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Manulife Financial Corp | Non-cumulative Class A Shares, Series 2 (MFC.PRB.CA)
Prospectus excerpt: This offering of Non-cumulative Class A Shares, Series 2 (the “Series 2 Preferred Shares”) of Manulife Financial Corporation (“MFC”) consists of 14,000,000 Series 2 Preferred Shares. The holders of Series 2 Preferred Shares will be entitled to receive quarterly non-cumulative preferential cash dividends as and when declared by the board of directors of MFC payable on the 19th day of March, June, September and December in each year (each three-month period ending on the 19th day of each such month, a “Quarter”). Quarterly cash dividends, if declared, will be at a per annum rate of 4.65% per share. The initial dividend, payable March 19, 2005, will be $0.09365 per Series 2 Preferred Share, based on an anticipated closing date of February 18, 2005. Thereafter, the quarterly cash dividend per Series 2 Preferred Share, if declared, will be $0.29063. See “Details of the Offering”. The Series 2 Preferred Shares will not be redeemable by MFC prior to March 19, 2010. On and after March 19, 2010, but subject to the provisions of the Insurance Companies Act (Canada) (the “ICA”), and the prior consent of the Superintendent of Financial Institutions (the “Superintendent”), MFC may, on at least 30 days’ and not more than 60 days’ prior written notice, redeem for cash all or from time to time any part of the outstanding Series 2 Preferred Shares for $26.00 per Series 2 Preferred Share if redeemed on or after March 19, 2010 and prior to March 19, 2011; $25.75 if redeemed on or after March 19, 2011 and prior to March 19, 2012; $25.50 if redeemed on or after March 19, 2012 and prior to March 19, 2013; $25.25 if redeemed on or after March 19, 2013 and prior to March 19, 2014; and $25.00 if redeemed on or after March 19, 2014, together in each case, with an amount equal to the sum (the “Accrued Amount”) of (i) all declared and unpaid dividends in respect of completed Quarters preceding the date fixed for redemption (or conversion or purchase, as applicable); and (ii) an amount equal to the cash dividend in respect of the Quarter in which the redemption (or conversion or purchase, as applicable) occurs, whether declared or not, pro rated to such date. See “Details of the Offering”. Full Prospectus PDF », MFC.CA Page »
Series: | Class A Series 2 | Alternate symbology: | MFC-B.CA, MFC-PB.CA, MFCprB.CA | Redeemable?: | Yes | Call Date: | 3/19/2014 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 14000000 | Liquidation Preference: | $25 | Recent Market Price: | $18.61 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-6.39 (-25.56%) | Annualized Dividend: | 1.16252 | Recent Ex-Date: | 2/27/2024 | Current Yield: | 6.25% | Original Coupon: | 4.65% | Pay Period: | Quarterly | Pay Dates: | 19-Mar, 19-Jun, 19-Sep, 19-Dec | CDx3 Compliance Rating: |
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Manulife Financial is a holding company. Through its subsidiaries, Co. is a life insurance company. Co.'s four operating segments are: Asia, which includes a range of health, protection, savings, medical, term and whole life products; Canada, which provides life, health, disability and specialty products, such as mortgage creditor and travel insurance; U.S., which provides a range of life insurance products, insurance-based wealth accumulation products, and has an in-force long-term care insurance business and an in-force annuity business; and Global Wealth and Asset Management, which provides investment advice and solutions to retirement, retail and institutional clients. Preferreds: MFC.PRA.CA, MFC.PRB.CA, MFC.PRC.CA, MFC.PRD.CA, MFC.PRE.CA, MFC.PRF.CA, MFC.PRG.CA, MFC.PRH.CA, MFC.PRI.CA, MFC.PRJ.CA, MFC.PRK.CA Open the MFC.CA Information Page »
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