{"id":17623,"date":"2012-01-19T11:56:27","date_gmt":"2012-01-19T15:56:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17623"},"modified":"2012-01-19T11:56:27","modified_gmt":"2012-01-19T15:56:27","slug":"bmo-pr-v-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17623","title":{"rendered":"BMO.PR.V To Be Redeemed"},"content":{"rendered":"<p>The Bank of Montreal <a href=\"http:\/\/newsroom.bmo.com\/press-releases\/bank-of-montreal-to-redeem-us300000000-non-cumu-tsx-bmo-201201190759613003\">has announced<\/a>:<\/p>\n<blockquote><p>its intention to redeem all of its US$300,000,000 Non-cumulative Perpetual Class B Preferred Shares Series 10 (&#8220;Preferred Shares Series 10&#8221;) on February 25, 2012.<\/p>\n<p>Having satisfied all conditions precedent, the Preferred Shares Series 10 are redeemable at Bank of Montreal&#8217;s option on February 25, 2012, at a redemption price of US$25.00 per share plus all declared and unpaid dividends up to but excluding the date fixed for redemption. Because February 25, 2012, is a Saturday, payment of the redemption price will be made by Bank of Montreal on or after February 27, 2012, upon surrender of the Preferred Shares Series 10.<\/p>\n<p>Separately from the payment of the redemption price, the final quarterly dividend of US$0.371875 per share for the Preferred Shares Series 10 will be paid in the usual manner on February 27, 2012, to shareholders of record on February 1, 2012.<\/p>\n<p>Notice will be delivered to holders of the Preferred Shares Series 10 in accordance with the terms outlined in the Preferred Shares Series 10 prospectus.<\/p><\/blockquote>\n<p>This is a rather peculiar issue, since the USD \/ CAD exchange rate was much different on issue date ten years ago than it was today! Hence, <a href=\"http:\/\/www.prefblog.com\/?p=16618\">as previously noted<\/a>, the paid up capital on these shares is somewhere around CAD $39.44.<\/p>\n<p>I have been attempting to get an authoritative opinion on the tax implications, if any, of this unusual situation, but to date without successs.<\/p>\n<p>BMO.PR.V is not tracked by HIMIPref&trade;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Montreal has announced: its intention to redeem all of its US$300,000,000 Non-cumulative Perpetual Class B Preferred Shares Series 10 (&#8220;Preferred Shares Series 10&#8221;) on February 25, 2012. Having satisfied all conditions precedent, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-17623","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17623"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17623\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}