TORONTO, Nov. 15, 2013 /CNW/ - Manulife Asset Management Limited, the manager (the "Manager") of Copernican World Banks Split Inc. (TSX: CBW.PR.A; CBW) (the "Fund"), today announced that securityholders have approved a special resolution proposed by the Manager.
By approving the special resolution, securityholders have approved the following:
- Extending the scheduled final redemption date for Preferred Shares and Class A Shares of the Fund from December 2, 2013 to December 2, 2018;
- Providing a special retraction right (the "Special Retraction Right") to holders of Preferred Shares and Class A Shares of the Fund to enable them to retract their Shares on December 2, 2013 in a manner calculated on the same basis as would have applied had the Fund redeemed all Preferred Shares and Class A Shares in accordance with its existing terms;
- Providing for further extensions of additional terms of approximately five years each, if the Board of Directors of the Fund so determines, and providing holders of Preferred Shares and Class A Shares with a continuing special retraction right (the "Continuing Special Retraction Right"), beginning on December 2, 2018 or on such other date as may be determined by the Board of Directors of the Fund, in connection with such extension;
- Providing a special redemption right to the Fund in connection with the Special Retraction Right and Continuing Special Retraction Right that would permit the Fund to redeem Class A Shares and Preferred Shares on a pro rata basis, or take such other action as the Board of Directors of the Fund so determines, to maintain the same number of Class A Shares and Preferred Shares outstanding;
- Amending the management agreement effective December 1, 2013 for the Fund to provide for a reduction in the management fees paid to the Manager from the current 1.95% per annum of the net asset value ("NAV") of the Fund (plus applicable taxes) to 1.65% per annum of the NAV of the Fund (plus applicable taxes);
- Broadening the investment strategy and removing an investment restriction for the Fund; and
- Permitting the Fund to be terminated prior to any scheduled final redemption date if the Preferred Shares or Class A Shares are delisted from the Toronto Stock Exchange or if the NAV of the Fund declines to less than $5 million for a period of 60 consecutive business days.
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 Fund and/or the Manager. The forward-looking statements are not historical facts but reflect the Fund'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 Fund 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 Fund 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 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$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
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