C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Nov. 20, 2019 /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, 2019, 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, 2019, and ending on
December 19, 2024, will be 3.8000% per annum or $0.23750 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at November 20,
2019, 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 on December 19, 2019 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 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, 2019, and ending on
March 19, 2020, will be 1.00250% (4.0210% on an annualized
basis) or $0.250625 per share, being
equal to the sum of the three-month Government of Canada Treasury
bill yield as at November 20, 2019, 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, 2019. The
news release announcing such conversion right was issued on
November 8, 2019 and can be viewed on SEDAR or Manulife's
website. Conversion inquiries should be directed to Manulife's
Registrar and Transfer Agent, AST Trust Company (Canada), 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 group that helps people
make their decisions easier and lives better. With our global
headquarters in Toronto, we
operate as Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. 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 September 30, 2019, we had over
$1.2 trillion (US$881 billion) in assets under management and
administration, and in the previous 12 months we made $29.8 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. 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
