TSX/NYSE/PSE : MFC SEHK:
945
C$ unless otherwise stated
TORONTO, Sept. 5, 2018 /CNW/ - Manulife Financial
Corporation ("Manulife") today announced that after having taken
into account all election notices received by the September 4, 2018 deadline for conversion of its
currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1
Shares Series 13 (the "Series 13 Preferred Shares") (TSX:
MFC.PR.K) into Non-cumulative Floating Rate Class 1 Shares Series
14 of Manulife (the "Series 14 Preferred Shares"), the holders
of Series 13 Preferred Shares are not entitled to convert their
Series 13 Preferred Shares into Series 14 Preferred
Shares. There were 140,179 Series 13 Preferred Shares elected
for conversion, which is less than the minimum one million shares
required to give effect to conversions into Series 14
Preferred Shares.
As announced by Manulife on August 21,
2018, after September 19, 2018, holders of Series 13
Preferred Shares will be entitled to receive fixed rate
non-cumulative preferential cash dividends on a quarterly basis, as
and when declared by the Board of Directors of Manulife and subject
to the provisions of the Insurance Companies Act
(Canada). The dividend rate for
the five-year period commencing on September
20, 2018, and ending on September 19, 2023, will be
4.41400% per annum or $0.275875 per
share per quarter, being equal to the sum of the five-year
Government of Canada bond yield as
at August 21, 2018, plus 2.22%, as determined in accordance
with the terms of the Series 13 Preferred Shares.
Subject to certain conditions described in the prospectus
supplement dated June 17, 2013 relating to the issuance of the
Series 13 Preferred Shares, Manulife may redeem the Series 13
Preferred Shares, in whole or in part, on September 19, 2023
and on September 19 every five years thereafter.
The Series 13 Preferred Shares have not been and will not be
registered in the United States
under the United States Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state of
the United States and may not be
offered, sold or delivered, directly or indirectly in the United States or to, or for the account or
benefit of, a "U.S. person" (as defined in Regulation S under the
Securities Act) absent registration or an applicable exemption from
such registration requirements. This press release does not
constitute an offer to sell or a solicitation to buy securities in
the United States and any public
offering of the securities in the United
States must be made by means of a prospectus.
About Manulife
Manulife Financial Corporation is a
leading international financial services group that helps people
make their decisions easier and lives better. We operate primarily
as John Hancock in the United States and Manulife elsewhere. We
provide financial advice, insurance, as well as wealth and asset
management solutions for individuals, groups and institutions. At
the end of 2017, we had about 35,000 employees, 73,000 agents, and
thousands of distribution partners, serving more than 26 million
customers. As of June 30, 2018, we had over $1.1 trillion (US$849
billion) in assets under management and administration, and
in the previous 12 months we made $27.6
billion in payments to our customers. Our principal
operations are in Asia,
Canada and the United States where we have served
customers for more than 100 years. With our global headquarters in
Toronto, Canada, we trade as 'MFC'
on the Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
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content:http://www.prnewswire.com/news-releases/manulife-financial-corporation-announces-results-of-conversion-privilege-of-non-cumulative-rate-reset-class-1-shares-series-13-300706640.html
SOURCE Manulife Financial Corporation