TORONTO - Bank of Montreal (BMO), one of North America's leading financial institutions, announced today that its Preferred Shares Series 44 will not be converted into Series 45 as previously planned. The decision comes after the conversion period, which ran from October 26 to November 10, did not meet the minimum threshold of shares required for conversion.
During the specified period, shareholders were given the opportunity to convert their Preferred Shares Series 44, traded under the ticker BMO.PR.E on the Toronto Stock Exchange, into Preferred Shares Series 45. However, only 93,870 shares were tendered for conversion, falling significantly short of the one million shares needed to meet the stipulated criteria outlined in the prospectus supplement dated September 10, 2018.
As a result of this lower-than-required participation, BMO confirmed that no conversions will take place on November 25. Consequently, the dividend rate for Preferred Shares Series 44 has been set at 6.816% for the next five-year period starting from November 25.
BMO Financial Group boasts an impressive history of over 200 years and, as of July 31, manages total assets worth $1.25 trillion. With a customer base exceeding 13 million individuals globally, BMO continues its commitment to "Boldly Grow the Good," driving positive change and promoting a sustainable future and inclusive society.
The bank remains ranked as North America's eighth-largest by assets and reaffirms its position in global markets and investment banking. For more information or inquiries, BMO has provided contact details for media and investor relations alongside its original content source.
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