BOSTON, Sept. 1 /PRNewswire-FirstCall/ -- John Hancock Bank and Thrift Opportunity Fund (the "Fund") declared a quarterly distribution of $0.0595 per share today. This distribution rate equates to an annualized rate of 1.70%, based on the Fund's closing market price of $13.97 as of August 31, 2009. The distribution rate is payable September 30, 2009 to shareholders of record on September 11, 2009 and with an ex-date of September 9, 2009.
As announced on May 11, 2009, the Board of Trustees concluded that it was in the best interest of shareholders to voluntarily suspend the Fund's managed distribution plan (the "Plan") effective with last quarter's distribution. While the Plan is suspended, the Fund will continue to pay out any net investment income earned on the portfolio on a quarterly basis as well as any net realized capital gains on an annual basis, as required.
A portion of the Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of the Fund. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be mailed to shareholders at the time of payment if it does not consist solely of net investment income. At this time, the Fund anticipates that the notice accompanying the current distribution will include an estimate of return of capital. Such notice will also be posted to the Fund's website at http://www.jhfunds.com/. The notice should not to be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.
Statements in this press release that are not historical facts are forward-looking statements as defined by 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.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $42.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at June 30, 2009.
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$421 billion (US$362 billion) at June 30, 2009.
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 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, 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 http://www.johnhancock.com/.
John Hancock Bank and Thrift Opportunity Fund
CONTACT: Media, Kelly Stevens, +1-617-663-2422, or Investors,
+1-800-843-0090
Web Site: http://www.jhfunds.com/
