TSX/NYSE/PSE : MFC SEHK:
945
C$ unless otherwise stated
TORONTO, Aug. 21, 2018 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced the applicable dividend
rates for its Non-cumulative Rate Reset Class 1 Shares Series 13
(the "Series 13 Preferred Shares") (TSX: MFC.PR.K) and
Non-cumulative Floating Rate Class 1 Shares Series 14 (the "Series
14 Preferred Shares").
With respect to any Series 13 Preferred Shares that remain
outstanding after September 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 September 20, 2018, and ending on
September 19, 2023, will be 4.41400% per annum or $0.275875 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at August 21, 2018,
plus 2.22%, as determined in accordance with the terms of the
Series 13 Preferred Shares.
With respect to any Series 14 Preferred Shares that may be
issued on September 19, 2018 in connection with the conversion
of the Series 13 Preferred Shares into the Series 14 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 September 20, 2018, and ending on
December 19, 2018, will be 0.91773% (3.68100% on an annualized
basis) or $0.229433 per share, being
equal to the sum of the three-month Government of Canada Treasury
bill yield as at August 21, 2018, plus 2.22%, as determined in
accordance with the terms of the Series 14 Preferred Shares.
Beneficial owners of Series 13 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 September 4, 2018. The
news release announcing such conversion right was issued on
August 10, 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 14 Preferred Shares effective upon
conversion. Listing of the Series 14 Preferred Shares is
subject to Manulife fulfilling all the listing requirements of the
TSX and, upon approval, the Series 14 Preferred Shares will be
listed on the TSX under the trading symbol "MFC.PR.S".
The Series 13 Preferred Shares and the Series 14 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. 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 about 35,000 employees, 73,000 agents, and
thousands of distribution partners, serving more than 26 million
customers. As of June 30, 2018, we had over $1.1 trillion (US$849
billion) in assets under management and administration, and
in the previous 12 months we made $27.6
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.
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SOURCE Manulife Financial Corporation