TSX/NYSE/PSE : MFC SEHK: 945
C$
unless otherwise stated
TORONTO, March 6, 2018 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced that after having taken
into account all election notices received by the March 5, 2018 deadline for conversion of its
currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1
Shares Series 11 (the "Series 11 Preferred Shares") (TSX:
MFC.PR.J) into Non-cumulative Floating Rate Class 1 Shares Series
12 of Manulife (the "Series 12 Preferred Shares"), the holders of
Series 11 Preferred Shares are not entitled to convert their
Series 11 Preferred Shares into Series 12 Preferred Shares.
There were 203,586Series 11 Preferred Shares elected for
conversion, which is less than the minimum one million shares
required to give effect to conversions into Series 12 Preferred
Shares.
As announced by Manulife on February 20,
2018, after March 19, 2018, holders of Series 11
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 March 20,
2018, and ending on March 19, 2023, will be 4.73100%
per annum or $0.295688 per share per
quarter, being equal to the sum of the five-year Government of
Canada bond yield as at
February 20, 2018, plus 2.61%, as determined in accordance
with the terms of the Series 11 Preferred Shares.
Subject to certain conditions described in the prospectus
supplement dated November 27, 2012 relating to the issuance of
the Series 11 Preferred Shares, Manulife may redeem the Series 11
Preferred Shares, in whole or in part, on March 19, 2023 and
on March 19 every five years thereafter.
The Series 11 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 achieve their dreams and
aspirations by putting customers' needs first and providing the
right advice and solutions. 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
2017, we had approximately 34,000 employees, 73,000 agents, and
thousands of distribution partners, serving more than 26 million
customers. As of December 31, 2017,
we had over $1.04 trillion
(US$829.4 billion) in assets under
management and administration, and in the previous 12 months we
made $26.7 billion in payments to our
customers. Our principal operations are in Asia, Canada
and the United States 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.
SOURCE Manulife Financial Corporation
