{"id":29062,"date":"2015-05-14T00:12:51","date_gmt":"2015-05-14T05:12:51","guid":{"rendered":"http:\/\/prefblog.com\/?p=29062"},"modified":"2015-05-14T00:12:51","modified_gmt":"2015-05-14T05:12:51","slug":"mfc-pr-a-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29062","title":{"rendered":"MFC.PR.A To Be Redeemed"},"content":{"rendered":"<p>Manulife Financial Corporation <a href=\"http:\/\/manulife.com\/public\/news\/detail\/0,,lang=en&#038;artId=148321&#038;navId=630002,00.html\">has announced<\/a>:<\/p>\n<blockquote><p>its intention to redeem all of its outstanding 14,000,000 Non-cumulative Class A Shares, Series 1 (\u201cSeries 1 Preferred Shares\u201d) for cash on June 19, 2015. The Series 1 Preferred Shares (TSX: MFC.PR.A) are redeemable at Manulife\u2019s 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.<\/p>\n<p>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.<\/p><\/blockquote>\n<p>This is one of the last Operating Retractibles still around &#8211; most were redeemed when <a href=\"http:\/\/prefblog.com\/?p=7950\">accounting changes turned them into debt<\/a> and this was reinforced by being disallowed as Tier 1 Capital by OSFI, although extant issues were grandfathered.<\/p>\n<p>Many thanks to Assiduous Readers WT and GA for separately bringing this to my attention.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manulife Financial Corporation has announced: its intention to redeem all of its outstanding 14,000,000 Non-cumulative Class A Shares, Series 1 (\u201cSeries 1 Preferred Shares\u201d) for cash on June 19, 2015. The Series 1 Preferred Shares &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-29062","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29062"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29062\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}