Manulife Financial Corp MFC

Manulife Amends its Normal Course Issuer Bid

[Betteryear2]

TORONTO, May 7, 2024 /PRNewswire/ - Manulife Financial Corporation ("Manulife") announced today that the Toronto Stock Exchange ("TSX") has approved Manulife's amended normal course issuer bid ("NCIB"). As previously announced, the purpose of the amendment is to increase the number of common shares that Manulife may repurchase from up to 50 million (approximately 2.8% of shares outstanding) to up to 90 million (approximately 5% of shares outstanding as of February 12, 2024). The amendment is effective as of May 13, 2024.  The Office of the Superintendent of Financial Institutions previously approved the amended NCIB.  Since the commencement of its current NCIB on February 23, 2024 to May 3, 2024, Manulife has completed the repurchase for cancellation of 12,390,400 common shares at a volume weighted average repurchase price per common share of $32.55. Under the NCIB, Manulife may purchase up to 1,521,140 of its common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 6,084,560 common shares on the TSX for the six months ended January 31, 2024, subject to TSX rules permitting block purchases.

Manulife Amends its Normal Course Issuer Bid to Repurchase for Cancellation up to an Additional 40 Million of its Common Shares (prnewswire.com)