C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, May 21, 2024
/CNW/ - Manulife Financial Corporation ("Manulife") today announced
the applicable dividend rates for its Non-cumulative Rate Reset
Class 1 Shares Series 15 (the "Series 15 Preferred Shares") (TSX:
MFC.PR.L) and Non-cumulative Floating Rate Class 1 Shares Series 16
(the "Series 16 Preferred Shares").
With respect to any Series 15 Preferred Shares that remain
outstanding after June 19, 2024, 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 June 20, 2024,
and ending on June 19, 2029, will be 5.77500% per annum or
$0.360938 per share per quarter,
being equal to the sum of the five-year Government of Canada bond yield as at May 21, 2024, plus 2.16%, as determined in
accordance with the terms of the Series 15 Preferred
Shares.
With respect to any Series 16 Preferred Shares that may be
issued in connection with the conversion of the Series 15
Preferred Shares into the Series 16 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 the 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 June 20, 2024, and ending on September 19, 2024, will be 1.77245% (7.03200% on
an annualized basis) or $0.443113 per
share, being equal to the sum of the three-month Government of
Canada Treasury bill yield as at May 21,
2024, plus 2.16%, as determined in accordance with the terms
of the Series 16 Preferred Shares.
Beneficial owners of Series 15 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 June
4, 2024. Conversion inquiries should be directed to
Manulife's Registrar and Transfer Agent, TSX Trust Company, at
1‑800‑783‑9495.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 16 Preferred Shares effective upon
conversion. Listing of the Series 16 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 16 Preferred Shares will be listed
on the TSX under the trading symbol "MFC.PR.S".
The Series 15 Preferred Shares and the Series 16 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 provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our Global Wealth and Asset Management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2023, we had more than 38,000 employees,
over 98,000 agents, and thousands of distribution partners, serving
over 35 million customers. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges, and under '945' in
Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation
