Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 25
Retrieved on:
Mardi, juin 6, 2023
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
Key Points:
- C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
TORONTO , June 6, 2023 /PRNewswire/ - Manulife Financial Corporation ("Manulife") today announced that after having taken into account all election notices received by the June 5, 2023 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 25 (the "Series 25 Preferred Shares") (TSX: MFC.PR.Q) into Non-cumulative Floating Rate Class 1 Shares Series 26 of Manulife (the "Series 26 Preferred Shares"), the holders of Series 25 Preferred Shares are not entitled to convert their Series 25 Preferred Shares into Series 26 Preferred Shares. - There were 37,044 Series 25 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 26 Preferred Shares.
- As announced by Manulife on May 23, 2023, after June 19, 2023, holders of Series 25 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).
- Subject to certain conditions described in the prospectus supplement dated February 12, 2018 relating to the issuance of the Series 25 Preferred Shares, Manulife may redeem the Series 25 Preferred Shares, in whole or in part, on June 19, 2028 and on June 19 every five years thereafter.