Dec. 18, 2013
/PRNewswire/ -- John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Advisers, LLC, announced today that its Board of Trustees has renewed the Fund's share repurchase plan that was set to expire on
December 31, 2013
The Board of Trustees approved the renewal of 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 ("NAV") of the Fund's common shares. Pursuant to the share repurchase plan, the Fund may purchase in the open market, between
January 1, 2014
December 31, 2014
, up to an additional 10% of its outstanding common shares (based on common shares outstanding as of
December 31, 2013
The share repurchase plan allows the Fund to acquire its own shares in the open market at a discount to NAV, which is intended to increase the NAV per share. It could also have the benefit of providing additional liquidity in the trading of common shares.
The Fund has repurchased shares in 2013, and year-to-date through
November 30, 2013
the Fund has repurchased 367,054 shares, or 0.97% of total outstanding shares. During this period, the share repurchases have contributed to the Fund's NAV by approximately
per share. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts. The Fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the Fund's shares, either absolutely or relative to NAV, will increase as a result of any share repurchases, or that the plan 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.