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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO
Shareholder Information
Preferred Shares
 

We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in non-Canadian currency.

Preferred Class B Series 13
Preferred Class B Series 14
Preferred Class B Series 15
Preferred Class B Series 16
Preferred Class B Series 17
Preferred Class B Series 18
Preferred Class B Series 21
Preferred Class B Series 23
Preferred Class B Series 25
Preferred Class B Series 27
Preferred Class B Series 29




Preferred Class B Series 13

Ticker Symbol:
BMO.PR.J

CUSIP:
063671812

Shares Outstanding: (October 31, 2010)
14,000,000

Key Terms:
Class B – Series 13 shares are redeemable at our option starting February 25, 2012 for $25.00 cash per share, plus a premium if we redeem the shares before February 25, 2016. The shares may be convertible into another series of preferred shares at the option of the holder. The shares carry a non-cumulative quarterly dividend at a rate of $0.28125 per share.

Prospectus: (2007)
Short form base shelf prospectus - January 5, 2006 (PDF 191KB / 12 pages)
Class B series 13 prospectus supplement (PDF 76KB / 14 pages)

See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 14

Ticker Symbol:
BMO.PR.K

CUSIP:
063671143

Shares Outstanding: (October 31, 2010)
10,000,000

Key Terms:
Class B – Series 14 shares are redeemable at our option starting November 25, 2012 for $25.00 cash per share, plus a premium if we redeem the shares before November 25, 2016. The shares may be convertible into another series of preferred shares at the option of the holder. The shares carry a non-cumulative quarterly dividend at a rate of $0.328125 per share.

Prospectus: (2007)
Short form base shelf prospectus - January 5, 2006 (PDF 191KB / 12 pages)
Class B series 14 prospectus supplement (PDF 78KB / 14 pages)

See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 15

Ticker Symbol:
BMO.PR.L

CUSIP:
063671796

Shares Outstanding: (October 31, 2010)
10,000,000

Key Terms:
Class B – Series 15 shares are redeemable at our option starting May 25, 2013 for $25.00 cash per share, plus a premium if we redeem the shares before May 25, 2017. The shares may be convertible into another series of preferred shares at the option of the holder. The shares carry a non-cumulative quarterly dividend of $0.36250 per share.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 15 prospectus supplement (PDF 80KB / 15 pages)


See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 16

Ticker Symbol:
BMO.PR.M

CUSIP:
063671788

Shares Outstanding: (August 26, 2013)
6,267,391


July 22, 2013 - Bank of Montreal Announces Conversion Privilege of $300,000,000 Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 16

July 29, 2013 - Bank of Montreal Announces Dividend Rates on Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 and Non-Cumulative Floating Rate Class B Preferred Shares, Series 17

August 13, 2013 - Bank of Montreal Announces Results of Conversion Privilege of Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16


Key Terms:
Class B - Subject to certain conditions, the Series 16 Preferred Shares are redeemable at our option on August 25, 2013 and on August 25 every five years thereafter for $25 per share plus all declared and unpaid dividends to the redemption date. Holders of the Series 16 Preferred Shares will have the right, at their option, to convert their shares into Floating Rate Series 17 Preferred Shares, subject to certain conditions, on August 25, 2013 and on August 25 every five years thereafter.

As per our news release of July 22, 2013, holders of the Series 16 Preferred Shares had the right, at their option, to convert their shares into Floating Rate Series 17 Preferred Shares on August 26, 2013. As a result of shareholders’ elections, on August 26, 2013, 5,732,609 of 12 million Series 16 Preferred Shares were converted into Series 17 Preferred Shares, and 6,267,391 Series 16 Preferred Shares remain outstanding.

For the 5-year fixed rate period commencing on August 26, 2013 and ending on August 25, 2018, the Series 16 shares carry a non-cumulative quarterly dividend of $0.211875 per share, subject to certain conditions. For each subsequent period and subject to certain conditions, the dividend rate for holders of the Series 16 Preferred Shares will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 1.65 per cent.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 16 prospectus supplement (PDF 103KB / 26 pages)
See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 17

Ticker Symbol:
BMO.PR.R

CUSIP:
063671770

Shares Outstanding: (August 26, 2013)
5,732,609


July 22, 2013 - Bank of Montreal Announces Conversion Privilege of $300,000,000 Non-Cumulative 5-year Rate Reset Class B Preferred Shares, Series 16

July 29, 2013 - Bank of Montreal Announces Dividend Rates on Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 and Non-Cumulative Floating Rate Class B Preferred Shares, Series 17

August 13, 2013 - Bank of Montreal Announces Results of Conversion Privilege of Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16


Key Terms:
Class B - Subject to certain conditions, the Series 17 Preferred Shares are redeemable at our option (a) on August 25, 2018 and on August 25 every five years thereafter for $25 per share plus all declared and unpaid dividends to the redemption date or (b) on any other date on or after August 25, 2013 for $25.50 per share plus all declared and unpaid dividends to the redemption date. Holders of the Series 17 Preferred Shares will have the right, at their option, to convert their shares into Fixed Rate Series 16 Preferred Shares, subject to certain conditions, on August 25, 2018 and on August 25 every five years thereafter.

As per our news release of July 22, 2013, holders of the Series 16 Preferred Shares had the right, at their option, to convert their shares into Floating Rate Series 17 Preferred Shares on August 26, 2013. As a result of shareholders’ elections, on August 26, 2013, 5,732,609 of 12 million Series 16 Preferred Shares were converted into Series 17 Preferred Shares. As a result the Bank has 5,732,609 Series 17 Preferred Shares issued and outstanding

Subject to certain conditions, the Series 17 shares carry a non-cumulative floating quarterly dividend rate equal to the then three month Government of Canada Treasury Bill Yield plus 1.65 per cent.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 16 prospectus supplement (Series 17 contained within the Series 16 prospectus)
See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 18

Ticker Symbol:
BMO.PR.N

CUSIP:
063671150

Shares Outstanding: (October 31, 2010)
6,000,000


January 24, 2014 - Bank of Montreal to Redeem $150,000,000 Non-cumulative 5-Year Rate Reset Class B Preferred Shares Series 18


Key Terms:
Class B - Subject to certain conditions, the Series 18 Preferred Shares are redeemable at our option on February 25, 2014 and on February 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Preferred Share 18 will have the right, at their option, to convert their shares into Floating Rate Series 19 Preferred Shares, subject to certain conditions, on February 25, 2014 and on February 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 18 shares carry a non-cumulative quarterly dividend of $0.40625 per share, subject to certain conditions. For each subsequent period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 16 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 3.83 per cent. Also, holders of the Preferred Shares Series 19 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 3.83 per cent.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 18 prospectus supplement (PDF 116KB / 27 pages)


See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 21

Ticker Symbol:
BMO.PR.O

CUSIP:
063671762

Shares Outstanding: (October 31, 2010)
11,000,000


April 16, 2014 - Bank of Montreal to Redeem $275,000,000 Non-Cumulative 5-Year Rate Reset Class B Preferred Shares Series 21


Key Terms:
Class B - Subject to certain conditions, the Series 21 Preferred Shares are redeemable at our option on May 25, 2014 and on May 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Preferred Share 21 will have the right, at their option, to convert their shares into Floating Rate Series 22 Preferred Shares, subject to certain conditions, on May 25, 2014 and on May 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 21 shares carry a non-cumulative quarterly dividend of $0.40625 per share, subject to certain conditions. For each subsequent period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 21 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 4.58 per cent. Also, holders of the Preferred Shares Series 22 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 4.58 per cent.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 21 prospectus supplement (PDF 116KB / 28 pages)


See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 23

Ticker Symbol:
BMO.PR.P

CUSIP:
063671747

Shares Outstanding: (October 31, 2010)
16,000,000

Key Terms:
Class B - Subject to certain conditions, the Series 23 Preferred Shares are redeemable at our option on February 25, 2015 and on February 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Preferred Share 23 will have the right, at their option, to convert their shares into Floating Rate Series 24 Preferred Shares, subject to certain conditions, on February 25, 2015 and on February 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 23 shares carry a non-cumulative quarterly dividend of $0.3375 per share, subject to certain conditions. For each subsequent period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 23 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.41 per cent. Also, holders of the Preferred Shares Series 23 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 2.41 per cent.

Prospectus: (2008)
Short form base shelf prospectus - January 4, 2008 (PDF 209KB / 13 pages)
Class B series 23 prospectus supplement (PDF 118KB / 28 pages)


See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 25

Ticker Symbol:
BMO.PR.Q

CUSIP:
063679203

Shares Outstanding: (March 11, 2011)
11,600,000

Key Terms:
This summary is qualified entirely by the Provisions Attaching to “Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 25” filed on SEDAR.

Class B - Subject to certain conditions, the Series 25 Preferred Shares (the “Series 25”) are redeemable at our option on August 25, 2016 and on August 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Series 25 will have the right, at their option, to convert their shares into Floating Rate Series 26 Preferred Shares, subject to certain conditions, on August 25, 2016 and on August 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 25 shares carry a fixed non-cumulative quarterly dividend of $0.24375 per share, subject to certain conditions. For each subsequent fixed rate period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 25 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 1.15 per cent. Holders of the Preferred Shares Series 26 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 1.15 per cent.

Prospectus: (2011)
Short form base shelf Prospectus - January 11, 2010 (PDF 208KB / 13 pages)
Class B series 25 prospectus supplement (PDF 436KB / 124 pages)

See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 27

Ticker Symbol:
BMO.PR.S

CUSIP:
063679401

Shares Outstanding: (April 23, 2014)
20,000,000

Key Terms:
This summary is qualified entirely by the Provisions Attaching to the Basel III-compliant “Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 27” filed on SEDAR.

Class B - Subject to certain conditions, the Basel III-compliant Series 27 Preferred Shares (the “Series 27”) are redeemable at our option on May 25, 2019 and on May 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Series 27 will have the right, at their option, to convert their shares into an equal number of Non-Cumulative Floating Rate Class B Series 28 Preferred Shares, subject to certain conditions, on May 25, 2019 and on May 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 27 shares carry a fixed non-cumulative quarterly dividend of $0.25 per share, subject to certain conditions. For each subsequent fixed rate period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 27 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.33 per cent. Holders of the Preferred Shares Series 28 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 2.33 per cent.

Prospectus: (2014)
Short form base shelf Prospectus - March 13, 2014 (PDF 51KB / 13 pages)
Class B series 27 prospectus supplement (PDF 111KB / 29 pages)

See the Shareholder Information section for dividend history and payment schedule.

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Preferred Class B Series 29

Ticker Symbol:
BMO.PR.T

CUSIP:
063679609

Shares Outstanding: (June 6, 2014)
16,000,000

Key Terms:
This summary is qualified entirely by the Provisions Attaching to the Basel III-compliant “Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 29” filed on SEDAR.

Class B - Subject to certain conditions, the Basel III-compliant Series 29 Preferred Shares (the “Series 29”) are redeemable at our option on August 25, 2019 and on August 25 every five years thereafter for $25 per share including all declared and unpaid dividends to the redemption date. Holders of the Series 29 will have the right, at their option, to convert their shares into an equal number of Non-Cumulative Floating Rate Class B Series 30 Preferred Shares, subject to certain conditions, on August 25, 2019 and on August 25 every five years thereafter.

For the initial 5-year fixed rate period, the Series 29 shares carry a fixed non-cumulative quarterly dividend of $0.24375 per share, subject to certain conditions. For each subsequent fixed rate period and subject to certain conditions, the dividend rate for holders of the Preferred Shares Series 29 will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.24 per cent. Holders of the Preferred Shares Series 30 will be entitled, subject to certain conditions, to receive non-cumulative preferential floating rate quarterly dividends, equal to the then three month Government of Canada Treasury Bill yield plus 2.24 per cent.

Prospectus: (2014)
Short form base shelf Prospectus - March 13, 2014 (PDF 51KB / 13 pages)
Class B series 29 prospectus supplement (PDF 111KB / 29 pages)

See the Shareholder Information section for dividend history and payment schedule.

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