TSX/NYSE/PSE : MFC SEHK: 945
C$ unless otherwise
stated
TORONTO, Sept. 6, 2017 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced that after having taken
into account all election notices received by the September 5, 2017 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
193,197 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.
As announced by Manulife on August 21,
2017, after September 19,
2017, 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, 2017, and ending on
September 19, 2022, will be 4.35100% per annum or $0.271938 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at August 21, 2017,
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, 2022
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 group that helps people achieve their dreams and
aspirations by putting customers' needs first and providing the
right advice and solutions. We operate 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
2016, we had approximately 35,000 employees, 70,000 agents, and
thousands of distribution partners, serving more than 22 million
customers. As of June 30, 2017, we
had over $1 trillion (US$780 billion) in assets under management and
administration, and in the previous 12 months we made $26.7 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.
SOURCE Manulife Financial Corporation