TORONTO, March 5, 2025 /CNW/ – Manulife Financial Corporation (“Manulife”) today announced that the conversion of its Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) (TSX: MFC.PR.N) into Non-cumulative Floating Rate Class 1 Shares Series 20 (the “Series 20 Preferred Shares”) will not proceed.
After considering all conversion notices received by the March 4, 2025 deadline, Manulife determined that the minimum threshold for conversion was not met. Only 3,700 Series 19 Preferred Shares were elected for conversion, falling short of the one million shares required.
As previously announced on February 18, 2025, holders of Series 19 Preferred Shares will continue to receive fixed-rate, non-cumulative preferential cash dividends on a quarterly basis, as declared by Manulife’s Board of Directors and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year period beginning March 20, 2025, and ending March 19, 2030, will be 5.16900% per annum, or $0.323063 per share per quarter. This rate is based on the sum of the five-year Government of Canada bond yield as of February 18, 2025, plus 2.30%, as outlined in the terms of the Series 19 Preferred Shares.
Manulife may redeem the Series 19 Preferred Shares, in whole or in part, on March 19, 2030, and every five years thereafter, subject to the conditions outlined in the prospectus supplement dated November 26, 2014. These shares have not been registered under the United States Securities Act of 1933, or any state securities laws, and cannot be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) without registration or an applicable exemption.
This press release does not constitute an offer to sell securities in the United States. Any public offering in the United States would be made through a prospectus.
About Manulife
Manulife Financial Corporation is a leading international financial services provider. Headquartered in Toronto, Canada, Manulife operates under the Manulife brand in Canada, Asia, and Europe, and primarily as John Hancock in the United States. The company provides financial advice and insurance for individuals, groups, and businesses. Through Manulife Wealth & Asset Management, the company offers global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide.
At the close of 2024, Manulife had over 37,000 employees, over 109,000 agents, and counts thousands of distribution partners, serving over 36 million customers. Manulife is traded as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
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For additional information, please visit manulife.com.
Contact:
Fiona McLean, Manulife, 437-441-7491, [email protected] Hung Ko, Manulife, 416-806-9921, [email protected]
