Bank of Montreal has announced:
its intention to redeem all of its 12,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 31 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 31”) (TSX: BMO.PR.W) for an aggregate total of $300 million on November 25, 2024. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 31 are redeemable at the Bank’s option on November 25, 2024 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.
Separately from the payment of the redemption price, the final quarterly dividend of $0.240688 per share for the Preferred Shares Series 31 announced by the Bank on August 27, 2024 will be paid in the usual manner on November 25, 2024, to shareholders of record on October 30, 2024.
Notice will be delivered to holders of the Preferred Shares Series 31 in accordance with the terms thereof.
BMO.PR.W was issued as a FixedReset, 3.80%+222, that commenced trading 2014-7-30 after being announced 2014-7-22. Notice of extension was given 2019-9-27. BMO.PR.W reset at 3.851% effective 2019-11-25. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and has been assigned to the FixedReset – Discount subindex.
BMO.PR.W closed at 23.89 today, with a VWAP of 23.898 on volume of 31,400, so maybe some of the speculators who lost money on the extension of TD.PF.A recouped their losses.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Thursday, October 3rd, 2024 at 7:07 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
BMO.PR.W To Be Redeemed
Bank of Montreal has announced:
BMO.PR.W was issued as a FixedReset, 3.80%+222, that commenced trading 2014-7-30 after being announced 2014-7-22. Notice of extension was given 2019-9-27. BMO.PR.W reset at 3.851% effective 2019-11-25. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and has been assigned to the FixedReset – Discount subindex.
BMO.PR.W closed at 23.89 today, with a VWAP of 23.898 on volume of 31,400, so maybe some of the speculators who lost money on the extension of TD.PF.A recouped their losses.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Thursday, October 3rd, 2024 at 7:07 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.