Manulife Financial (TSE:MFC) has released an update.
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Manulife Financial Corporation announced that the conversion of its Series 17 Preferred Shares into Series 18 Preferred Shares will not proceed due to insufficient election notices. Holders of Series 17 shares will continue to receive a fixed dividend rate of 5.542% per annum over the next five years. The company retains the option to redeem these shares starting December 2029, contingent upon certain conditions.
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