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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, June 7, 2021 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced that after having taking
into account all election notices received by the June 4, 2021 deadline for conversion, 812,380 of
its currently outstanding 6,335,831 Non-cumulative Rate Reset Class
1 Shares Series 3 (the "Series 3 Preferred Shares") have been
elected for conversion on June 19,
2021, on a one-for-one basis, into Non-cumulative Floating
Rate Class 1 Shares Series 4 of Manulife (the "Series 4 Preferred
Shares"), and 1,014,452 of its currently outstanding 1,664,169
Series 4 Preferred Shares have been elected for conversion on
June 19, 2021, on a one-for-one
basis, into Series 3 Preferred Shares.
As a result, on June 19, 2021,
Manulife will have 6,537,903 Series 3 Preferred Shares and
1,462,097 Series 4 Preferred Shares issued and
outstanding. The Series 3 Preferred Shares and the Series 4
Preferred Shares are listed on the Toronto Stock Exchange under the
symbols MFC.PR.F and MFC.PR.P, respectively.
As announced by Manulife on May 21,
2021, after June 19, 2021, holders of Series 3
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 (the
"Board") and subject to the provisions of the Insurance
Companies Act (Canada). The
dividend rate for the five-year period commencing on June 20,
2021, and ending on June 19, 2026,
will be 2.34800% per annum or $0.146750 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at May 21, 2021,
plus 1.41%, as determined in accordance with the terms of the
Series 3 Preferred Shares.
As announced by Manulife on May 21,
2021, after June 19, 2021, holders of Series 4
Preferred Shares will be entitled to receive floating rate
non-cumulative preferential cash dividends on a quarterly basis, as
and when declared by the Board and subject to the provisions of the
Insurance Companies Act (Canada). The dividend rate for the three-month
period commencing on June 20, 2021, and ending on
September 19, 2021, will be 0.38363% (1.52200% on an
annualized basis) or $0.095908 per
share, being equal to the sum of the three-month Government of
Canada Treasury bill yield as at May 21, 2021, plus 1.41%, as
determined in accordance with the terms of the Series 4 Preferred
Shares.
The Series 3 Preferred Shares and the Series 4 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 that helps people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we operate as
Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. We provide financial
advice, insurance, and our global wealth and asset management
segment, Manulife Investment Management, serves individuals,
institutions and retirement plan members worldwide. At the end
of 2020, we had more than 37,000 employees, over 118,000 agents,
and thousands of distribution partners, serving over 30 million
customers. As of March 31, 2021, we
had CAD$1.3 trillion (US$1.0 trillion) in assets under management and
administration, and in the previous 12 months we made $31.3 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 155 years. 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
