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TORONTO, July 16 /CNW/ - The Board of Directors of BMONT Split Corp. (the "Company") has declared today a dividend of $0.3089 per Preferred Share, payable on August 5, 2009 to holders of record at the close of business on August 4, 2009. Holders of Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.3089 per Preferred Share.
The Capital Shares and Preferred Shares will be redeemed by the Company on August 5, 2009 (the "Redemption Date") in accordance with the redemption provisions as detailed in the prospectus dated July 29, 2004. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $27.45 and the net asset value per unit. The Capital Shares will be redeemed at a price for every two shares equal to the amount by which the net asset value per unit exceeds $27.45.
Holders of Capital Shares who requested to receive their redemption payment in Bank of Montreal common shares ("BMO Shares") and gave notice to this effect and tendered $27.45 for every two Capital Shares by July 7, 2009 will receive their pro rata share of the BMO Shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company's shares at the time of the redemption whether the payment is received in the form of cash or BMO Shares.
A further press release will be issued by the Company in connection with the redemption prices on July 31, 2009. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on August 5, 2009.
BMONT Split Corp. is a mutual fund corporation created to hold a portfolio of BMO Shares. Capital Shares and Preferred Shares of BMONT Split Corp. are listed for trading on The Toronto Stock Exchange under the symbols BMT and BMT.PR.A respectively.
%SEDAR: 00020962E