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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, May 6, 2019 /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 8,000,000 Non-cumulative Rate Reset Class 1 Shares
Series 15 (the "Series 15 Preferred Shares") (TSX: MFC.PR.L) on
June 19, 2019. As a result, subject to certain conditions
described in the prospectus supplement dated February 18, 2014 relating to the issuance of the
Series 15 Preferred Shares (the "Prospectus"), the holders of
the Series 15 Preferred Shares have the right, at their option, to
convert all or part of their Series 15 Preferred Shares on a
one-for-one basis into Non-cumulative Floating Rate Class 1 Shares
Series 16 of Manulife (the "Series 16 Preferred Shares") on
June 19, 2019. A formal notice of the right to convert
Series 15 Preferred Shares into Series 16 Preferred Shares
will be sent to the registered holders of the Series 15 Preferred
Shares in accordance with the share conditions of the Series 15
Preferred Shares. Holders of Series 15 Preferred Shares are
not required to elect to convert all or any part of their
Series 15 Preferred Shares into Series 16 Preferred Shares.
Holders who do not exercise their right to convert their
Series 15 Preferred Shares into Series 16 Preferred Shares on
such date will retain their Series 15 Preferred Shares, unless
automatically converted in accordance with the conditions
below.
The foregoing conversion right is subject to the conditions
that: (i) if, after June 4, 2019, Manulife determines that
there would be less than 1,000,000 Series 15 Preferred Shares
outstanding on June 19, 2019, then all remaining Series 15
Preferred Shares will automatically be converted into an equal
number of Series 16 Preferred Shares on June 19, 2019, and
(ii) alternatively, if, after June 4, 2019, Manulife
determines that there would be less than 1,000,000 Series 16
Preferred Shares outstanding on June 19, 2019, then no Series
15 Preferred Shares will be converted into Series 16 Preferred
Shares. In either case, Manulife will give written notice to that
effect to any registered holders of Series 15 Preferred Shares
affected by the preceding minimums on or before June 11, 2019.
The dividend rate applicable to the Series 15 Preferred Shares
for the 5-year period commencing on June 20, 2019, and ending
on June 19, 2024, and the dividend rate applicable to the
Series 16 Preferred Shares for the 3-month period commencing on
June 20, 2019, and ending on September 19, 2019, will be
determined and announced by way of a news release on May 21,
2019. Manulife will also give written notice of these dividend
rates to the registered holders of Series 15 Preferred Shares.
Beneficial owners of Series 15 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 June 4, 2019. Conversion
inquiries should be directed to Manulife's Registrar and Transfer
Agent, AST Trust Company (Canada),
at 1-800-783-9495.
Subject to certain conditions described in the Prospectus,
Manulife may redeem the Series 15 Preferred Shares, in whole
or in part, on June 19, 2024 and on June 19 every five
years thereafter and may redeem the Series 16 Preferred Shares, in
whole or in part, after June 19, 2019.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 16 Preferred Shares effective upon
conversion. Listing of the Series 16 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 16 Preferred Shares will be listed on the
TSX under the trading symbol "MFC.PR.S".
The Series 15 Preferred Shares and the Series 16 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 2018, we
had more than 34,000 employees, over 82,000 agents, and thousands
of distribution partners, serving almost 28 million customers. As
of March 31, 2019, we had over
$1.1 trillion (US$849 billion) in assets under management and
administration, and in the previous 12 months we made $29.4 billion in payments to our customers. Our
principal operations in Asia,
Canada and the United States are 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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SOURCE Manulife Financial Corporation
