iTech Solution
  • Blog
  • About iTech Solution
  • Contact Me
  • Disclaimer

Manulife Financial Corporation Announces Results of Conversion Privilege of Non-Cumulative Rate Reset Class 1 Shares Series 15

6/7/2024

0 Comments

 
The Series 15 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended, or the securities laws of any state in 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 of the Securities Act) in the absence of registration or an appropriate exemption from registration requirements.
Manulife Financial Corporation (Manulife) announced that after considering all election notices received by the June 4, 2024 deadline for converting its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 into Non-cumulative Floating Rate Class 1 Shares Series 16, Series 15 Preferred Shareholders are not entitled to convert their Series 15 Preferred Shares into Series 16 Preferred Shares. There were 7,209 Series 15 Preferred Shares opted for conversion, which is fewer than the requisite one million shares to effect conversions into Series 16 Preferred Shares. 
As announced by Manulife on May 21, 2024, after June 19, 2024, holders of Series 15 Preferred Shares will be entitled 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 provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period beginning June 20, 2024, and ending June 19, 2029, will be 5.77500% per year, or CAD0.360938 per share per quarter, which is equal to the sum of the five-year Government of Canada bond yield as of May 21, 2024 plus 2.16%, as determined in accordance with the Series 15 Preferred Shares' terms.

Subject to certain conditions described in the prospectus supplement dated February 18, 2014 relating to the issuance of the Series 15 Preferred Shares, Manulife may redeem the Series 15 Preferred Shares, in whole or in part, on June 19, 2029 and on June 19 every five years thereafter.

The Series 15 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended, or the securities laws of any state in 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 of the Securities Act) in the absence of registration or an appropriate exemption from registration requirements.

​Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and their lives better. With its global headquarters in Toronto, Canada, the company provides financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for its Global Wealth and Asset Management segment, they serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, the company had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. Manulife trades as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges and under ‘945’ in Hong Kong.
0 Comments



Leave a Reply.

    ​PLACE YOUR ADS HERE
     Join and Subscribe to my Newsletter.
    It's FREE!

      EMAIL SUBSCRIPTION

    Subscribe to Newsletter
    ABOUT THE 
    ​
    BLOGGER
    www.itechsolutionph.com
    Hi, I'm Ralph Gregore Masalihit!
     
    An RFP Graduate (Registered Financial Planner Institute - Philippines).

    A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
    ​
    ​Currently, I'm working my way toward time and financial freedom.
    CONNECT
    ​WITH ME

    ​Follow me on
    LINKEDIN
    ​FACEBOOK x
    itechsolutionph.com


    Tweets by itechsolutionph
    ​PLACE YOUR
    ADS HERE

    PLACE YOUR
    ADS HERE

    Categories

    All
    Adobe
    AI
    Amazon
    Amazon Web Services
    AMD
    Artificial Intelligent
    ASP
    Business
    CIMB
    Cloud
    Computer Programming
    Computer Troubleshooting
    Computer Virus
    Corporate
    Cybersecurity
    Domain Name
    E Books
    E-books
    Entrepreneur
    Facebook
    Finance
    GCash
    GCredit
    Google
    Google Adsense
    Google Analytics
    Google Philippines
    Information Technology
    Instagram
    Internet
    Investments
    Linux
    Macintosh
    Malware
    Meta
    Microsoft
    Monetization
    MySQL
    Nod.ai
    NVidia
    Oracle
    Oracle Certified
    PLDT
    Programming Language
    Search Engine Optimization
    SEO
    SERP
    Smart Communication
    Smartphone
    SQL
    SQL Server
    Tech Innovators
    Technology
    VBScript
    Web Hosting
    Website Builder
    Weebly
    Windows

    Archives

    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023

Copyright © 2011 - 2024 iTech Solution. All Rights Reserved.

For comments and suggestions, please send your email to the Web Administrator.

Should any problems arise with regard to your viewing experience, please report it to us. Thank you!


Designed and Developed by iTech Solution

  • Blog
  • About iTech Solution
  • Contact Me
  • Disclaimer