
federal income taxation at a maximum rate of 15%. A portion of the
distribution may also come from ordinary income, net short-term
gains, and if necessary, a return of capital. Because net assets of
the fund will vary following each year-end, the quarterly
distribution may represent more or less than 2.5 percent of the
fund's net assets at the time of distribution. Also, if the
distributions under the plan are less than the amount the fund is
required to distribute under the Internal Revenue Code, the fund
will distribute more than required under the plan. The fund's board
of trustees will periodically review the plan to evaluate its
effectiveness in reducing the fund's discount to net asset value.
Based on the December 31, 2005 Year-End Net Asset Value of
$879,052,273 and 84,400,000 shares outstanding, the fund will pay
at least $0.2603825 per share/per quarter or $1.04153 per
share/annually. As of the fund's most recent annual reporting
period ended October 31, 2005, BTO had over $887 million in net
assets of which 54% was net unrealized appreciation of investments.
For individual taxable accounts, long-term capital gains are
subject to at a maximum Federal tax rate of 15%. For the 1-year
period ending April 30, 2006, BTO posted an average annual total
return at net asset value of 17.79%; 3-year, 18.24%; 5-year, 13.86%
and 10-year, 14.42%. John Hancock Bank and Thrift Opportunity Fund
is a diversified, closed-end fund. The Fund seeks long-term capital
appreciation by normally investing at least 80% of its assets in
equity securities of U.S. regional banks and thrifts and holding
companies that primarily own or receive a substantial portion of
their income from regional banks or thrifts. John Hancock Funds,
the mutual fund business unit of John Hancock Financial Services,
offers a broad array of investment products, including open-end and
closed-end funds, privately managed accounts, 529 plans and
retirement accounts to retail and institutional investors. As of
March 31, 2006, investors entrusted John Hancock Funds with more
than $47 billion. Additional information about John Hancock Funds
can be found on the website: http://www.jhfunds.com/. About
Manulife Financial and John Hancock John Hancock is a unit of
Manulife Financial Corporation, a leading Canadian-based financial
services group serving millions of customers in 19 countries and
territories worldwide. Operating as Manulife Financial in Canada
and Asia, and primarily through John Hancock in the United States,
the Company offers clients a diverse range of financial protection
products and wealth management services through its extensive
network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$386
billion (US$330 billion) as at March 31, 2006. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under
'0945' on the SEHK. Manulife Financial can be found on the Internet
at http://www.manulife.com/. The John Hancock unit, through its
insurance companies, comprises one of the largest life insurers in
the United States. John Hancock offers a broad range of financial
products and services, including universal life insurance, variable
life, term life and whole life, as well as college savings
products, fixed and variable annuities, long-term care insurance,
mutual funds, 401(k) plans and various forms of business insurance.
DATASOURCE: John Hancock Bank and Thrift Opportunity Fund CONTACT:
Kimberley Dietrich +1-617-663-4217 or Investors: +1-800-843-0090,
both of John Hancock
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