The consolidation stems from election notices processed by the September 16 deadline. While 1,400 holders of Series 10R shares sought to move into Series 11QR, the volume of conversion requests in the opposite direction—621,829 shares—tipped the balance. Because the resulting pool of Series 11QR shares would have fallen below the 1,000,000 threshold, the company opted for a total conversion of the remaining Series 11QR stock into Series 10R units.

Starting September 30, holders of the Series 10R shares are entitled to a new dividend rate of 5.519% per annum, translating to $0.344938 per share each quarter. This rate is locked for a five-year term ending September 30, 2031, based on the Government of Canada yield plus a 2.17% spread. Sun Life retains the option to redeem these shares at $25.00 each on the 2031 reset date or every fifth year thereafter, pending regulatory approval. The Series 10R shares remain listed on the Toronto Stock Exchange under the ticker SLF.PR.H.