Manulife Financial announces conversion rights for series 13 preferreds

By William Gullotti

Buffalo, N.Y., July 26 – Manulife Financial Corp. announced that holders of its currently outstanding 8 million non-cumulative rate reset class 1 series 13 shares have conversion rights on Sept. 19, according to a 6-K filing with the Securities and Exchange Commission.

Holders have the option to convert all or part of their series 13 preferred shares on a one-for-one basis into non-cumulative floating rate class 1 series 14 shares of Manulife on that date.

The conversion right must be exercised before 5 p.m. ET on Sept. 4.

The offer is subject to the following minimums: if determined after Sept. 4 that there would be less than 1 million series 13 shares outstanding on Sept. 19, then all series 13 shares will automatically be converted; and alternatively, if there would be less than 1 million series 14 shares outstanding on the same date, then no series 13 shares will be converted. Written notice will be provided to registered series 13 holders on or before Sept. 12 regarding any shares affected by these minimums.

Conversion inquiries should be directed to Manulife’s registrar and transfer agent TSX Trust Co. at 800-783-9495.

The applicable dividend rate for both series 13 and series 14 shares will be announced Aug. 21.

Subject to certain conditions described in the prospectus, Manulife may redeem the series 13 preferred shares, in whole or in part, on Sept. 19, 2028 and on Sept. 19 every subsequent five years and may redeem the series 14 preferred shares, in whole or in part, after Sept. 19.

Upon approval, the series 14 preferreds will be listed on the TSX under the trading symbol “MFC.PR.S”.

Manulife is a Toronto-based financial services group.

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