TORONTO, Aug. 13, 2020 /CNW/ - Bank of Montreal (the "Bank") (TSX: BMO) (NYSE: BMO)
today announced that none of its 8 million Non-Cumulative 5-Year
Rate Reset Class B Preferred Shares, Series 33 (Non-Viability
Contingent Capital (NVCC)) (the "Preferred Shares Series 33") will
be converted on August 25, 2020 into
Non-Cumulative Floating Rate Class B Preferred Shares, Series 34
(Non-Viability Contingent Capital (NVCC)) of the Bank (the
"Preferred Shares Series 34").
During the conversion period which ran from July 27, 2020 to August
10, 2020, 118,563 Preferred Shares Series 33 were tendered
for conversion into Preferred Shares Series 34, which is less than
the minimum 1,000,000 required to give effect to the conversion, as
described in the Preferred Shares Series 33 prospectus supplement
dated May 29, 2015. As a result, no
Preferred Shares Series 34 will be issued on August 25, 2020 and holders of Preferred Shares
Series 33 will retain their shares.
The Preferred Shares Series 33 are currently listed on the
Toronto Stock Exchange under the symbol BMO.PR.Y. As previously
announced on July 27, 2020, the
dividend rate for the five-year period commencing on August 25, 2020, and ending on August 24, 2025, will be 3.054%.
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 $987 billion as of April 30, 2020, 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