TORONTO, June 23, 2005 – The class action commenced against Manulife Securities International Ltd. and Manulife Financial Corporation in connection with Portus Alternative Asset Management has been discontinued. Class counsel asked for discontinuance of the class action after they concluded that the offer by Manulife Securities to acquire the interest of its clients who were referred to Portus by advisors licensed by Manulife Securities was “fair and reasonable”. Class counsel has recommended that their clients accept the offer, which expires July 15, 2005.
The discontinuance was approved in Ontario Superior Court today, following an appearance by class counsel and Manulife legal representatives. The judge in granting the motion to discontinue said: “The record discloses exemplary corporate behaviour on the part of Manulife. I am satisfied that the offer made by Manulife is fair, reasonable and responsible.”
Clients who qualify for the offer by Manulife Securities have until the July 15 deadline to choose among three options – a principal-protected note, guaranteed investments, or cash – for their principal investment in Portus.
If they have questions about the offer, they can contact the Manulife Securities Customer Care Centre at 1-866-397-7788.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$350.3 billion as at March 31, 2005.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.