PrefBlog

Manulife Financial Corporation has announced (on 2021-4-22):

its intention to redeem all of its outstanding 17,000,000 Non-cumulative Rate Reset Class 1 Shares Series 21 (“Series 21 Preferred Shares”) for cash on June 19, 2021. The Series 21 Preferred Shares (TSX: MFC.PR.O) are redeemable at Manulife’s option on June 19, 2021, at a redemption price per Series 21 Preferred Share equal to C$25.00 for an aggregate total of C$425 million. Formal notice will be delivered to holders of Series 21 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 21 Preferred Shares.

Separately from the redemption price, the final quarterly dividend of C$0.35 per Series 21 Preferred Share will be paid, subject to its declaration by the board of directors of Manulife, in the usual manner on June 19, 2021 to shareholders of record on May 18, 2021 or such other record date determined by the board. After the Series 21 Preferred Shares are redeemed, holders of Series 21 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.

MFC.PR.O is a FixedReset, 5.60%+497, that commenced trading 2016-2-25 after being announced 2016-2-16. The issue has been tracked by HIMIPref™ and was assigned to the FixedReset-Insurance subindex.

This entry was posted on Monday, August 2nd, 2021 at 1:18 pm 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.