Press release from CNW Group
Manulife Investments announces Proposal to extend term of Copernican World Banks Split Inc. and Copernican International Financial Split Corp.
Friday, August 23, 2013
Manulife Investments announces Proposal to extend term of Copernican World Banks Split Inc. and Copernican International Financial Split Corp.15:04 EDT Friday, August 23, 2013
C$ unless otherwise stated
TORONTO, Aug. 23, 2013 /CNW/ - Manulife Asset Management Limited, the manager (the "Manager") of Copernican World Banks Split Inc. (TSX: CBW/CBW.PR.A) and Copernican International Financial Split Corp. (TSX: CIR/CIR.PR.A) (collectively, the "Funds" and individually, a "Fund"), today announced that the Funds' boards of directors have approved a proposal for each Fund to, among other things, grant securityholders an additional option to allow them to continue their investment in each Fund beyond the currently scheduled termination date of December 2, 2013.
By approving the proposal for each Fund, securityholders will have the opportunity to benefit from a recovering market backdrop. The proposal for each Fund will include, among other things, the following:
- The term of Copernican World Banks Split Inc. and Copernican International Financial Split Corp. may be extended for an additional term of five years. In addition, the termination date of the Funds may be extended further for successive terms of five years thereafter, as determined by the Board; and
- Current redemption rights of the Class A shareholders and Preferred shareholders will remain unchanged and securityholders will be provided with an additional special retraction right providing an option to retract either Preferred shares or Class A shares at the end of the term (and each successive term thereafter) and receive a retraction price that is calculated in the same way that such price would be calculated if the Fund were to terminate on December 2nd, 2013.
A special meeting of securityholders of the Funds has been called and will be held on or about November 15, 2013 to consider and vote upon the proposal for each Fund and any ancillary matters (the "Special Meetings"). Securityholders of record of the Funds at the close of business on or about September 18, 2013 are entitled to receive notice of and vote at the Special Meetings, with respect to their Fund. Further details of the proposal for each Fund will be outlined in a management information circular that will be delivered to securityholders in connection with the Special Meetings.
The proposal for each Fund remains subject to review by the Funds independent review committee.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Funds and/or the Manager. The forward-looking statements are not historical facts but reflect the Funds' and/or the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Funds and/or the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Funds and/or the Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated fund contracts, mutual funds, annuities, guaranteed interest contracts and structured products. Manulife Structured Products are managed by Manulife Asset Management Limited.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$567 billion (US$539 billion) as at June 30, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
SOURCE: Manulife Financial Corporation
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