Ms. Odette Coleman reports
MANULIFE FINANCIAL CORPORATION ANNOUNCES RESULTS OF CONVERSION PRIVILEGE OF NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 19
After having taken into account all election notices received by the March 4, 2020, deadline for conversion of Manulife Financial Corp.'s currently outstanding 10 million non-cumulative rate reset Class 1 shares, Series 19, into non-cumulative floating rate Class 1 shares, Series 20, of Manulife, 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 Feb. 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 cent per annum or 22.9688 cents per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at Feb. 19, 2020, plus 2.3 per cent, as determined in accordance with the terms of the Series 19 preferred shares.
Subject to certain conditions described in the prospectus supplement dated Nov. 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 Dec. 19 every five years thereafter.
About Manulife Financial Corp.
Manulife Financial is a leading international financial services group that helps people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, the company operate as Manulife across its offices in Canada, Asia and Europe, and primarily as John Hancock in the United States.
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