March 23, 2000
PSE CIRCULAR FOR BROKERS NO. 763-00
| SUBJECT | : | Sun Life Financial Services of Canada, Inc. |
| Secondary Listing by Way of Introduction |
EXECUTIVE SUMMARY
| A. | Brief Background on the Demutualization of Sun Life Assurance | ||
| Company of Canada, Inc ("Sunlife"). | |||
| Key Dates on Demutualization Plan | |||
| January 27, 1998 | • | Board of Directors of SunLife instructed its | |
| management to prepare a plan for | |||
| demutualization | |||
| • | Eligibility Date for Policyholders to be | ||
| entitled to Demutualization Benefits | |||
| August 4, 1999 | • | The Plan of Demutualization was approved | |
| by the Board of Directors | |||
| September 28, | • | The Board of Directors of Sun Life of | |
| Canada 1999 adopted the Conversion Plan | |||
| December 15, | • | Special Meeting was held whereby | |
| Eligible 1999 Policyholders were asked to | |||
| vote on the Plan for Demutualization. | |||
| Eligible Policyholders of Sunlife approved | |||
| the Conversion Plan |
Structure Before and After Demutualization
Before the proposed demutualization, Sun Life is owned by its Participating Policyholders, with no common shareholders. As such, in accordance with the Insurance Companies Act...
