JOHN HANCOCK ADVISERS, LLC
601 Congress Street
Boston, Massachusetts 02210-2805
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Media Contact: |
Jay Aronowitz |
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(617) 663-2702 |
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NEWS |
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Investor Contact: |
(800) 843-0090 |
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FOR IMMEDIATE RELEASE |
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JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II (NYSE:PDT)
ANNOUNCES FINAL RESULTS OF TENDER OFFER
BOSTON, MA (April 2, 2009) – John Hancock Patriot Premium Dividend Fund II (NYSE:PDT) (the “Fund”) announced today the final results of its tender offer for up to 2,629,996 shares of its common stock (“Share(s)”) representing up to five percent of its issued and outstanding Shares, at a price equal to 98% of the Fund’s net asset
value (“NAV”) per Share on the date the tender offer expired. The offer expired at 5:00 p.m., New York City time, on Friday, March 27, 2009.
Based on a count by Mellon Investor Services LLC, the depositary for the tender offer, 8,715,645.3623 Shares, or 16.57% of the Fund’s Shares outstanding, were properly tendered and not withdrawn by March 27, 2009, the final date for withdrawals. In accordance with the terms of the tender offer 2,629,996 Shares have been accepted for cash payment at a price equal to $6.98 or 98% of the Fund’s NAV of $7.12, as of the close of regular trading on the New York Stock Exchange
on March 27, 2009. Since the tender offer was oversubscribed, all tenders of Shares were subject to pro-ration (at a ratio of approximately 30.1755738%) pursuant to the terms of the tender offer. Following the purchase of the tendered Shares, the Fund will have approximately 49,969,927.34 Shares outstanding.
The Fund is a diversified closed-end management investment company. The Fund’s investment objective is to provide common shareholders high current income consistent with modest growth of capital. The Fund pursues its objective by investing in a diversified portfolio of dividend-paying preferred and common stocks. The Fund operates so that dividends paid will qualify in their entirety for the Dividends Received Deduction (DRD), although there can be no assurance
that this result will be achieved. Income eligible for DRD entitles certain corporate investors to deduct 70% of the dividends they received from their taxable income, while individual investors also benefit as the maximum federal tax rate for qualified dividend income (QDI) is only 15%.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds manages more than $38.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at December 31, 2008.
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of 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 Cdn$405 billion (US$330 billion) at December 31, 2008.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable 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 www.johnhancock.com.