C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK: 945
TORONTO, March 5, 2020 /CNW/ - Manulife Financial
Corporation ("Manulife") today announced that after having taken
into account all election notices received by the March 4, 2020 deadline for conversion of its
currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1
Shares Series 19 (the "Series 19 Preferred Shares") (TSX:
MFC.PR.N) into Non-cumulative Floating Rate Class 1 Shares
Series 20 of Manulife (the "Series 20 Preferred Shares"), the
holders of Series 19 Preferred Shares are not entitled to convert
their Series 19 Preferred Shares into Series 20 Preferred Shares.
There were 110,669 Series 19 Preferred Shares elected for
conversion, which is less than the minimum one million shares
required to give effect to conversions into Series 20 Preferred
Shares.
As announced by Manulife on February 19,
2020, after March 19, 2020, holders of Series 19
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, 2020, and ending
on March 19, 2025, will be 3.675% per
annum or $0.229688 per share per
quarter, being equal to the sum of the five-year Government of
Canada bond yield as at
February 19, 2020, plus 2.30%, as determined in accordance
with the terms of the Series 19 Preferred Shares.
Subject to certain conditions described in the prospectus
supplement dated November 26, 2014 relating to the issuance of
the Series 19 Preferred Shares, Manulife may redeem the Series 19
Preferred Shares, in whole or in part, on March 19,
2025 and on December 19 every five years thereafter.
The Series 19 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, Canada,
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, and wealth and asset management solutions for
individuals, groups and institutions. At the end of 2019, we had
more than 35,000 employees, over 98,000 agents, and thousands of
distribution partners, serving almost 30 million customers. As of
December 31, 2019, we had
$1.2 trillion (US$0.9 trillion) in assets under management and
administration, and in the previous 12 months we made $29.7 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. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
View original
content:http://www.prnewswire.com/news-releases/manulife-financial-corporation-announces-results-of-conversion-privilege-of-non-cumulative-rate-reset-class-1-shares-series-19-301016925.html
SOURCE Manulife Financial Corporation