BOSTON, Dec. 8, 2016 /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,
2016.
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, 2017 and December 31, 2017, up to an additional 10% of its
outstanding common shares (based on common shares outstanding as of
December 31, 2016).
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,
2016, the Funds have repurchased the following amount of
shares: HEQ repurchased 312,533 shares (or 2.50% of the outstanding
shares), contributing to its NAV by approximately $0.05; JHI repurchased 84,400 shares (or 0.96% of
outstanding shares), contributing to its NAV by approximately
$0.02; HTD repurchased 326,200 shares
(or 0.91% of the outstanding shares), contributing to its NAV by
approximately $0.02; BTO repurchased
10,000 shares (or 0.05% of the outstanding shares) and PDT
repurchased 105,700 shares (or 0.22% of the outstanding shares).
The repurchases made by BTO and PDT had no impact on their
NAV. JHS did not repurchase any shares for the year-to-date
period through November 30, 2016.
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 absolutely or relative 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 Investments provides asset management services to
individuals and institutions through a unique manager-of-managers
approach. A wealth management business of John Hancock
Financial, we managed more than $136
billion in assets as of September 30,
2016, across mutual funds, college savings plans, and
retirement plans.
About John Hancock Financial and Manulife
Financial
John Hancock Financial is a division
of Manulife Financial, a leading Canada-based financial services group with
principal operations in Asia,
Canada and the United States. Operating as Manulife
Financial in Canada and
Asia, and primarily as 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
C$966 billion (US$736 billion) as of September 30, 2016. 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 manulife.com.
The John Hancock unit, through its insurance companies,
comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range
of financial products, including life insurance, 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 johnhancock.com.
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SOURCE John Hancock Investments