Manulife Financial (PSE:MFC) will not exercise its right to redeem its 10 million outstanding series 19 preferred shares on March 19, according to a Thursday Philippine bourse filing.

As a result, holders of these shares will have the option to convert them into series 20 preferred shares on a one-for-one basis, subject to certain conditions outlined in the 2014 prospectus.

If fewer than 1 million series 19 or series 20 preferred shares remain outstanding by March 19, automatic conversions can occur, and notices will be sent to affected holders by March 12.

The company will announce the dividend rates for the series 19 and series 20 preferred shares on Feb. 18, it noted.