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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, April 25,
2024 /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, 2024. 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, 2024. 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, 2024,
Manulife determines that there would be less than 1,000,000 Series
15 Preferred Shares outstanding on June 19,
2024, then all remaining Series 15 Preferred Shares will
automatically be converted into an equal number of Series 16
Preferred Shares on June 19, 2024, and (ii) alternatively, if,
after June 4, 2024, Manulife
determines that there would be less than 1,000,000 Series 16
Preferred Shares outstanding on June 19,
2024, 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 12, 2024.
The dividend rate applicable to the Series 15 Preferred Shares
for the 5-year period commencing on June 20,
2024, and ending on September 19, 2029, and the
dividend rate applicable to the Series 16 Preferred Shares for the
3-month period commencing on June 20, 2024, and ending on
September 19, 2024, will be determined and announced by way of
a news release on May 21, 2024.
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, 2024. 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 15 Preferred Shares, in whole
or in part, on June 19, 2029 and on June 19 every five
years thereafter and may redeem the Series 16 Preferred
Shares, in whole or in part, after June 19, 2024.
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 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
