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TORONTO, Dec. 5, 2024
/CNW/ - Manulife Financial Corporation ("Manulife") today announced
that after having taken into account all election notices received
by the December 4, 2024 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 6,650 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,
2024, after December 19, 2024,
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, 2024, and ending on December 19, 2029, will be 5.54200% per annum or
$0.346375 per share per quarter,
being equal to the sum of the five-year Government of Canada bond yield as at November 20, 2024, 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,
2029 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 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