Manulife U.S. Regional Bank Trust (TSX: MBK.UN) Announces Normal Course Issuer Bid
TORONTO, Aug. 25, 2014 /CNW/ - Manulife Investments announced today that the Manulife U.S. Regional Bank Trust (the "Fund"), a closed-end investment fund, received acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 970,000 Class A Units of the Fund, representing 10 per cent of the public float which is the same number as the Fund's issued and outstanding Class A Units, being 9,700,000 Class A Units as of the close of business on August 18, 2014. The Fund will not purchase in any given 30-day period, in the aggregate, more than 194,000 Class A Units, being 2 per cent of the issued and outstanding Class A Units as of the close of business on August 18, 2014. Purchases of Class A Units under the NCIB may commence on August 27, 2014. Manulife Asset Management Limited, the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's assets. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Class A Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on August 26, 2015.
For more information, please contact Manulife Customer Service at 1-888-333-3240.
Forward Looking Statements
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect the Fund's and/or Manulife Investments 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 Manulife Investments 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 Fund and/or Manulife Investments 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, a division of Manulife Asset Management Limited, builds on 125 years of Manulife Financial's wealth and investment management expertise in managing assets for Canadian investors. 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 and guaranteed interest contracts.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife, providing comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. This investment expertise extends across a broad range of public and private asset classes, as well as asset allocation solutions. As at June 30, 2014, assets under management for Manulife Asset Management were approximately C$300 billion (US$281 billion).
Additional information about Manulife Asset Management may be found at ManulifeAM.com.
Manulife 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 and its subsidiaries were approximately C$637 billion (US$597 billion) as at June 30, 2014. Our group of companies operates as Manulife 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 can be found on the Internet at manulife.com.
SOURCE Manulife Financial Corporation