TSX/NYSE/PSE: MFC SEHK: 945
C$ unless otherwise stated
TORONTO, Feb. 21, 2017 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced the applicable dividend
rates for its Non-cumulative Rate Reset Class 1 Shares Series 7
(the "Series 7 Preferred Shares") (TSX: MFC.PR.H) and
Non-cumulative Floating Rate Class 1 Shares Series 8 (the "Series 8
Preferred Shares").
With respect to any Series 7 Preferred Shares that remain
outstanding after March 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 March 20, 2017, and ending on
March 19, 2022, will be 4.31200% per annum
or $0.269500 per share per quarter, being equal to the sum of
the five-year Government of Canada
bond yield as at February 21, 2017, plus 3.13%, as determined
in accordance with the terms of the Series 7 Preferred Shares.
With respect to any Series 8 Preferred Shares that may be issued
on March 19, 2017 in connection with the conversion of the
Series 7 Preferred Shares into the Series 8 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 March 20, 2017, and ending on
June 19, 2017, will be 0.90639% (3.59600% on an
annualized basis) or $0.226598 per share, being equal to the sum
of the three-month Government of Canada Treasury bill yield as at
February 21, 2017, plus 3.13%, as determined in accordance
with the terms of the Series 8 Preferred Shares.
Beneficial owners of Series 7 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 March 6, 2017. The news
release announcing such conversion right was issued on
February 10, 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 8 Preferred Shares effective upon
conversion. Listing of the Series 8 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 8 Preferred Shares will be listed on the
TSX under the trading symbol "MFC.PR.S".
The Series 7 Preferred Shares and the Series 8 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. At the end of 2016, we had
$977 billion (US$728 billion) in assets under management and
administration, and in the previous 12 months we made almost
$26 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