John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
September 01 2006 - 7:13PM
PR Newswire (US)
BOSTON, Sept. 1 /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: September 1, 2006 Ex-dividend
date: September 7, 2006 Record date: September 11, 2006 Payment
date: September 29, 2006 Source of Distribution Per Share Income
$045850 Long-term capital gain $0.21515 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 April 30, 2006, BTO had over $919 million in net
assets of which 55% 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 July 31, 2006, BTO posted an average annual total
return at net asset value of 8.72%; 3-year, 14.31%; 5-year, 11.70%
and 10-year, 14.32%. 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
June 30, 2006, investors entrusted John Hancock Funds with $47.5
billion in assets. Additional information about John Hancock Funds
can be found on the website: http://www.jhfunds.com/. About
Manulife Financial Manulife Financial is 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$370 billion (US$332 billion) as at June 30,
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/. 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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