BOSTON, Dec. 6, 2011 /PRNewswire/
-- John Hancock Bank and
Thrift Opportunity Fund (NYSE: BTO) (the "Fund"), a closed-end fund
managed by John Hancock Advisers, LLC, announced today that its
Board of Trustees, as part of its ongoing evaluation of
options to enhance shareholder value and potentially decrease
the discount between the market price and the net asset value
("NAV") of the Fund's common shares, has renewed the Fund's share
repurchase plan that is set to expire on December 31, 2011. As renewed, the Fund may
purchase, in the open market, up to an additional 10% of its
outstanding common shares between January 1,
2012 and December 31, 2012
(based on common shares outstanding as of December 31, 2011).
The share repurchase plan seeks to enhance shareholder value and
to potentially narrow the Fund's discount to NAV. The plan allows
the Fund to acquire its own shares in the open market at a discount
to NAV, which is intended to increase the NAV per share. It could
also have the benefit of providing additional liquidity in the
trading of common shares.
The Fund has been repurchasing shares in 2011 to seek to enhance
shareholder value, and year-to-date through November 30, 2011 the Fund has repurchased
817,650 shares, or 4.14% of total outstanding shares. During this
period, the share repurchases have contributed to the Fund's NAV by
approximately $0.07 per share.
There is no assurance that the Fund will purchase shares at any
specific discount levels or in any specific amounts. The Fund's
repurchase activity will be disclosed in its shareholder report for
the relevant fiscal period. There is no assurance that the market
price of the Fund's shares, either absolutely or relative to NAV,
will increase as a result of any share repurchases, or that the
plan will enhance shareholder value over the long-term.
Statements in this press release that are not historical
facts are forward-looking statements as defined by the United States securities laws. You should
exercise caution in interpreting and relying on forward-looking
statements because they are subject to uncertainties and other
factors which are, in some cases, beyond the Fund's control and
could cause actual results to differ materially from those set
forth in the forward-looking statements.
An investor should consider a Fund's investment objectives,
risks, charges and expenses carefully before investing.
About John Hancock Funds
The Boston-based mutual fund
business unit of John Hancock Financial, John Hancock Funds,
manages more than $62.3 billion in
open-end funds, closed-end funds, private accounts, retirement
plans and related party assets for individual and institutional
investors at September 30, 2011.
About John Hancock Financial and Manulife Financial
Corporation
John Hancock Financial is a unit of Manulife Financial
Corporation, a leading Canadian-based financial services group
serving millions of customers in 22 countries and territories
worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in
the United States, Manulife
Financial Corporation 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$492 billion (US$473 billion) at September 30, 2011.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE
and PSE, and under '945' on the SEHK. Manulife Financial can be
found on the Internet at 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, fixed products, mutual funds, 401(k)
plans, long-term care insurance, college savings, and other forms
of business insurance. Additional information about John Hancock
may be found at www.johnhancock.com.
SOURCE John Hancock Funds