C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Nov. 20,
2024 /CNW/ - Manulife Financial Corporation
("Manulife") today announced the applicable dividend rates for its
Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17
Preferred Shares") (TSX: MFC.PR.M) and Non-cumulative Floating Rate
Class 1 Shares Series 18 (the "Series 18 Preferred Shares").
With respect to any Series 17 Preferred Shares that remain
outstanding after December 19, 2024,
holders thereof 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 December
20, 2024, and ending on December 19, 2029, will be
5.54200% per annum or $0.346375 per
share per quarter, being equal to the sum of the five-year
Government of Canada bond yield as
at November 20, 2024, plus 2.36%, as
determined in accordance with the terms of the Series 17
Preferred Shares.
With respect to any Series 18 Preferred Shares that may be
issued in connection with the conversion of the Series 17
Preferred Shares into the Series 18 Preferred Shares, holders
thereof will be entitled to receive floating rate non-cumulative
preferential cash dividends on a quarterly basis, calculated on the
basis of the actual number of days elapsed in each quarterly
floating rate period divided by 365, 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 three-month
period commencing on December 20, 2024, and ending on
March 19, 2025, will be 1.44025%
(5.84100% on an annualized basis) or $0.360063 per share, being equal to the sum of
the three-month Government of Canada Treasury bill yield as at
November 20, 2024, plus 2.36%, as
determined in accordance with the terms of the Series 18
Preferred Shares.
Beneficial owners of Series 17 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 December 4, 2024. Conversion inquiries should be
directed to Manulife's Registrar and Transfer Agent, TSX Trust
Company, at 1‑800‑783‑9495.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 18 Preferred Shares effective upon
conversion. Listing of the Series 18 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 18 Preferred Shares will be listed
on the TSX under the trading symbol "MFC.PR.S".
The Series 17 Preferred Shares and the Series 18 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 2023, we had more than 38,000 employees,
over 98,000 agents, and thousands of distribution partners, serving
over 35 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.
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SOURCE Manulife Financial Corporation