BMO passes on redemption of class B preferreds, now convertible

Chicago, Oct. 19 – Bank of Montreal will not be exercising its redemption right on its non-cumulative five-year rate reset class B preferred shares, series 44, according to a press release.

The redemption date would have been Nov. 25.

This gives holders the right, if they wish, to convert their series B shares into non-cumulative floating-rate class B preferred shares, series 45 on a one-to-one basis.

The dividend rates for the five-year period for the series 44 shares and the three-month period for the series 45 shares will be determined and announced on Oct. 26.

Owners of series B preferred shares should instruct their broker if they choose to exercise their conversion right by 5 p.m. ET on Nov. 10.

If, after Nov. 10, there would be fewer than 1 million preferred shares of either series outstanding, the bank will automatically convert all of that series into the other series.

Computershare Trust Co., as registrar and transfer agent, can answer questions (800 340-5021).

The issuer is a Montreal-based bank.

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