C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK: 945
TORONTO, Dec. 5, 2019 /PRNewswire/ - Manulife
Financial Corporation ("Manulife") today announced that after
having taken into account all election notices received by the
December 4, 2019 deadline for
conversion of its currently outstanding 14,000,000 Non-cumulative
Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred
Shares") (TSX: MFC.PR.M) into Non-cumulative Floating Rate Class 1
Shares Series 18 of Manulife (the "Series 18 Preferred Shares"),
the holders of Series 17 Preferred Shares are not entitled to
convert their Series 17 Preferred Shares into Series 18 Preferred
Shares. There were 227,435 Series 17 Preferred Shares elected for
conversion, which is less than the minimum one million shares
required to give effect to conversions into Series 18 Preferred
Shares.
As announced by Manulife on November 20,
2019, after December 19, 2019, holders of Series 17
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 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.
Subject to certain conditions described in the prospectus
supplement dated August 11, 2014 relating to the issuance of
the Series 17 Preferred Shares, Manulife may redeem the
Series 17 Preferred Shares, in whole or in part, on
December 19, 2024 and on December 19 every five years
thereafter.
The Series 17 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
