Exhibit 99.1
News
Release
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| C$ unless otherwise stated | | TSX/NYSE/PSE: MFC SEHK: 945 |
For Immediate Release
January 29, 2025
Manulife Financial Corporation announces Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 19
TORONTO – Manulife Financial Corporation (“Manulife”) today announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) (TSX: MFC.PR.N) on March 19, 2025. As a result, subject to certain conditions described in the prospectus supplement dated November 26, 2014 relating to the issuance of the Series 19 Preferred Shares (the “Prospectus”), the holders of the Series 19 Preferred Shares have the right, at their option, to convert all or part of their Series 19 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 20 of Manulife (the “Series 20 Preferred Shares”) on March 19, 2025. A formal notice of the right to convert Series 19 Preferred Shares into Series 20 Preferred Shares will be sent to the registered holders of the Series 19 Preferred Shares in accordance with the share conditions of the Series 19 Preferred Shares. Holders of Series 19 Preferred Shares are not required to elect to convert all or any part of their Series 19 Preferred Shares into Series 20 Preferred Shares. Holders who do not exercise their right to convert their Series 19 Preferred Shares into Series 20 Preferred Shares on such date will retain their Series 19 Preferred Shares, unless automatically converted in accordance with the conditions below.
The foregoing conversion right is subject to the conditions that: (i) if, after March 4, 2025, Manulife determines that there would be less than 1,000,000 Series 19 Preferred Shares outstanding on March 19, 2025, then all remaining Series 19 Preferred Shares will automatically be converted into an equal number of Series 20 Preferred Shares on March 19, 2025, and (ii) alternatively, if, after March 4, 2025, Manulife determines that there would be less than 1,000,000 Series 20 Preferred Shares outstanding on March 19, 2025, then no Series 19 Preferred Shares will be converted into Series 20 Preferred Shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 19 Preferred Shares affected by the preceding minimums on or before March 12, 2025.
The dividend rate applicable to the Series 19 Preferred Shares for the 5-year period commencing on March 20, 2025, and ending on March 19, 2030, and the dividend rate applicable to the Series 20 Preferred Shares for the 3-month period commencing on March 20, 2025, and ending on June 19, 2025, will be determined and announced by way of a news release on February 18, 2025. Manulife will also give written notice of these dividend rates to the registered holders of Series 19 Preferred Shares.
Beneficial owners of Series 19 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 March 4, 2025. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1-800-783-9495.
