Manulife Financial (TSE:MFC) has released an update.
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Manulife Financial Corporation has declared that their Series 15 Preferred Shares will not convert into Series 16 Preferred Shares due to insufficient elections for conversion by the deadline. Starting June 19, 2024, Series 15 shareholders are poised to receive a quarterly fixed dividend rate of 5.775% for the next five years. Moreover, Manulife retains the right to redeem these shares on June 19, 2029, or on that date every five years thereafter, subject to specific terms.
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