John Hancock Advisers, LLC provides statement on demand letter regarding auction preferred shares
Boston– John Hancock Advisers, LLC announced that John Hancock Preferred Income Fund III (the “Fund”), a leveraged John Hancock closed-end fund, received a demand letter from a law firm on behalf of a putative common shareholder of the Fund.
The demand letter alleges that John Hancock Advisers, LLC, the Fund’s adviser, and certain of the Trustees and executive officers of the Fund breached their fiduciary duties to the Fund related to the redemption at par of the Fund’s auction preferred shares (APS), and demands that the Fund’s Board of Trustees take action to remedy those alleged breaches. The Board of Trustees is considering the demand letter at this time.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $57.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at March 31, 2010.
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation 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$446 billion (US$440 billion) at March 31, 2010.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
