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Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 17
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 17\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 Dec. 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 December 4, 2024\n \n deadline for conversion of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the \"Series 17 Preferred Shares\") (TSX: MFC.PR.M) into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the \"Series 18 Preferred Shares\"), the holders of Series 17 Preferred Shares are not entitled to convert their Series 17 Preferred Shares into Series 18 Preferred Shares. There were 6,650 Series 17 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 18 Preferred Shares.\n \n\n\n\n\n\n\n\n\n As announced by Manulife on\n \n November 20, 2024\n \n , after\n \n December 19, 2024\n \n , holders of Series 17 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 December 20, 2024\n \n , and ending on\n \n December 19, 2029\n \n , will be 5.54200% per annum or\n \n $0.346375\n \n per share per quarter, being equal to the sum of the five-year Government of\n \n Canada\n \n bond yield as at\n \n November 20, 2024\n \n , plus 2.36%, as determined in accordance with the terms of the Series 17 Preferred Shares.\n \n\n Subject to certain conditions described in the prospectus su...