During a Department of Finance--Tax Executives Institute (TEI) Liaison Meeting, the merits of eliminating the Term Preferred Share
(TPS) and related rules (such as the guaranteed preference and collateral preference rules) from the Income Tax Act (the "Act") were discussed.
intermediate holding company and class E designation to the non-cumulative preferred shares
and innovative tier 1 securities issued in Canada.
From and after the redemption date, the Preferred Shares
will no longer be deemed outstanding, dividends will cease to accrue and all the rights of the Preferred Shareholders with respect to the Preferred Shares
will cease, except the right to receive the redemption price.
The Preferred Shares
were issued on June 20, 2001 and became callable at any time after June 20, 2006 at the liquidation preference of $25.
The redemption will be made pro rata from each Preferred Shareholder based on the respective number of Preferred Shares
held by each such holder on the redemption date.
The Preferred Shares
will only be converted into Common Shares after the Preferred shareholders surrender their preferred share
certificates to any of the Company's addresses in Canada, Philippines or the U.
The common shares and the preferred shares
will be sold pursuant to an effective registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission.
The foregoing conversion right is subject to the conditions that: (i) if, after March 5, 2018, Manulife determines that there would be less than 1,000,000 Series 11 Preferred Shares
outstanding on March 19, 2018, then all remaining Series 11 Preferred Shares
will automatically be converted into an equal number of Series 12 Preferred Shares
on March 19, 2018, and (ii) alternatively, if, after March 5, 2018, Manulife determines that there would be less than 1,000,000 Series 12 Preferred Shares
outstanding on March 19, 2018, then no Series 11 Preferred Shares
will be converted into Series 12 Preferred Shares
Canada's Scotiabank (NYSE: BNS) (TSX: BNS) has said that it has declared dividends on its outstanding shares, common and non-cumulative preferred shares
), for the quarter ending October 31, 2017
A formal notice of the right to convert Series 5 Preferred Shares
into Series 6 Preferred Shares
will be sent to the registered holders of the Series 5 Preferred Shares
in accordance with the share conditions of the Series 5 Preferred Shares
The Fund will redeem 100% (2,050 shares) of its then outstanding Series M Auction Rate Preferred Shares
par value $.
10% Series A-1 Cumulative Preferred Shares
("Series A-1 Preferred Shares
") and 7.