BUY BTO it is paying a Great $1.00 a share end of 2007 Dividend.
Updated Breakdown of John Hancock Bank and Thrift Opportunity Fund's Quarterly Managed Distribution and Year End Capital Gains Distribution
Thursday December 06, 2007 13:29:00 EST
BOSTON, Dec 06, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
John Hancock Bank and Thrift Opportunity Fund (NYSE:BTO) declared its quarterly managed distribution pursuant to the fund's 10% managed distribution policy and a year-end capital gains distribution as follows:
Declaration date: December 4, 2007
Ex-dividend date: December 10, 2007
Record date: December 12, 2007
Payment date: December 28, 2007 Managed Distribution Per Share
Income $0.04768
Long-term capital gain $0.21932
Total $0.26700 Year-End Capital Gains Distribution Per Share
Short-term capital gain $0.08154
Long-term capital gain $0.62013
Total $0.70167The fund's managed distribution 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. Total 2007 distributions under the plan were less than the amount the fund is required to distribute under the Internal Revenue Code and as a result, the fund is making a year-end capital gain distribution as outlined above. The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and may later be reclassified. 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 managed distribution plan dictated that at least $0.26665 per share/per quarter or $1.0666 per share/annually be paid in 2007.
As of the fund's most recent reporting period ended October 31, 2007, BTO had over $740 million in net assets of which 36% was net unrealized appreciation of investments. For the 1-year period ending October 31, 2007, BTO posted an average annual total return at net asset value of -6.93%; 3- year, 3.22%; 5-year, 10.60% and 10-year, 7.66%.
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 $59 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2007. For more information, please visit www.jhfunds.com. |
