TORONTO , July 26, 2019 /CNW/ - Further to the announcement by Bank of Montreal (the "Bank") (BMO.TO)(BMO) on June 27, 2019 , the Bank today announced the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 29 (the "Preferred Shares Series 29") and Non-Cumulative Floating Rate Class B Preferred Shares, Series 30 (the "Preferred Shares Series 30").
With respect to any Preferred Shares Series 29 that remain outstanding after August 25, 2019 , commencing as of such date, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the Bank Act ( Canada ). The dividend rate for the five-year period commencing on August 25, 2019 , and ending on August 24, 2024 , will be 3.624 per cent, being equal to the sum of the five-year Government of Canada bond yield as at July 26, 2019 , plus 2.24 per cent, as determined in accordance with the terms of the Preferred Shares Series 29.
With respect to any Preferred Shares Series 30 that may be issued on August 26, 2019 , being the first business day following the conversion date of August 25, 2019 , identified in the Preferred Shares Series 29 prospectus, which falls on a Sunday, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of the Bank and subject to the provisions of the Bank Act ( Canada ). The dividend rate for the three-month period commencing on August 25, 2019 , and ending on November 24, 2019 , will be 3.885 per cent, being equal to the sum of the three-month Government of Canada Treasury bill yield as at July 26, 2019 , plus 2.24 per cent, as determined in accordance with the terms of the Preferred Shares Series 30.
Beneficial owners of Preferred Shares Series 29 who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (EDT) on August 12, 2019 .
Conversion enquiries should be directed to BMO's Registrar and Transfer Agent, Computershare Trust Company of Canada , at 1-800-340-5021.
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 $830 billion as of April 30, 2019 , 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
View original content: http://www.newswire.ca/en/releases/archive/July2019/26/c0501.html