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TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, April 22, 2021 /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 6,335,831 Non-cumulative Rate Reset Class 1 Shares
Series 3 (the "Series 3 Preferred Shares") (TSX: MFC.PR.F) or
1,664,169 Non-cumulative Floating Rate Class 1 Shares Series 4 (the
"Series 4 Preferred Shares") (TSX: MFC.PR.P) on June 19,
2021.
As a result, subject to certain conditions described in the
prospectus supplement dated March 7,
2011 relating to the issuance of the Series 3 Preferred
Shares and Series 4 Preferred Shares (the "Prospectus"), the
holders of the Series 3 Preferred Shares have the right, at
their option, to convert all or part of their Series 3
Preferred Shares on a one-for-one basis into Series 4
Preferred Shares on June 19, 2021. As
well, subject to certain conditions, the holders of Series 4
Preferred Shares have the right to convert all or part of their
Series 4 Preferred Shares on a one-for-one basis into Series 3
Preferred Shares on June 19, 2021.
Holders who do not exercise their right to convert their Series 3
Preferred Shares into Series 4 Preferred Shares will retain their
Series 3 Preferred Shares. Holders who do not exercise their right
to convert their Series 4 Preferred Shares into Series 3 Preferred
Shares will retain their Series 4 Preferred Shares.
Beneficial owners of Series 3 Preferred Shares and Series 4
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, 2021.
The foregoing conversions are subject to the conditions that:
(i) if, after June 4, 2021, Manulife
determines that there would be less than 1,000,000 Series 3
Preferred Shares outstanding on June 19, 2021, then all
remaining Series 3 Preferred Shares will automatically be
converted into an equal number of Series 4 Preferred Shares on
June 19, 2021, and (ii) if, after June 4, 2021, Manulife
determines that there would be less than 1,000,000 Series 4
Preferred Shares outstanding on June 19, 2021, then all
remaining Series 4 Preferred Shares will automatically be converted
into an equal number of Series 3 Preferred Shares. In either case,
Manulife shall give written notice to that effect to any registered
holders of Series 3 and Series 4 Preferred Shares on or
before June 7, 2021.
The dividend rate applicable to the Series 3 Preferred Shares
for the 5-year period commencing on June 20, 2021, and ending
on June 19, 2026, and the dividend rate applicable to the
Series 4 Preferred Shares for the 3-month period commencing on
June 20, 2021, and ending on
September 19, 2021, will be determined and announced by way of
a news release on May 21, 2021. Manulife will also give
written notice of these dividend rates to the registered holders of
Series 3 Preferred Shares and Series 4 Preferred Shares.
Conversion inquiries should be directed to Manulife's Registrar
and Transfer Agent, AST Trust Company (Canada), at 1-800-783-9495.
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 group 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 wealth and asset management solutions for
individuals, groups and institutions. 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
December 31, 2020, we had
$1.3 trillion (US$1.0 trillion) in assets under management and
administration, and in the previous 12 months we made $31.6 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
