John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
March 02 2007 - 5:52PM
PR Newswire (US)
BOSTON, March 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: March 2, 2007 Ex-dividend date:
March 8, 2007 Record date: March 12, 2007 Payment date: March 30,
2007 Source of Distribution Per Share Income $0.03719 Long-term
capital gain $0.22981 Total $0.26700 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, 2006 Year-End Net Asset Value of
$900,210,222 and 84,400,000 shares outstanding, the fund will pay
at least $0.26665 per share/per quarter or $1.0666 per
share/annually. As of the fund's most recent reporting period ended
October 31, 2006, BTO had over $892 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
January 31, 2007, BTO posted an average annual total return at net
asset value of 12.42%; 3-year, 10.64%; 5-year, 13.16% and 10-year,
12.29%. 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
December 31, 2006, investors entrusted John Hancock Funds with
$54.4 billion in assets. 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$414
billion (US$355 billion) as at December 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 life insurance, fixed
and variable annuities, mutual funds, 401(k) plans, long term care
insurance, college savings, and other forms of business insurance.
DATASOURCE: John Hancock Bank and Thrift Opportunity Fund CONTACT:
Media: Kimberley Dietrich, +1-617-663-4217, or Investors:
+1-800-843-0090, both of John Hancock Web site:
http://www.jhfunds.com/ http://www.manulife.com/
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