TORONTO, Aug. 14, 2019 /CNW/ - Bank of Montreal (the "Bank") (TSX:BMO)(NYSE:BMO)
today announced that none of its 16 million Non-Cumulative 5-Year
Rate Reset Class B Preferred Shares, Series 29 (the "Preferred
Shares Series 29") will be converted on August 26, 2019, being the first business day
following the conversion date of August 25,
2019, into Non-Cumulative Floating Rate Class B Preferred
Shares, Series 30 of the Bank (the "Preferred Shares Series
30").
During the conversion period which ran from July 26, 2019 to August
12, 2019, 223,098 Preferred Shares Series 29 were tendered
for conversion into Preferred Shares Series 30, which is less than
the minimum 1,000,000 required to give effect to the conversion, as
described in the Preferred Shares Series 29 prospectus supplement
dated May 30, 2014. As a result, no
Preferred Shares Series 30 will be issued on August 26, 2019 and holders of Preferred Shares
Series 29 will retain their shares.
The Preferred Shares Series 29 are currently listed on the
Toronto Stock Exchange under the symbol BMO.PR.T. As previously
announced on July 26, 2019, the
dividend rate for the five-year period commencing on August
25, 2019, and ending on August 24, 2024, will be 3.624%.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in
North America. With total assets
of $830 billion as of April 30, 2019, and a team of diverse and highly
engaged employees, BMO provides a broad range of personal and
commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
SOURCE BMO Financial Group
