TORONTO, Nov. 14, 2019 /CNW/ - Bank of Montreal (the "Bank") (TSX: BMO)(NYSE: BMO)
today announced that none of its 12 million Non-Cumulative 5-Year
Rate Reset Class B Preferred Shares, Series 31 (the "Preferred
Shares Series 31") will be converted on November 25, 2019 into Non-Cumulative Floating
Rate Class B Preferred Shares, Series 32 of the Bank (the
"Preferred Shares Series 32").
During the conversion period which ran from October 28, 2019 to November 12, 2019, 69,570 Preferred Shares Series
31 were tendered for conversion into Preferred Shares Series 32,
which is less than the minimum 1,000,000 required to give effect to
the conversion, as described in the Preferred Shares Series 31
prospectus supplement dated July 23,
2014. As a result, no Preferred Shares Series 32 will be
issued on November 25, 2019 and
holders of Preferred Shares Series 31 will retain their shares.
The Preferred Shares Series 31 are currently listed on the
Toronto Stock Exchange under the symbol BMO.PR.W. As previously
announced on October 28, 2019, the
dividend rate for the five-year period commencing on November 25, 2019, and ending on November 24, 2024, will be 3.851%.
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 $839 billion as of July 31, 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