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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Sept. 6,
2023 /PRNewswire/ - Manulife Financial Corporation
("Manulife") today announced that after having taken into account
all election notices received by the September 5, 2023 deadline for conversion of its
currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1
Shares Series 13 (the "Series 13 Preferred Shares") (TSX: MFC.PR.K)
into Non-cumulative Floating Rate Class 1 Shares
Series 14 of Manulife (the "Series 14 Preferred Shares"), the
holders of Series 13 Preferred Shares are not entitled to
convert their Series 13 Preferred Shares into Series 14 Preferred
Shares. There were 12,850 Series 13 Preferred Shares elected
for conversion, which is less than the minimum one million shares
required to give effect to conversions into Series 14 Preferred
Shares.
As announced by Manulife on August 21,
2023, after September 19,
2023, holders of Series 13 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 and subject to the provisions of the Insurance
Companies Act (Canada). The
dividend rate for the five-year period commencing on
September 20, 2023, and ending on September 19, 2028, will be 6.35000% per annum or
$0.396875 per share per quarter,
being equal to the sum of the five-year Government of Canada bond yield as of August 21, 2023, plus 2.22%, as determined in
accordance with the terms of the Series 13 Preferred Shares.
Subject to certain conditions described in the prospectus
supplement dated June 17,
2013 relating to the issuance of the Series 13 Preferred
Shares, Manulife may redeem the Series 13 Preferred Shares, in
whole or in part, on September 19, 2028 and on
September 19 every five years thereafter.
The Series 13 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 2022, we had more than 40,000 employees,
over 116,000 agents, and thousands of distribution partners,
serving over 34 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