Bank of Montreal has announced (apparently on April 3, but there is still nothing on their website):
its intention to redeem all of its $250,000,000 Non-Cumulative Perpetual Class B Preferred Shares, Series 14 (“Preferred Shares Series 14”) on May 25, 2017.
The Preferred Shares Series 14 are redeemable at Bank of Montreal’s option on or after November 25, 2016, at a redemption price of $25.00 per share. Payment of the redemption price will be made by Bank of Montreal on or after May 25, 2017, upon surrender of the Preferred Shares Series 14.
Separately from the payment of the redemption price, the final quarterly dividend of $0.328125 per share for the Preferred Shares Series 14 will be paid in the usual manner on May 25, 2017, to shareholders of record on May 1, 2017.
Notice will be delivered to holders of the Preferred Shares Series 14 in accordance with the terms outlined in the Preferred Shares Series 14 prospectus supplement.
(added 2017-4-5): BMO has finally published the press release on their website
BMO.PR.K is a 5.25% Straight Perpetual that commenced trading 2007-10-9 after being announced 2009-9-27. It has been tracked by HIMIPref™ and as it is NVCC non-compliant, it is included in the DeemedRetractible sub-index.
Note: This post has been corrected from an earlier version, which referred to BMO.PR.L. Both issues are being redeemed, but due to an error I only announced one, with the quoted press release not matching the headline. The actual BMO.PR.L redemption has been reported.