C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK:945
TORONTO, July 27, 2017 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced that it does not intend to
exercise its right to redeem all or any of its currently
outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares
Series 9 (the "Series 9 Preferred Shares") (TSX: MFC.PR.I) on
September 19, 2017. As a result,
subject to certain conditions described in the prospectus
supplement dated May 16, 2012 relating to the issuance of the
Series 9 Preferred Shares (the "Prospectus"), the holders of
the Series 9 Preferred Shares have the right, at their option, to
convert all or part of their Series 9 Preferred Shares on a
one-for-one basis into Non-cumulative Floating Rate Class 1 Shares
Series 10 of Manulife (the "Series 10 Preferred Shares")
on September 19, 2017. A formal notice of the right to convert
Series 9 Preferred Shares into Series 10 Preferred Shares
will be sent to the registered holders of the Series 9 Preferred
Shares in accordance with the share conditions of the Series 9
Preferred Shares. Holders of Series 9 Preferred Shares are not
required to elect to convert all or any part of their Series 9
Preferred Shares into Series 10 Preferred Shares. Holders who
do not exercise their right to convert their Series 9
Preferred Shares into Series 10 Preferred Shares on such date
will retain their Series 9 Preferred Shares, unless
automatically converted in accordance with the conditions
below.
The foregoing conversion right is subject to the conditions
that: (i) if, after September 5,
2017, Manulife determines that there would be less than
1,000,000 Series 9 Preferred Shares outstanding on
September 19, 2017, then all remaining Series 9 Preferred
Shares will automatically be converted into an equal number of
Series 10 Preferred Shares on September 19, 2017, and
(ii) alternatively, if, after September 5,
2017, Manulife determines that there would be less than
1,000,000 Series 10 Preferred Shares outstanding on
September 19, 2017, then no Series 9 Preferred Shares
will be converted into Series 10 Preferred Shares. In either case,
Manulife will give written notice to that effect to any registered
holders of Series 9 Preferred Shares affected by the preceding
minimums on or before September 12, 2017.
The dividend rate applicable to the Series 9 Preferred Shares
for the 5-year period commencing on September 20, 2017, and
ending on September 19, 2022, and the dividend rate applicable
to the Series 10 Preferred Shares for the 3-month period commencing
on September 20, 2017, and ending on December 19, 2017,
will be determined and announced by way of a news release on
August 21, 2017. Manulife will also
give written notice of these dividend rates to the registered
holders of Series 9 Preferred Shares.
Beneficial owners of Series 9 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 5, 2017. Conversion inquiries should be
directed to Manulife's Registrar and Transfer Agent, CST Trust
Company, at 1-800-387-0825.
Subject to certain conditions described in the Prospectus,
Manulife may redeem the Series 9 Preferred Shares, in whole or
in part, on September 19, 2022 and on
September 19 every five years thereafter and may redeem the
Series 10 Preferred Shares, in whole or in part, after
September 19, 2017.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 10 Preferred Shares effective upon
conversion. Listing of the Series 10 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 10 Preferred Shares will be listed
on the TSX under the trading symbol "MFC.PR.T".
The Series 9 Preferred Shares and the Series 10 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
achieve their dreams and aspirations by putting customers' needs
first and providing the right advice and solutions. We operate 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 2016, we had approximately 35,000
employees, 70,000 agents, and thousands of distribution partners,
serving more than 22 million customers. As of March 31, 2017, we had $1
trillion (US$754 billion) in
assets under management and administration, and in the previous 12
months we made almost $26.3 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
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.
SOURCE Manulife Financial Corporation
