Bank of Montreal won't call series 16 preferreds; holders have option

By Tali David

Minneapolis, July 22 - The Bank of Montreal does not intend to exercise its right to redeem its series 16 noncumulative five-year rate reset class B preferred shares on Aug. 25, according to a press release.

As a result, subject to certain conditions, the holders of the preferreds have the right, at their option, to convert all or part of their shares on a one-for-one basis into series 17 noncumulative floating-rate class B preferred shares, on Aug. 26.

Holders who do not exercise their right to convert their series 16 shares into series 17 shares on Aug. 26 will retain their series 16 shares, unless automatically converted in accordance with certain conditions.

Bank of Montreal is a financial services company based in Montreal and Toronto.

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