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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Nov. 8, 2019 /CNW/ - Manulife Financial
Corporation ("Manulife") today announced that it does not intend to
exercise its right to redeem all or any 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) on
December 19, 2019. As a result, subject to certain conditions
described in the prospectus supplement dated August 11, 2014
relating to the issuance of the Series 17 Preferred Shares
(the "Prospectus"), the holders of the Series 17 Preferred Shares
have the right, at their option, to convert all or part of their
Series 17 Preferred Shares on a one-for-one basis into
Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife
(the "Series 18 Preferred Shares") on December 19, 2019.
A formal notice of the right to convert Series 17 Preferred
Shares into Series 18 Preferred Shares will be sent to the
registered holders of the Series 17 Preferred Shares in accordance
with the share conditions of the Series 17 Preferred Shares.
Holders of Series 17 Preferred Shares are not required to elect to
convert all or any part of their Series 17 Preferred Shares into
Series 18 Preferred Shares. Holders who do not exercise their
right to convert their Series 17 Preferred Shares into Series
18 Preferred Shares on such date will retain their Series 17
Preferred Shares, unless automatically converted in accordance with
the conditions below.
The foregoing conversion right is subject to the conditions
that: (i) if, after December 4, 2019, Manulife determines that
there would be less than 1,000,000 Series 17 Preferred Shares
outstanding on December 19, 2019, then all remaining Series 17
Preferred Shares will automatically be converted into an equal
number of Series 18 Preferred Shares on December 19, 2019, and
(ii) alternatively, if, after December 4, 2019, Manulife
determines that there would be less than 1,000,000 Series 18
Preferred Shares outstanding on December 19, 2019, then no
Series 17 Preferred Shares will be converted into Series 18
Preferred Shares. In either case, Manulife will give written notice
to that effect to any registered holders of Series 17 Preferred
Shares affected by the preceding minimums on or before December 11, 2019.
The dividend rate applicable to the Series 17 Preferred Shares
for the 5-year period commencing on December 20, 2019, and
ending on December 19, 2024, and the dividend rate applicable
to the Series 18 Preferred Shares for the 3-month period commencing
on December 20, 2019, and ending on March 19, 2020, will
be determined and announced by way of a news release on
November 20, 2019. Manulife will also give written notice of
these dividend rates to the registered holders of Series 17
Preferred Shares.
Beneficial owners of Series 17 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 December 4, 2019.
Conversion inquiries should be directed to Manulife's Registrar and
Transfer Agent, AST Trust Company (Canada), at 1-800-783-9495.
Subject to certain conditions described in the Prospectus,
Manulife may redeem the Series 17 Preferred Shares, in whole
or in part, on December 19, 2024 and on December 19 every
five years thereafter and may redeem the Series 18 Preferred
Shares, in whole or in part, after December 19, 2019.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 18 Preferred Shares effective upon
conversion. Listing of the Series 18 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 18 Preferred Shares will be listed
on the TSX under the trading symbol "MFC.PR.S".
The Series 17 Preferred Shares and the Series 18 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, 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, as well as wealth and asset management solutions
for individuals, groups and institutions. At the end of 2018, we
had more than 34,000 employees, over 82,000 agents, and thousands
of distribution partners, serving almost 28 million customers. As
of September 30, 2019, we had over
$1.2 trillion (US$881 billion) in assets under management and
administration, and in the previous 12 months we made $29.8 billion in payments to our customers. Our
principal operations in Asia,
Canada and the United States are 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.
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content:http://www.prnewswire.com/news-releases/manulife-financial-corporation-announces-conversion-privilege-of-non-cumulative-rate-reset-class-1-shares-series-17-300955020.html
SOURCE Manulife Financial Corporation
