BMO.PR.G Called for Redemption

The Bank of Montreal has announced:

on August 27, 2007, it will redeem all of its Non-Cumulative Class B Preferred Shares Series 4. The redemption price, as provided for in the terms of the issue, is $25.00 per share, together with declared and unpaid dividends to the date of redemption. As the normal quarterly dividend is due on August 25, 2007, the Bank has declared a 2-day stub dividend of $0.006575 per Series 4 share. This results in a total redemption price of $25.006575 per Series 4 share.

This redemption comes at the first opportunity the bank has had to call the issue at par. It was retractible for shares commencing 2008-5-25 and paid $1.20 on $25.00 par value … BMO doesn’t need to pay 4.8% Dividends for its funding.

This issue has been included in the HIMIPref™ “Operating Retractible” index. It was highlighted 2006-10-25 for having a negative Yield-to-Worst

2 Responses to “BMO.PR.G Called for Redemption”

  1. […] Update, 2008-9-9: And, as a matter of fact, the issue was called for redemption at par, effective 2007-8-27. […]

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