C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK:
945
TORONTO, Aug. 2, 2022
/CNW/ - Manulife Financial Corporation ("Manulife") today announced
that it does not intend to exercise its right to redeem all or any
of its currently outstanding 10,000,000 Non-cumulative Rate Reset
Class 1 Shares Series 9 (the "Series 9 Preferred Shares")
(TSX: MFC.PR.I) on September 19, 2022. As a result,
subject to certain conditions described in the prospectus
supplement dated May 16, 2012
relating to the issuance of the Series 9 Preferred Shares (the
"Prospectus"), the holders of the Series 9 Preferred Shares have
the right, at their option, to convert all or part of their Series
9 Preferred Shares on a one-for-one basis into Non-cumulative
Floating Rate Class 1 Shares Series 10 of Manulife (the "Series 10
Preferred Shares") on September 19,
2022. A formal notice of the right to convert Series 9
Preferred Shares into Series 10 Preferred Shares will be sent to
the registered holders of the Series 9 Preferred Shares in
accordance with the share conditions of the Series 9 Preferred
Shares. Holders of Series 9 Preferred Shares are not required to
elect to convert all or any part of their Series 9 Preferred Shares
into Series 10 Preferred Shares. Holders who do not exercise their
right to convert their Series 9 Preferred Shares into Series 10
Preferred Shares on such date will retain their Series 9 Preferred
Shares, unless automatically converted in accordance with the
conditions below.
The foregoing conversion right is subject to the conditions
that: (i) if, after September 2, 2022, Manulife determines
that there would be less than 1,000,000 Series 9 Preferred
Shares outstanding on September 19, 2022, then all remaining
Series 9 Preferred Shares will automatically be converted into an
equal number of Series 10 Preferred Shares on
September 19, 2022, and (ii) alternatively, if, after
September 2, 2022, Manulife
determines that there would be less than 1,000,000 Series 10
Preferred Shares outstanding on September 19, 2022, then no
Series 9 Preferred Shares will be converted into Series 10
Preferred Shares. In either case, Manulife will give written notice
to that effect to any registered holders of Series 9 Preferred
Shares affected by the preceding minimums on or before September 12, 2022.
The dividend rate applicable to the Series 9 Preferred Shares
for the 5-year period commencing on September 20, 2022, and
ending on September 19, 2027, and the dividend rate applicable
to the Series 10 Preferred Shares for the 3-month period commencing
on September 20, 2022, and ending on
December 19, 2022, will be determined and announced by way of
a news release on August 22, 2022.
Manulife will also give written notice of these dividend rates to
the registered holders of Series 9 Preferred Shares.
Beneficial owners of Series 9 Preferred Shares who wish to
exercise their right of conversion should instruct their broker or
other nominee to exercise such right before 5:00 p.m.
(Toronto time) on September 2, 2022. Conversion inquiries should be
directed to Manulife's Registrar and Transfer Agent, TSX Trust
Company, at 1‑800-783-9495.
Subject to certain conditions described in the Prospectus,
Manulife may redeem the Series 9 Preferred Shares, in whole or
in part, on September 19, 2027, and
on September 19 every five years thereafter and may redeem the
Series 10 Preferred Shares, in whole or in part, after
September 19, 2022.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 10 Preferred Shares effective upon
conversion. Listing of the Series 10 Preferred Shares is
subject to Manulife fulfilling all the listing requirements of the
TSX and, upon approval, the Series 10 Preferred Shares will be
listed on the TSX under the trading symbol "MFC.PR.S".
The Series 9 Preferred Shares and the Series 10 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 provider that helps people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our global wealth and asset management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2021, we had more than 38,000 employees,
over 119,000 agents, and thousands of distribution partners,
serving over 33 million customers. Our principal operations are in
Asia and Canada, and the
United States, where we have served customers for more than
160 years. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges and under '945' in
Hong Kong. In the previous 12
months we made CAD$32.7 billion in
payments to our customers.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
SOURCE Manulife Financial Corporation