Manulife Announces Intention to Amend Normal Course Issuer Bid to Repurchase for Cancellation up to an Additional 59 Million of its Common Shares
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: PR Newswire
C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945 TORONTO, Feb. 13, 2019 /PRNewswire/ - Manulife Financial Corporation ("Manulife") announced today that, subject to the approval of the Office of the Superintendent of Financial Institutions ("OSFI") and the Toronto Stock Exchange ("TSX"), it intends to amend its existing Normal Course Issuer Bid ("NCIB") to increase the number of common shares that it may repurchase for cancellation from 40 million common shares (approximately 2% of shares outstanding) to 99 million common shares (approximately 5% of shares outstanding). To date, Manulife has completed the repurchase for cancellation of 30,586,449 common shares since the commencement of its current normal course issuer bid.Manulife believes that the purchase of Manulife common shares at recent market prices is an appropriate investment by Manulife since, in its view, recent market prices do not reflect the underlying value of Manulife's business. Continuing to have an NCIB in
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