  |    |
        |
 |
 | ||
| |||
 |  | |
| ||
|  | |
| ||
|  | |
| ||
| ||
|  | |
| ||
 |  | |
| · | News Releases |
| · | Multimedia Centre |
| · | Virtual Press Kits |
| · | Fact Sheets |
| · | FAQ |
| · | Contact the Newsroom |
| ||
|  | |
| ||
|  | |
| ||
Irish shareholders prefer local currency: “You Got It,” says Manulife Toronto – Manulife Financial has confirmed it will provide a local currency for the 60,000 shareholders of Canada Life based in the UK and Ireland who decide to select the cash alternative under Manulife’s offer to purchase all of the common shares of Canada Life Financial Corporation. The offer, detailed in a mailing sent to shareholders on December 27, 2002, gives Canada Life shareholders the choice of receiving Canadian $40 – currently about 25 Euros – in cash or 1.055 Manulife shares for each share of Canada Life they currently own. The average Canada Life shareholding in the Ireland is 250 shares, which the offer values at more than 6,000 Euros. “We have received many calls from shareholders eager to learn more about our Offer and a common theme has been a preference for receiving any cash payment in local currency,” said Dominic D’Alessandro, President and Chief Executive Officer of Manulife Financial. “We’re happy to respond to shareholders’ wishes by making it clear that any payment will be in their local currency.” Complete Letter of Transmittal by February 28 Shareholders of Canada Life are encouraged to act now and complete the Letter of Transmittal that was included in the circular package and mail it in the return envelope provided. The Offer is scheduled to expire on February 28, 2003. “Our offer is attractive to Canada Life shareholders, both for its immediate full and fair valuation and for the opportunity it creates for them to become shareholders of Manulife – a global force in financial services,” said Mr. D’Alessandro. “Manulife’s offer provides shareholders with 30 per cent more value for their shares than the weighted average market price during the 20 days before our announcement of the Offer on December 9, 2002,” he added. Canada Life shareholders are also urged to consult with their financial advisor, who can help them navigate through the documents and advise on which choice is best suited to their individual needs. A special help line is also available (tel: 020 7864 9132 in the UK 01 277 1029 in Ireland). Manulife is a leading Canadian-based competitor in financial services in key markets around the world. With the addition of Canada Life’s complementary operations, Manulife will enhance its ability to further build its well-respected businesses. “Canada Life’s operations in the UK and Ireland, where Manulife does not currently operate, would bring tremendous strategic value to the combined entity,” said Mr. D’Alessandro. “We look forward to the additional opportunity to bring on talented people with this transaction.” Upon completion of the Offer, Manulife would be the fourth largest public life insurance company in North America and the tenth largest public life insurer in the world. Manulife’s Offer is subject to obtaining the necessary regulatory approvals and the tendering of enough shares such that Manulife would have at least 66 2/3 per cent of Canada Life’s shares, including the 9.1 per cent it already owns. HSBC Securities (Canada) Inc. has been retained to act as financial advisor for European Aspects of the Offer. HSBC Bank plc has been retained to act as corporate broker in connection with the Offer to solicit acceptances from investors in Europe. -ENDS- Media inquiries in the UK and Ireland: Angus Maitland/Martin Leeburn/Fiona Piper The Maitland Consultancy 00 44 20 7379 5151 Shareholder and Policyholder inquiries: United Kingdom/Continental Europe 020-7864-9132 Ireland 01-277-1029 Notes to editors About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Fund under management by Manulife Financial were $139.2 billion as at September 30, 2002. Manulife Financial trades as MFC on the TSX, NYSE and PSE and under “0945” on the SEHK. Manulife Financial can be found on the Internet as www.manulife.com. About Canada Life The Canada Life Assurance Company, Canada’s first domestic life insurance company, was founded in 1847 and has total funds under management of more than $65 billion. Headquartered in Toronto, the Company operates in Canada, the United States, the United Kingdom, the Republic of Ireland, Germany, Brazil, the Caribbean and Hong Kong. Canada Life Financial Corporation, established in 1999, is the holding company for The Canada Life Assurance Company and is traded on the Toronto Stock Exchange under the symbol CL and the New York Stock Exchange under the symbol CLU. A copy of Manulife’s circular is posted on www.manulife.com. All figures in Canadian dollars unless otherwise specified. Forward-Looking Statements This news release includes Forward-Looking statements with respect to the Company, including its business operations and strategy as well as its financial performance and condition. These statements generally can be identified by use of Forward-Looking words such as: “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue” or the negative word thereof or similar variations. Although management believes that the expectations reflected in such Forward-Looking statements are reasonable, such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such Forward-Looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include among other things, general economic and market factors, including interest rates, business competition and changes in government regulations or in tax laws. |
|
