Manulife Financial Corporation Announces Series 17 Preferred Shares Conversion

Toronto, Dec. 5, 2024 /PRNewswire/

Manulife Financial Corporation (“Manulife”) revealed that after receiving all election notices by the December 4, 2024 deadline for the conversion of its 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17, holders of Series 17 Preferred Shares are not entitled to convert them into Series 18 Preferred Shares. Only 6,650 Series 17 Preferred Shares were elected for conversion, falling short of the one million shares required for the conversions.

Impact on Me

As an investor of Manulife Financial Corporation, this announcement means that my Series 17 Preferred Shares will remain unchanged and will not be converted into Series 18 Preferred Shares. This decision could potentially impact my investment strategy and portfolio diversification.

Impact on the World

The failure of the conversion of Series 17 Preferred Shares into Series 18 Preferred Shares could have broader implications for the financial markets. It may impact the perception of Manulife Financial Corporation and its ability to adapt to changing market conditions, potentially affecting investor confidence in the company.

Conclusion

In conclusion, the announcement regarding the conversion of Series 17 Preferred Shares by Manulife Financial Corporation highlights the complexities of the financial markets and the importance of strategic decision-making for both individual investors and the broader economy.