Manulife series 3, 4 preferred holders have conversion privileges

Chicago, April 22 – Manulife Financial Corp. will not exercise its right to redeem either its series 3 or its series 4 preferred shares on June 19, according to a press release.

However, holders of the 6,335,831 non-cumulative rate reset class 1 shares, series 3, or the 1,664,169 non-cumulative floating-rate class 1 shares, series 4, have the right to convert either series into the other series on June 19.

Instructions have to be given to brokers by 5 p.m. ET on June 4.

If the conversions result in less than 1 million shares of either series remaining after conversion rights have been exercised, then all of the shares of the reduced series would be folded into the other series.

Manulife is a financial services group based in Toronto.

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