BOSTON, Dec. 13, 2018 /PRNewswire/ -- John
Hancock Financial Opportunities Fund (NYSE: BTO), John Hancock
Hedged Equity & Income Fund (NYSE: HEQ), John Hancock Income
Securities Trust (NYSE: JHS), John
Hancock Investors Trust (NYSE: JHI), John Hancock
Premium Dividend Fund (NYSE: PDT), and John Hancock Tax-Advantaged
Dividend Income Fund (NYSE: HTD) (each a "Fund" and
collectively, the "Funds") announced today that the Board of
Trustees has renewed the Funds' share repurchase plans that are set
to expire on December 31, 2018.
The Board of Trustees approved the renewal of the share
repurchase plans 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 per share ("NAV")
of the Funds' common shares. Under the share repurchase
plans, each Fund may purchase, in the open market, between
January 1, 2019 and December 31, 2019, up to an additional 10% of its
outstanding common shares (based on common shares outstanding as of
December 31, 2018). The Board of
Trustees will review the plan periodically and may authorize
adjustment of its terms and size.
The share repurchase plans allow the repurchase of common shares
in the open market at a discount to NAV. The plans could
allow the Funds to realize incremental accretion to their NAV to
the benefit of existing shareholders. They could also have the
benefit of providing additional liquidity in the trading of common
shares.
Year-to-date through November 30,
2018, the Funds have not repurchased shares. There is
no assurance that the Funds will purchase shares at any specific
discount levels or in any specific amounts. Each Fund's repurchase
activities will be disclosed in its shareholder report for the
relevant fiscal period. There is no assurance that the market price
of the Funds' shares, either on an absolute or relative basis to
NAV, will increase as a result of any share repurchases, or that
the share repurchase plans 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 Investments
John Hancock has helped individuals and
institutions build and protect wealth since 1862. Today, we're one
of the strongest and most-recognized financial brands. We serve
investors globally through a unique multimanager approach: We
search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust
investment oversight to ensure they continue to meet our
uncompromising standards and serve the best interests of our
shareholders. Our approach to asset management has led to a diverse
set of investments deeply rooted in investor needs, along with
strong risk-adjusted returns across asset classes.
About John Hancock Financial and Manulife Financial
John Hancock is a division of
Manulife Financial Corporation, a leading international financial
services group that helps people achieve their dreams and
aspirations by putting customers' needs first and providing the
right advice and solutions. We operate primarily as John Hancock in the
United States and as Manulife elsewhere. We provide
financial advice, insurance, and wealth and asset management
solutions for individuals, groups, and institutions. Assets under
management and administration by Manulife and its subsidiaries were
over CAD$1.1 trillion (US$849 billion) as of June
30, 2018. Manulife Financial Corporation trades as MFC on
the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be
found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports approximately 10 million
Americans with a broad range of financial products, including life
insurance, annuities, investments, 401(k) plans, and education
savings plans. Additional information about John Hancock may be found at
johnhancock.com.
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SOURCE John Hancock Investments