TSX/NYSE/PSE : MFC SEHK :
945
C$ unless otherwise stated
TORONTO, Feb. 20, 2018 /CNW/ - 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, 2018,
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, 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.
With respect to any Series 11 Preferred Shares that may be
issued on March 19, 2018 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 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, 2018, and ending on
June 19, 2018, will be 0.96209% (3.81700% on an annualized
basis) or $0.240523 per share, being
equal to the sum of the three-month Government of Canada Treasury
bill yield as at February 20, 2018,
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 5, 2018. The news
release announcing such conversion right was issued on February 12, 2018 and can be viewed on SEDAR or
Manulife's website. Conversion inquiries should be directed to
Manulife's Registrar and Transfer Agent, AST Trust Company
(Canada), 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 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