Manulife Financial Corp: Key Developments
Manulife Financial Fortifies Its Capital Position With $2.5 Billion Common Equity Raise
November 20, 2009 |
| Manulife Financial announced that on November 18, 2009, the Company announced that it will issue $2,500,400,000 in a public offering conducted on a bought deal basis. A syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc. have agreed to buy the common shares at a price of $19.00 per share. The public offering is expected to close on or about November 30, 2009. The Company has granted the underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional $375,060,000 in common shares at the same offering price. Should the over-allotment option be exercised in full, the total gross proceeds of the offering would be $2,875,460,000. The Company estimates the net proceeds from the offering will be approximately $2.413 billion, after deducting the underwriting fee and before the estimated offering expenses payable by the Company. The Company expects to use the net proceeds from this offering for general corporate purposes, which may include contributions of capital to its insurance and other subsidiaries, potential acquisitions or other growth initiatives. Following the offering, the Company also intends to retire the approximately $1 billion outstanding indebtedness under its credit facility with Canadian chartered banks using other cash resources of the Company. |
Spartan Motors, Inc. Announces Agreement To Acquire Utilimaster Corporation From John Hancock Life Insurance Company, Unit Of Manulife Financial
November 19, 2009 |
| Spartan Motors, Inc. announced it has reached an agreement to acquire Utilimaster Corporation from John Hancock Life Insurance Company, a unit of Manulife Financial, in an all-cash transaction valued at approximately $45 million. Utilimaster is a dominant manufacturer of specialty vehicles made to customer specifications in the delivery and service market, including walk-in vans and hi-cube vans, as well as truck bodies. Under the terms of the purchase agreement, Spartan will pay $50 million in cash, less a net working capital adjustment. In addition, Spartan has agreed to pay contingent earn-out payments of up to $7 million based primarily on the Utilimaster operation exceeding revenue milestones. The acquisition will be financed with a combination of cash and debt with an expected closing date for the transaction of November 30, 2009. |
Manulife Financial To Raise CDN$2.5 Billion In Bought Deal-Reuters
November 18, 2009 |
| Reuters reported that Manulife Financial said it would issue some CDN2.5 billion ($2.4 billion) in shares in a bought deal financing meant to give it fortress level reserve capital and position itself for acquisitions. Manulife Financial said it sold the equity at CDN$19.00 per share in a deal with a syndicate of underwriters led by the investment dealer arms of Bank of Nova Scotia and Royal Bank of Canada. . |
Manulife Financial Declares Dividends
November 5, 2009 |
| Manulife Financial announced that it has declared a quarterly shareholders' dividend of $0.13 per share on the common shares of the Company, payable on and after December 21, 2009 to shareholders of record at the close of business on November 17, 2009. The Board also declared dividends on the following non-cumulative preferred shares, payable on or after December 19, 2009 to shareholders of record at the close of business on November 17, 2009. - Class A Shares Series 1 - $0.25625 per share, - Class A Shares Series 2 - $0.29063 per share, - Class A Shares Series 3 - $0.28125 per share, - Class A Shares Series 4 - $0.4125 per share, - Class 1 Shares Series 1 - $0.35 per share. |
Manulife Financial Acquires Pottruff & Smith Travel Insurance Brokers Inc.
October 15, 2009 |
| Manulife Financial announced that it has purchased Pottruff & Smith Travel Insurance Brokers Inc., a broker and third party administrator of travel insurance across Canada. The transaction is expected to close November 2, 2009. |
Manulife Financial's Unit John Hancock International Gains Regulatory Approval In China For Sale Of 50% Stake In John Hancock Tianan Life Insurance
September 16, 2009 |
| Manulife Financial announced that it also confirmed that its subsidiary, John Hancock International has recently gained regulatory approval in China for the sale of its 50% stake in John Hancock Tianan Life Insurance, an asset acquired with the 2004 merger with US based John Hancock. |
Manulife Financial's Elliott & Page Limited Enters Into Agreement To Acquire All Outstanding Shares of Markland Street Asset Management Inc.
September 16, 2009 |
| Markland Street Asset Management Inc. announced that, Elliott & Page Limited, a wholly owned subsidiary of Manulife Financial, has signed an agreement to acquire all the outstanding shares of Markland. The purchase, being made in conjunction with the acquisition of the Canadian retail investment fund business of AIC Limited, an affiliate of Markland, will mean that Manulife will become the parent company of Markland, the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metals Corp. The transaction is expected to close by September 30, 2009. Financial details of the transaction were not disclosed. |
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