Manulife Financial Corporation has announced (on 2022-8-22):
the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 9 (the “Series 9 Preferred Shares”) (TSX: MFC.PR.I) and Non-cumulative Floating Rate Class 1 Shares Series 10 (the “Series 10 Preferred Shares”).
With respect to any Series 9 Preferred Shares that remain outstanding after September 19, 2022, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on September 20, 2022, and ending on September 19, 2027, will be 5.97800% per annum or $0.373625 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at August 22, 2022, plus 2.86%, as determined in accordance with the terms of the Series 9 Preferred Shares.
With respect to any Series 10 Preferred Shares that may be issued on September 19, 2022 in connection with the conversion of the Series 9 Preferred Shares into the Series 10 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on September 20, 2022, and ending on December 19, 2022, will be 1.45700% (5.84400% on an annualized basis) or $0.364250 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at August 22, 2022, plus 2.86%, as determined in accordance with the terms of the Series 10 Preferred Shares.
Beneficial owners of Series 9 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on September 2, 2022. The news release announcing such conversion right was issued on August 2, 2022 and can be viewed on SEDAR or Manulife’s website. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800‑783‑9495.
The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 10 Preferred Shares effective upon conversion. Listing of the Series 10 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 10 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.
MFC.PR.I was issued as a FixedReset, 4.40%+286, that commenced trading 2012-5-24 after being announced 2012-5-16. After the 2017 announcement the issue would be extended, the rate was reset to 4.35100% and I recommended against conversion; there was no conversion. Notice of extension earlier in 2022 has been previously reported. MFC.PR.I is tracked by HIMIPref™ and is included in the FixedReset (Discount) subindex.
Thanks to Assiduous Reader niagara for reminding me of this!
This entry was posted on Tuesday, August 23rd, 2022 at 8:09 pm 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.I To Reset At 5.978%
Manulife Financial Corporation has announced (on 2022-8-22):
MFC.PR.I was issued as a FixedReset, 4.40%+286, that commenced trading 2012-5-24 after being announced 2012-5-16. After the 2017 announcement the issue would be extended, the rate was reset to 4.35100% and I recommended against conversion; there was no conversion. Notice of extension earlier in 2022 has been previously reported. MFC.PR.I is tracked by HIMIPref™ and is included in the FixedReset (Discount) subindex.
Thanks to Assiduous Reader niagara for reminding me of this!
This entry was posted on Tuesday, August 23rd, 2022 at 8:09 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.