TSX/NYSE/PSE: MFC
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SEHK:945
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TORONTO, Nov. 15, 2013 /CNW/ - Manulife Asset Management Limited, the
manager (the "Manager") of Copernican World Banks Split Inc. (TSX:
CBW.PR.A; CBW) (the "Fund"), today announced that securityholders have
approved a special resolution proposed by the Manager.
By approving the special resolution, securityholders have approved the
following:
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Extending the scheduled final redemption date for Preferred Shares and
Class A Shares of the Fund from December 2, 2013 to December 2, 2018;
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Providing a special retraction right (the "Special Retraction Right") to holders of Preferred Shares and Class A Shares of the Fund to
enable them to retract their Shares on December 2, 2013 in a manner
calculated on the same basis as would have applied had the Fund
redeemed all Preferred Shares and Class A Shares in accordance with its
existing terms;
-
Providing for further extensions of additional terms of approximately
five years each, if the Board of Directors of the Fund so determines,
and providing holders of Preferred Shares and Class A Shares with a
continuing special retraction right (the "Continuing Special Retraction Right"), beginning on December 2, 2018 or on such other date as may be
determined by the Board of Directors of the Fund, in connection with
such extension;
-
Providing a special redemption right to the Fund in connection with the
Special Retraction Right and Continuing Special Retraction Right that
would permit the Fund to redeem Class A Shares and Preferred Shares on
a pro rata basis, or take such other action as the Board of Directors
of the Fund so determines, to maintain the same number of Class A
Shares and Preferred Shares outstanding;
-
Amending the management agreement effective December 1, 2013 for the
Fund to provide for a reduction in the management fees paid to the
Manager from the current 1.95% per annum of the net asset value ("NAV") of the Fund (plus applicable taxes) to 1.65% per annum of the NAV of
the Fund (plus applicable taxes);
-
Broadening the investment strategy and removing an investment
restriction for the Fund; and
-
Permitting the Fund to be terminated prior to any scheduled final
redemption date if the Preferred Shares or Class A Shares are delisted
from the Toronto Stock Exchange or if the NAV of the Fund declines to
less than $5 million for a period of 60 consecutive business days.
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 Fund and/or the Manager.
The forward-looking statements are not historical facts but reflect the
Fund's 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
Fund 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. Neither the Fund nor the Manager
undertake any 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$574.6 billion
(US$558.7 billion) as at September 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
Media Contact:
Brooke Tucker-Reid
Media Relations Consultant
Manulife Financial
416-434-0635
brooke_tucker-reid@manulife.com
Copyright CNW Group 2013