C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK:945
TORONTO, Aug. 23, 2013 /CNW/ - Manulife Asset Management Limited, the
manager (the "Manager") of Copernican World Banks Split Inc. (TSX:
CBW/CBW.PR.A) and Copernican International Financial Split Corp. (TSX:
CIR/CIR.PR.A) (collectively, the "Funds" and individually, a "Fund"),
today announced that the Funds' boards of directors have approved a
proposal for each Fund to, among other things, grant securityholders an
additional option to allow them to continue their investment in each
Fund beyond the currently scheduled termination date of December 2,
2013.
By approving the proposal for each Fund, securityholders will have the
opportunity to benefit from a recovering market backdrop. The proposal
for each Fund will include, among other things, the following:
-
The term of Copernican World Banks Split Inc. and Copernican
International Financial Split Corp. may be extended for an additional
term of five years. In addition, the termination date of the Funds may
be extended further for successive terms of five years thereafter, as
determined by the Board; and
-
Current redemption rights of the Class A shareholders and Preferred
shareholders will remain unchanged and securityholders will be provided
with an additional special retraction right providing an option to
retract either Preferred shares or Class A shares at the end of the
term (and each successive term thereafter) and receive a retraction
price that is calculated in the same way that such price would be
calculated if the Fund were to terminate on December 2nd, 2013.
A special meeting of securityholders of the Funds has been called and
will be held on or about November 15, 2013 to consider and vote upon
the proposal for each Fund and any ancillary matters (the "Special
Meetings"). Securityholders of record of the Funds at the close of
business on or about September 18, 2013 are entitled to receive notice
of and vote at the Special Meetings, with respect to their Fund.
Further details of the proposal for each Fund will be outlined in a
management information circular that will be delivered to
securityholders in connection with the Special Meetings.
The proposal for each Fund remains subject to review by the Funds
independent review committee.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Funds and/or the Manager.
The forward-looking statements are not historical facts but reflect the
Funds' and/or the Manager's current expectations regarding future
results or events. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results or
events to differ materially from current expectations. Although the
Funds and/or the Manager believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements
are not guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The Funds and/or the Manager undertakes
no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries
and operating divisions of Manulife Financial Corporation that offer
personal wealth management products and services in Canada. As one of
Canada's leading integrated financial services providers, Manulife
Investments offers a variety of products and services including
segregated fund contracts, mutual funds, annuities, guaranteed interest
contracts and structured products. Manulife Structured Products are
managed by Manulife Asset Management Limited.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
with principal operations in Asia, Canada and the United States.
Clients look to Manulife for strong, reliable, trustworthy and
forward-thinking solutions for their most significant financial
decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We also provide asset
management services to institutional customers. Funds under management
by Manulife Financial and its subsidiaries were C$567 billion (US$539
billion) as at June 30, 2013. The Company operates as Manulife
Financial in Canada and Asia and primarily as John Hancock in the
United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
SOURCE: Manulife Financial Corporation
