TORONTO, July 21,
2022 /CNW/ - Bank of Montreal (the "Bank") (TSX: BMO)(NYSE: BMO)
today announced its intention to redeem all of its 16,000,000
outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred
Shares, Series 42 (Non-Viability Contingent Capital (NVCC)) (the
"Preferred Shares Series 42") for an aggregate total of
$400 million on August 25, 2022. The redemption has been approved
by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 42 are redeemable at the Bank's
option on August 25, 2022 (the
"Redemption Date") at a redemption price of $25.00 per share. Payment of the redemption price
will be made by the Bank on the Redemption Date.
Separately from the payment of the redemption price, the final
quarterly dividend of $0.275 per
share for the Preferred Shares Series 42 announced by the Bank on
May 25, 2022 will be paid in the
usual manner on August 25, 2022, to
shareholders of record on August 2,
2022.
Notice will be delivered to holders of the Preferred Shares
Series 42 in accordance with the terms thereof.
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 $1.04 trillion as of
April 30, 2022, 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.
Internet: www.bmo.com Twitter:
@BMOMedia
SOURCE BMO Financial Group