C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Sept. 6,
2022 /CNW/ - Manulife Financial Corporation
("Manulife") today announced that after having taken into account
all election notices received by the September 2, 2022 deadline for conversion 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) into Non-cumulative Floating Rate Class 1 Shares
Series 10 of Manulife (the "Series 10 Preferred Shares"), the
holders of Series 9 Preferred Shares are not entitled to convert
their Series 9 Preferred Shares into Series 10 Preferred Shares.
There were 26,525 Series 9 Preferred Shares elected for conversion,
which is less than the minimum one million shares required to give
effect to conversions into Series 10 Preferred Shares.
Manulife announces results of Conversion
Privilege of Non-cumulative Rate Reset Class 1 Shares Series
9
As announced by Manulife on August 22,
2022, after September 19, 2022, holders of
Series 9 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, 2022, and ending on September 19, 2027, will be
5.97800% per annum or $0.373625 per
share per quarter, being equal to the sum of the five-year
Government of Canada bond yield as
at August 22, 2022, plus 2.86%, as determined in
accordance with the terms of the Series 9 Preferred
Shares.
Subject to certain conditions described in the prospectus
supplement dated May 16, 2012
relating to the issuance of the Series 9 Preferred Shares, 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.
The Series 9 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, helping 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. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
SOURCE Manulife Financial Corporation