Manulife Financial: minimum not met to convert series 13 preferreds

By Marisa Wong

Los Angeles, Sept. 6 – Manulife Financial Corp. announced the results of the conversion privilege for its currently outstanding 8 million non-cumulative rate reset class 1 series 13 preferred shares.

There were 12,850 series 13 preferred shares elected for conversion into non-cumulative floating-rate class 1 series 14 preferred shares, which did not meet the minimum 1 million shares required, according to a press release.

As a result, holders of the series 13 preferred shares are not entitled to convert their shares into series 14 preferred shares.

As previously reported, holders had the option to convert all or part of their series 13 preferred shares on a one-for-one basis into series 14 shares of Manulife on Sept. 19.

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

Beginning Sept. 20, the dividend rate for the series 13 preferreds will be 6.35%.

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 five years after that.

Manulife is a Toronto-based financial services group.

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