John Hancock Tax-Advantaged Global Shareholder Yield Fund Announces Share Repurchase Plan
BOSTON, Dec. 13, 2018 /PRNewswire/ -- John Hancock Tax-Advantaged Global Shareholder Yield Fund (NYSE: HTY) announced today that its Board of Trustees has approved a share repurchase plan.
The Board of Trustees, in consideration of evolving market conditions, approved the share repurchase plan 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 plan, the Fund may purchase, in the open market, between January 1, 2019 and December 31, 2019, up to 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 plan allows the repurchase of common shares in the open market at a discount to NAV. The plan could allow the Fund to realize incremental accretion to its NAV to the benefit of existing shareholders. The plan could also have the benefit of providing additional liquidity in the trading of common shares.
There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts. The 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 the 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.
SOURCE John Hancock Investments
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