C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK:
945
TORONTO, Feb. 21,
2023 /PRNewswire/ - Manulife Financial Corporation
("Manulife") today announced the applicable dividend rates for its
Non-cumulative Rate Reset Class 1 Shares Series 11 (the "Series 11
Preferred Shares") (TSX: MFC.PR.J) and Non-cumulative Floating
Rate Class 1 Shares Series 12 (the "Series 12 Preferred
Shares").
With respect to any Series 11 Preferred Shares that remain
outstanding after March 19, 2023, 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 March 20, 2023,
and ending on March 19, 2028, will be 6.15900% per annum or
$0.384938 per share per quarter,
being equal to the sum of the five-year Government of Canada bond yield as at February 21,
2023, plus 2.61%, as determined in accordance with the terms of the
Series 11 Preferred Shares.
With respect to any Series 12 Preferred Shares that may be
issued on March 20, 2023 in connection with the conversion of
the Series 11 Preferred Shares into the Series 12
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 the 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 March 20, 2023, and
ending on June 19, 2023, will be
1.80975% (7.18000% on an annualized basis) or $0.452438 per share, being equal to the sum of
the three-month Government of Canada Treasury bill yield as at
February 21, 2023, plus 2.61%, as
determined in accordance with the terms of the Series 12
Preferred Shares.
Beneficial owners of Series 11 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 March
6, 2023. The news release announcing such conversion right
was issued on January 31, 2023 and
can be viewed on SEDAR or Manulife's website. Conversion inquiries
should be directed to Manulife's Registrar and Transfer Agent, TSX
Trust Company, at 1–800–783–9495.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 12 Preferred Shares effective upon
conversion. Listing of the Series 12 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 12 Preferred Shares will be listed
on the TSX under the trading symbol "MFC.PR.S".
The Series 11 Preferred Shares and the Series 12 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 2022, we had more than 40,000 employees,
over 116,000 agents, and thousands of distribution partners,
serving over 34 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
