{"id":48219,"date":"2017-03-09T21:26:00","date_gmt":"2017-03-10T02:26:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48219"},"modified":"2025-07-15T21:28:39","modified_gmt":"2025-07-16T01:28:39","slug":"mfc-pr-h-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48219","title":{"rendered":"MFC.PR.H: No Conversion to FloatingReset"},"content":{"rendered":"

Manulife Financial Corporation has announced<\/a>:<\/p>\n

\n

that after having taken into account all election notices received by the March 6, 2017 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 7 (the \u201cSeries 7 Preferred Shares\u201d) (TSX: MFC.PR.H) into Non-cumulative Floating Rate Class 1 Shares Series 8 of Manulife (the \u201cSeries 8 Preferred Shares”), the holders of Series 7 Preferred Shares are not entitled to convert their Series 7 Preferred Shares into Series 8 Preferred Shares. There were 464,172 Series 7 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 8 Preferred Shares.<\/p>\n

As announced by Manulife on February 21, 2017, after March 19, 2017, holders of Series 7 Preferred Shares 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 March 20, 2017, and ending on March 19, 2022, will be 4.31200% per annum or $0.269500 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at February 21, 2017, plus 3.13%, as determined in accordance with the terms of the Series 7 Preferred Shares.<\/p>\n

Subject to certain conditions described in the prospectus supplement dated February 14, 2012 relating to the issuance of the Series 7 Preferred Shares, Manulife may redeem the Series 7 Preferred Shares, in whole or in part, on March 19, 2022 and on March 19 every five years thereafter.<\/p>\n<\/blockquote>\n

So MFC.PR.H is now a FixedReset, 4.312%+313, that commenced trading 2012-2-22<\/a> after being announced 2012-2-14<\/a>. <\/p>\n

Assiduous Readers will remember that I recommended against conversion<\/a> following the announcement of the new rate<\/a> and the notice of extension<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Manulife Financial Corporation has announced: that after having taken into account all election notices received by the March 6, 2017 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series …<\/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-48219","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48219","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=48219"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48219\/revisions"}],"predecessor-version":[{"id":48220,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48219\/revisions\/48220"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}