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Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 15
Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate R...
About this update from Manulife Financial Corporation
[{"type":"text","content":"\n \n \n \n Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 15\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n C$ unless otherwise stated                                                                                             TSX/NYSE/PSE: MFC     SEHK: 945\n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 5, 2024\n \n \n /CNW/ - Manulife Financial Corporation (\"Manulife\") today announced that after having taken into account all election notices received by the\n \n June 4, 2024\n \n deadline for conversion of its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 (the \"Series 15 Preferred Shares\") (TSX: MFC.PR.L) into Non-cumulative Floating Rate Class 1 Shares Series 16 of Manulife (the \"Series 16 Preferred Shares\"), the holders of Series 15 Preferred Shares are not entitled to convert their Series 15 Preferred Shares into Series 16 Preferred Shares. There were 7,209 Series 15 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 16 Preferred Shares.\n \n \n \n \n \n \n \n \n \n As announced by Manulife on\n \n May 21, 2024\n \n , after\n \n June 19, 2024\n \n , holders of Series 15 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\n \n Insurance Companies Act\n \n (\n \n Canada\n \n ). The dividend rate for the five-year period commencing on\n \n June 20, 2024\n \n , and ending on\n \n June 19, 2029\n \n , will be 5.77500% per annum or\n \n $0.360938\n \n per share per quarter, being eq...