Manulife Financial Corporation has announced:
its intention to redeem all of its outstanding 14,000,000 Non-cumulative Class A Shares, Series 1 (“Series 1 Preferred Shares”) for cash on June 19, 2015. The Series 1 Preferred Shares (TSX: MFC.PR.A) are redeemable at Manulife’s option on June 19, 2015, at a redemption price per Series 1 Preferred Share equal to C$25.00 for an aggregate total of C$350 million. Formal notice will be delivered to holders of Series 1 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 1 Preferred Shares.
Separately from the redemption price, the final quarterly dividend of C$0.25625 per Series 1 Preferred Share will be paid in the usual manner on June 19, 2015 to shareholders of record on May 20, 2015. After the Series 1 Preferred Shares are redeemed, holders of Series 1 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.
This is one of the last Operating Retractibles still around – most were redeemed when accounting changes turned them into debt and this was reinforced by being disallowed as Tier 1 Capital by OSFI, although extant issues were grandfathered.
Many thanks to Assiduous Readers WT and GA for separately bringing this to my attention.
This entry was posted on Thursday, May 14th, 2015 at 12:12 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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MFC.PR.A To Be Redeemed
Manulife Financial Corporation has announced:
This is one of the last Operating Retractibles still around – most were redeemed when accounting changes turned them into debt and this was reinforced by being disallowed as Tier 1 Capital by OSFI, although extant issues were grandfathered.
Many thanks to Assiduous Readers WT and GA for separately bringing this to my attention.
This entry was posted on Thursday, May 14th, 2015 at 12:12 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.