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Enter Symbol
or Name
USA
CA



Manulife Financial Corp
Symbol MFC
Shares Issued 1,853,778,466
Close 2014-06-25 C$ 21.03
Market Cap C$ 38,984,961,140
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Manulife Financial files $200-million IPO prospectus

2014-06-26 12:20 ET - News Release

An anonymous director reports

MANULIFE U.S. REGIONAL BANK TRUST FILES FINAL PROSPECTUS

A final prospectus for Manulife Financial Corp.'s Manulife U.S. Regional Bank Trust has been filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Class A units and Class U units of the fund at a price of $10.00 per Class A unit and $10.00 (U.S.) per Class U unit.

The maximum amount of the offering is $200-million or 20 million units. The offering is expected to close on or about July 23, 2014. The Toronto Stock Exchange (TSX) has conditionally approved the listing of the Class A units under the symbol MBK.UN, subject to the fulfilment of TSX requirements. The Class U units will not be listed on an exchange.

The fund's investment objectives are to:

  • Maximize total return through capital appreciation and distributions;
  • Provide holders of the units with monthly distributions.

The fund has been created to invest in an actively managed portfolio comprising primarily securities of U.S. regional banks and lending companies, including commercial banks and industrial banks, savings and loan associations, and bank and financial holding companies. Manulife Asset Management Ltd. will act as trustee, manager and investment manager of the fund. The portfolio will be actively managed by Manulife Asset Management (U.S.) LLC.

The manager has agreed to pay the expenses of the offering and a portion of the agents' fees, and as a result, the initial net asset value per unit for the Class A units and Class U units will be $9.70 and $9.70 (U.S.), respectively.

The fund's initial target distribution amount is expected to be 4.16 cents per Class A unit per month (or 50 cents per annum), and 4.16 U.S. cents per Class U unit per month (or 50 U.S. cents per annum), representing an initial yield on the original unit issue price of 5.00 per cent per annum.

The offering is being conducted by a syndicate of agents co-led by RBC Capital Markets and CIBC World Markets Inc., that also includes Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., GMP Securities LP, Manulife Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd. and Mackie Research Capital Corp.

The offering is only made by a prospectus dated June 25, 2014. The prospectus contains important information relating to the securities being offered. Copies of the prospectus may be obtained from any of the agents. Investors should read the prospectus before making an investment decision.

We seek Safe Harbor.

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