Manulife to redeem 350M Canadian dollar-worth of preferred shares

MANILA, Aug 11 (PNA) — Manulife Financial Corporation on Monday announced its plan to redeem up to 350 million Canadian dollar worth of outstanding 14 million non-cumulative Series 1 preferred shares by September 19, 2014.

In a disclosure with the Philippine Stock Exchange (PSE), Manulife said redemption price will be equal to 25 Canadian dollar per share.

”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,” it said.

Relatively, the company said the final quarterly dividend for the said shares, at 0.35 Canadian dollar per share, will be paid to its holders on September 19, 2014 with record date set on August 19, 2014.

”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,” it added. (PNA)