Manulife Increases Common Shareholder Dividend Payable in December 2021 by 18%, Announces Intention to Launch Normal Course Issuer Bid

TSX / NYSE / PSE: MFC SEHK: 945

$ CA unless otherwise specified

TORONTO, November 5, 2021 / PRNewswire / – Manulife’s Board of Directors today announced a 5 cents dividend per share on the common shares of Manulife Financial Corporation (“Manulife” or the “Company”), payable on and after 20 December 2021 to shareholders of record at the close of business on December 1, 2021. Combined with its quarterly dividend to common shareholders of $ 0.28 per share announced on November 3, 2021, this additional dividend gives rise to a total quarterly dividend to the ordinary shareholders of $ 0.33 per share, an increase of 18%. Manulife has a strong track record of incremental dividend increases and is pleased to have combined the annual increase for 2021 with an accelerated annual dividend increase for 2022 by executing it one quarter earlier than the dividend increases we have. have advertised in the past.

With respect to the Company’s Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Stock Purchase Plan, the Company will continue to purchase common shares in the open market. in connection with the reinvestment of dividends and optional cash purchases under these plans. The purchase price of these common shares will continue to be based on the average of the actual purchase cost and there is no applicable discount.

At March 13, 2020, the Office of the Superintendent of Financial Institutions (“OSFI”) has announced that it expects all federally regulated financial institutions to end the dividend increase and suspend share buybacks. This dividend increase follows OSFI’s announcement of November 4, 2021, that this expectation is no longer in place. Manulife’s last dividend increase was declared on February 12, 2020, shortly before OSFI March 13, 2020 announcement.

Following those of OSFI November 4, 2021 announcement, Manulife also announced today that, subject to approval by OSFI and the Toronto Stock Exchange (“TSX”), it intends to launch a normal course issuer bid (“OPRA ) Permitting the purchase for cancellation of up to 39 million of its common shares, representing approximately 2% of the issued and outstanding common shares of Manulife. Like a September 30, 2021, Manulife had 1,942,349,528 common shares issued and outstanding.

The implementation of a tender offer will give Manulife the ability to purchase common shares as part of its capital management strategy which is designed to maintain healthy regulatory capital ratios while balancing the objective of creation of shareholder value.

NCIB purchases may be made through the facilities of the TSX, the New York Stock Exchange and alternative trading systems in Canada and United States at market prices in effect at the time of purchase or at any other authorized price. Manulife will file a notice of intention to make a issuer bid with the TSX. The offer period will begin after TSX accepts the Notice of Intent and will continue for up to one year. All common shares acquired by Manulife under the issuer bid will be canceled. Redemptions will be subject to compliance with applicable Canadian securities laws and United States federal securities laws.

In addition, Manulife may redeem its common shares outside of the Canada and United States in accordance with applicable laws. Subject to regulatory approval, Manulife may also acquire Common Shares directly from other holders by private agreement pursuant to issuer bid exemption orders issued by the securities regulatory authorities. competent movable property. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. Manulife may also enter into derivative-based programs in support of its repurchase activities, including the writing of puts and forward contracts, accelerated share repurchases, other stock contracts or use other methods of acquiring stock, in each case subject to regulatory approval. and under the conditions and at the times permitted by applicable securities laws. The total number of common shares repurchased under the public tender offer and all other potential arrangements will not exceed 39 million common shares.

Subject to regulatory approval, Manulife intends from time to time to enter into pre-defined plans with a registered investment dealer to allow the redemption of common shares at times when Manulife would not normally be active in the market. the market due to its own interruption of internal operations. periods, rules relating to insider trading or others. Such plans will be adopted in accordance with applicable Canadian securities laws and United States federal securities laws.

Caution Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the safe harbor provisions of Canadian provincial securities laws and the United States Private Securities Litigation Reform Act of 1995 regarding possible future purchases by Manulife of its common shares. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties, and we should not place undue reliance on such statements. Certain important factors or assumptions are applied in forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Significant factors that could cause actual common share repurchases to differ materially from expectations include, but are not limited to, the fact that the amount and timing of any future common share repurchases will depend on earnings, needs. Manulife’s cash flow and financial condition, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable laws and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations) and other factors as deemed relevant by Manulife, and may be subject to regulatory approval or conditions.

Additional information on material risk factors that could cause actual results to differ materially from expectations can be found in our most recent annual and interim reports and elsewhere in our filings with Canadian securities regulatory authorities and the United States.

The forward-looking statements contained in this document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements except as required by law.

About Manulife

Manulife Financial Corporation is a leading international provider of financial services that helps people make decisions easier and live better lives. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife through Canada, Asia, and Europe, and mainly like John hancock in United States. Through Manulife Investment Management, the global brand of our global wealth and asset management segment, we serve individuals, institutions and pension plan members around the world. By the end of 2020, we had over 37,000 employees, over 118,000 agents and thousands of distribution partners, serving over 30 million customers. From September 30, 2021, we have had $ 1.4 trillion Canadian (US $ 1.1 trillion) in assets under management and administration, and over the past 12 months we have made 31.6 billion Canadian dollars in payments to our customers.

Our main operations are in Asia and Canada, and United States, where we have served our customers for over 155 years. We trade under the name “MFC” on the Toronto, new York, and Philippine stock exchanges and under ‘945’ in Hong Kong. Not all offers are available in all jurisdictions. For more information, please visit manulife.com

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