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Manulife Financial Corp
Symbol MFC
Shares Issued 1,948,811,715
Close 2020-02-03 C$ 25.82
Recent Sedar Documents

Manulife does not intend to redeem Series 19 shares

2020-02-03 16:47 ET - News Release

An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES CONVERSION PRIVILEGE OF NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 19

Manulife Financial Corp. does not intend to exercise its right to redeem all or any of its currently outstanding 10 million non-cumulative rate reset Class 1 shares, Series 19, on March 19, 2020. As a result, subject to certain conditions described in the prospectus supplement dated Nov. 26, 2014, relating to the issuance of the Series 19 preferred shares, the holders of the Series 19 preferred shares have the right, at their option, to convert all or part of their Series 19 preferred shares on a one-for-one basis into non-cumulative floating rate Class 1 shares, Series 20, of Manulife on March 19, 2020. A formal notice of the right to convert Series 19 preferred shares into Series 20 preferred shares will be sent to the registered holders of the Series 19 preferred shares in accordance with the share conditions of the Series 19 preferred shares. Holders of Series 19 preferred shares are not required to elect to convert all or any part of their Series 19 preferred shares into Series 20 preferred shares. Holders who do not exercise their right to convert their Series 19 preferred shares into Series 20 preferred shares on such date will retain their Series 19 preferred shares, unless automatically converted in accordance with the conditions herein.

The foregoing conversion right is subject to the conditions that: (i) if, after March 4, 2020, Manulife determines that there would be less than one million Series 19 preferred shares outstanding on March 19, 2020, then all remaining Series 19 preferred shares will automatically be converted into an equal number of Series 20 preferred shares on March 19, 2020, and (ii) alternatively, if, after March 4, 2020, Manulife determines that there would be less than one million Series 20 preferred shares outstanding on March 19, 2020, then no Series 19 preferred shares will be converted into Series 20 preferred shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 19 preferred shares affected by the preceding minimums on or before March 11, 2020.

The dividend rate applicable to the Series 19 preferred shares for the five-year period commencing on March 20, 2020, and ending on March 19, 2025, and the dividend rate applicable to the Series 20 preferred shares for the three-month period commencing on March 20, 2020, and ending on June 19, 2020, will be determined and announced by way of a news release on Feb. 19, 2020. Manulife will also give written notice of these dividend rates to the registered holders of Series 19 preferred shares.

Beneficial owners of Series 19 preferred shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5 p.m. Toronto time on March 4, 2020. 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 19 preferred shares, in whole or in part, on March 19, 2025, and on March 19 every five years thereafter, and may redeem the Series 20 preferred shares, in whole or in part, after March 19, 2020.

The Toronto Stock Exchange has conditionally approved the listing of the Series 20 preferred shares effective upon conversion. Listing of the Series 20 preferred shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 20 preferred shares will be listed on the TSX under the trading symbol MFC.PR.S.

About Manulife Financial Corp.

Manulife is a leading international financial services group that helps people make their decisions easier and lives better. With its global headquarters in Toronto, the company operates as Manulife across its offices in Canada, Asia and Europe, and primarily as John Hancock in the United States.

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