TORONTO, Nov. 27, 2013 /CNW/ - Manulife Asset Management Limited, the
manager of Copernican International Financial Split Corp. (TSX:
CIR.PR.A; CIR) ("Copernican Financial Split"), today announced that due
to the number of Preferred Shares retracted under the Special
Retraction Right, the board of directors has decided, as described in
the management information circular dated September 27, 2013, not to
proceed with the Proposal and will take the necessary steps to dissolve
Copernican Financial Split. Copernican Financial Split will redeem all
Class A Shares and Preferred Shares on December 2, 2013. The payment
date for the final redemption will be December 12, 2013. The Preferred
Shares and Class A Shares of Copernican Financial Split will be
delisted from the Toronto Stock Exchange at the close of business
November 28, 2013.
Holders of Preferred Shares of Copernican Financial Split will be
entitled to receive a final redemption price per Preferred Share equal
to the lesser of i) $10 plus any accrued and unpaid distributions
thereon and ii) the net asset value (the "NAV") of Copernican Financial
Split on December 2, 2013 divided by the total number of Preferred
Shares of Copernican Financial Split then outstanding. Holders of Class
A Shares of Copernican Financial Split will be entitled to receive a
final redemption price per Class A Share equal to the greater of i) the
NAV per Unit on December 2, 2013 minus $10 and any accrued and unpaid
distributions on a Preferred Share, and ii) nil. A Unit means a
notional unit consisting of one Preferred Share and one Class A Share.
The manager expects that the proceeds to Class A shareholders will be
nil as a result of the final redemption.
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 Corporation and/or the
manager. The forward-looking statements are not historical facts but
reflect the Corporation's 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 Corporation 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.
Neither the Corporation nor the manager undertake any 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
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$574.6 billion
(US$558.7 billion) as at September 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
For further information:
Media Relations Consultant