John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution
June 01 2007 - 6:06PM
PR Newswire (US)
BOSTON, June 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: June 1, 2007 Ex-dividend date:
June 7, 2007 Record date: June 11, 2007 Payment date: June 29, 2007
Source of Distribution Per Share Income $0.04078 Long-term capital
gain $0.22622 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
April 30, 2007, BTO posted an average annual total return at net
asset value of 2.86%; 3-year, 10.99%; 5-year, 10.42% and 10-year,
11.36%. 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. The Boston-based
mutual fund business unit of John Hancock Financial Services, John
Hancock Funds manages more than $56 billion in open-end funds,
closed-end funds, private accounts, retirement plans and related
party assets for individual and institutional investors at March
31, 2007. For more information, please visit
http://www.jhfunds.com/. About Manulife Financial and John Hancock
John Hancock Financial Services 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$426 billion
(US$370 billion) at March 31, 2007. Manulife Financial Corporation
trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the
SEHK. Manulife Financial may 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 Web site:
http://www.jhfunds.com/ http://www.manulife.com/
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