C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, May 21, 2019 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced the applicable dividend
rates for its Non-cumulative Rate Reset Class 1 Shares Series 15
(the "Series 15 Preferred Shares") (TSX: MFC.PR.L) and
Non-cumulative Floating Rate Class 1 Shares Series 16 (the
"Series 16 Preferred Shares").
With respect to any Series 15 Preferred Shares that remain
outstanding after June 19, 2019,
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 June 20, 2019, and ending
on June 19, 2024, will be 3.78600% per annum or $0.236625 per share per quarter, being equal to
the sum of the five-year Government of Canada bond yield as at May 21, 2019,
plus 2.16%, as determined in accordance with the terms of the
Series 15 Preferred Shares.
With respect to any Series 16 Preferred Shares that may be
issued on June 19, 2019 in connection with the conversion of
the Series 15 Preferred Shares into the Series 16 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 June 20, 2019, and ending on
September 19, 2019, will be 0.96688% (3.83600% on an
annualized basis) or $0.241720 per
share, being equal to the sum of the three-month Government of
Canada Treasury bill yield as at May 21, 2019, plus 2.16%, as
determined in accordance with the terms of the Series 16 Preferred
Shares.
Beneficial owners of Series 15 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, 2019. The news
release announcing such conversion right was issued on May 6, 2019 and can be viewed on SEDAR or
Manulife's website. Conversion inquiries should be directed to
Manulife's Registrar and Transfer Agent, AST Trust Company
(Canada), at 1‑800-783-9495.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Series 16 Preferred Shares effective upon
conversion. Listing of the Series 16 Preferred Shares is subject to
Manulife fulfilling all the listing requirements of the TSX and,
upon approval, the Series 16 Preferred Shares will be listed on the
TSX under the trading symbol "MFC.PR.S".
The Series 15 Preferred Shares and the Series 16 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. We operate primarily 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 2018, we
had more than 34,000 employees, over 82,000 agents, and thousands
of distribution partners, serving almost 28 million customers. As
of March 31, 2019, we had over
$1.1 trillion (US$849 billion) in assets under management and
administration, and in the previous 12 months we made $29.4 billion in payments to our customers. Our
principal operations in Asia,
Canada and the United States are 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.
View original
content:http://www.prnewswire.com/news-releases/manulife-financial-corporation-announces-dividend-rates-on-non-cumulative-rate-reset-class-1-shares-series-15-and-non-cumulative-floating-rate-class-1-shares-series-16-300854521.html
SOURCE Manulife Financial Corporation