TSX/NYSE/PSE : MFC SEHK : 945
C$ unless otherwise stated
TORONTO, Aug. 21, 2017 /PRNewswire/ - Manulife
Financial Corporation ("Manulife") today announced the applicable
dividend rates for its Non-cumulative Rate Reset Class 1 Shares
Series 9 (the "Series 9 Preferred Shares") (TSX: MFC.PR.I) and
Non-cumulative Floating Rate Class 1 Shares Series 10 (the
"Series 10 Preferred Shares").
With respect to any Series 9 Preferred Shares that remain
outstanding after September 19, 2017, 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, 2017, and ending on
September 19, 2022, will be 4.35100% per annum or $0.271938 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at August 21, 2017,
plus 2.86%, as determined in accordance with the terms of the
Series 9 Preferred Shares.
With respect to any Series 10 Preferred Shares that may be
issued on September 19, 2017 in connection with the conversion
of the Series 9 Preferred Shares into the Series 10 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, 2017, and ending on
December 19, 2017, will be 0.89753% (3.60000% on an annualized
basis) or $0.224383 per share, being
equal to the sum of the three-month Government of Canada Treasury
bill yield as at August 21, 2017, plus 2.86%, as determined in
accordance with the terms of the Series 10 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. The
news release announcing such conversion right was issued on
July 27, 2017 and can be viewed on SEDAR or Manulife's
website. Conversion inquiries should be directed to Manulife's
Registrar and Transfer Agent, CST Trust Company, at
1‑800-387-0825.
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 June 30, 2017, we had over $1 trillion (US$780
billion) in assets under management and administration, and
in the previous 12 months we made $26.7
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