TSX/NYSE/PSE: MFC SEHK: 945
C$ unless otherwise stated
TORONTO, March 7, 2017 /CNW/ - Manulife Financial Corporation
("Manulife") today announced that after having taken into account all election notices received by the March 6, 2017 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1
Shares Series 7 (the "Series 7 Preferred Shares") (TSX: MFC.PR.H) into Non-cumulative Floating Rate Class 1 Shares Series 8 of
Manulife (the "Series 8 Preferred Shares"), the holders of Series 7 Preferred Shares are not entitled to convert their Series 7
Preferred Shares into Series 8 Preferred Shares. There were 464,172 Series 7 Preferred Shares elected for conversion, which is
less than the minimum one million shares required to give effect to conversions into Series 8 Preferred Shares.
As announced by Manulife on February 21, 2017, after March 19,
2017, holders of Series 7 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
Insurance Companies Act (Canada). The dividend rate for the five-year period commencing
on March 20, 2017, and ending on March 19, 2022, will be 4.31200% per annum or $0.269500 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at February 21, 2017, plus 3.13%, as determined in accordance with the terms of
the Series 7 Preferred Shares.
Subject to certain conditions described in the prospectus supplement dated February 14, 2012 relating to the issuance of
the Series 7 Preferred Shares, Manulife may redeem the Series 7 Preferred Shares, in whole or in part, on March 19, 2022 and
on March 19 every five years thereafter.
The Series 7 Preferred Shares have not been and will not be registered in the United States
under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of
the United States and may not be offered, sold or delivered, directly or indirectly in
the United States or to, or for the account or benefit of, a "U.S. person" (as defined in
Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements. This
press release does not constitute an offer to sell or a solicitation to buy securities in the United
States and any public offering of the securities in the United States must be made by
means of a prospectus.
About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and
aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide
financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the
end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22
million customers. At the end of 2016, we had $977 billion (US$728
billion) in assets under management and administration, and in the previous 12 months we made almost $26 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where
we have served customers for more than 100 years. With our global headquarters in Toronto,
Canada, we trade as 'MFC' on the Toronto, New York, and
the Philippine stock exchanges and under '945' in Hong Kong.
SOURCE Manulife Financial Corporation
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/07/c8590.html