Class in: Offers
Theme : Dividends/Discounts
MONTRAL, Nov. 16, 2023 /CNW/ – The Bank of Montreal (the Bank) (TSX: BMO) (NYSE: BMO) today announced that none of its 16 million shares of Class B, Series 44 preferred stock will be subject to a rate adjustment every 5 years subject to and non-cumulative dividend (Emergency Capital for Non-Viability) (the Series 44 Preferred Stock) will not be converted into Class B Preferred Stock, Series 45, Non-Cumulative Dividend with Variable Rate (Emergency Capital for Non-Viability) (the Series 45 Preferred Stock) of the Bank on December 25th November 2023.
During the conversion period from October 26, 2023 to November 10, 2023, 93,870 shares of Series 44 Preferred Stock were deposited for conversion into Series 45 Preferred Stock, which is less than the minimum number of 1,000,000 required for the conversion to be effective. as described in the Series 44 Preferred Stock prospectus supplement dated September 10, 2018. Accordingly, no Series 45 Preferred Stock will be tendered on November 25, 2023 and holders of the Series 44 Preferred Stock will retain their shares.
The Series 44 Preferred Shares are currently listed on the Toronto Stock Exchange under the symbol BMO.PR.E. As already announced on October 26, 2023, the dividend rate for the five-year period from November 25, 2023 to November 25, 2028 is 6.816 percent.
About BMO Financial Group
With total assets of $1.25 trillion as of July 31, 2023, BMO Financial Group is the eighth largest bank in North America by assets. BMO has been serving our customers for over 200 years and has a diverse team of highly dedicated employees serving 13 million customers with a broad range of products and services in personal and commercial banking, wealth management, global markets and merchant banking services Canada, the United States and select global markets. Driven by a single purpose: With the courage to make a difference in life and business, BMO is committed to creating positive change in the world and driving progress toward a prosperous economy, a sustainable future and a healthy society. more integrative.
Internet: www.bmo.com Twitter: @BMOMedia
SOURCE BMO Financial Group
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Press release sent on November 16, 2023 5:01 p.m. and distributed by: 
Originally posted 2023-11-17 04:36:40.