Manulife Financial Corp 6-K, filed Feb 1, 2022
Manulife Financial Corp (MFC)
6-K
2022-02-01
For: 2022-02-01
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Added on
April 02, 2026
About this 6-K
Manulife Financial Corp filed this 6-K on February 1, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2022
Commission File Number: 1-14942
MANULIFE FINANCIAL CORPORATION
(Translation of registrant's name into English)
(Translation of registrant's name into English)
200 Bloor Street East
North Tower 10
Toronto, Ontario, Canada M4W 1E5
(416) 926‑3000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F
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☐
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Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
DOCUMENTS FILED AS PART OF THIS FORM 6-K
The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:
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Exhibit
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Description of Exhibit
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99.1
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News release dated February 1, 2022 announcing Normal Course Issuer Bid.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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MANULIFE FINANCIAL CORPORATION
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By: /s/ Kay Song
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Name: Kay Song
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Title: Assistant
Corporate Secretary
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Date: February 1, 2022
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EXHIBIT INDEX
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Exhibit
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Description of Exhibit
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99.1
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News release dated February 1, 2022 announcing Normal Course Issuer Bid.
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News
Release
Release
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
For Immediate Release
February 1, 2022
For Immediate Release
February 1, 2022
Manulife announces Normal Course Issuer Bid
TORONTO – Manulife Financial
Corporation (“Manulife”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) for its previously announced normal course issuer bid (“NCIB”) permitting the purchase for cancellation of up to 97 million of its common
shares, representing approximately 5% of Manulife’s issued and outstanding common shares. As at January 31, 2022, Manulife had 1,942,706,408 common shares issued and outstanding. The Office of the Superintendent of Financial Institutions Canada
previously approved the NCIB. Under the NCIB, Manulife may purchase up to 1,643,662 of its common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 6,574,651 common shares on the TSX for the six
months ended December 31, 2021, subject to TSX rules permitting block purchases. Purchases under the NCIB may commence through the TSX on February 3, 2022 and continue until February 2, 2023, when the NCIB expires, or such earlier date as Manulife
completes its purchases.
Having an NCIB in place will provide Manulife with the flexibility 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 generating shareholder value. In addition, Manulife intends to repurchase shares in order to mitigate the impact of a recently completed reinsurance
transaction on diluted Earnings Per Share and core Earnings Per Share.
Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange, and alternative trading systems in
Canada and the United States at market prices prevailing at the time of purchase or such other price as may be permitted. All common shares acquired by Manulife under the NCIB will be cancelled. Repurchases will be subject to compliance with
applicable Canadian securities laws and United States federal securities laws.
In addition, Manulife may undertake repurchases of its common shares outside of Canada and the United States in compliance with applicable
laws. Subject to regulatory approval,
Manulife may also acquire common shares directly from other holders by way of private agreement pursuant to issuer bid exemption orders
issued by applicable securities regulatory authorities. 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 put options and forward purchase agreements, accelerated share repurchase transactions, other equity contracts or use other methods of acquiring shares, in
each case subject to regulatory approval and on such terms and at such times as shall be permitted by applicable securities laws. The total number of common shares repurchased under the NCIB and all other potential arrangements will not exceed 97
million common shares.
Manulife has entered into an automatic share repurchase plan under which its designated broker will repurchase Manulife's common shares
pursuant to the NCIB. The actual number of common shares purchased under the automatic plan, the timing of such purchases and the price at which common shares are purchased will depend upon future market conditions. The automatic plan, which was
pre-cleared by the TSX, provides for the potential repurchase of common shares at any time, including when Manulife ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules, or otherwise.
Caution regarding forward-looking statements
This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities
laws and the U.S. Private Securities Litigation Reform Act of 1995 with respect to possible future purchases by Manulife of its common shares. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those
expressed or implied in such statements. Important 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 the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations
(including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions.
Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in
our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators.
The forward-looking statements 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 financial services provider that helps
people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United
States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. At the end of 2020, we had more than 37,000 employees, over
118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of September 30, 2021, we had CAD$1.4 trillion (US$1.1 trillion) in assets under management and administration, and in the previous 12 months we made
CAD$31.6 billion in payments to our customers.
Our principal operations are in Asia and Canada, and the United States, where we have served
customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit
manulife.com
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Media Contact
Cheryl Holmes
Manulife
416-557-0945
cheryl_holmes@manulife.com
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Investor Relations
Hung Ko
Manulife 416-806-9921 hung_ko@manulife.com |