An anonymous director reports
JOHN HANCOCK CLOSED-END FUNDS ANNOUNCE RENEWAL OF SHARE REPURCHASE PLANS
The board of trustees has renewed Manulife Financial Corp.'s John Hancock Financial Opportunities Fund's, John Hancock Hedged Equity & Income Fund's, John Hancock Income Securities Trust's, John Hancock Investors Trust's, John Hancock Premium Dividend Fund's, John Hancock Tax-Advantaged Dividend Income Fund's and John Hancock Tax-Advantaged Global Shareholder Yield's share repurchase plans that are set to expire on Dec. 31, 2019.
The board of trustees approved the renewal of the share repurchase plans as part of its continuing 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 Jan. 1, 2020, and Dec. 31, 2020, up to an additional 10 per cent of its outstanding common shares (based on common shares outstanding as of Dec. 31, 2019). 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 Nov. 30, 2019, John Hancock Tax-Advantaged Global Shareholder Yield has repurchased the following number of shares: 120,934 (or 1.09 per cent of outstanding shares), contributing to its NAV by approximately one cent. Each other fund has not repurchased shares for the year-to-date period through Nov. 30, 2019.
About Manulife Financial Corp.
John Hancock is a division of Manulife Financial, a leading international financial service group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. The company operates primarily as John Hancock in the United States and as Manulife elsewhere. It provides 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 $1.1-trillion ($877-billion (U.S.)) as of June 30, 2019.
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