TORONTO, Jan. 8 /CNW/ - The Board of Directors of BMONT Split Corp. (the "Company") has declared today a dividend of $0.3089 per Preferred Share, payable on February 5, 2009 to holders of record at the close of business on January 27, 2009. Holders of Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.3089 per Preferred Share.
The Company also announced that the Board has changed the dividend policy on the Capital Shares. As a result of the declining downside asset coverage on the Preferred Shares during the quarter, the Company has determined that any excess of the dividends received by the Company on the Bank of Montreal common shares minus the distributions payable on the Preferred Shares and all administrative and operating expenses will be invested in short-term debt securities or Bank of Montreal common shares until the scheduled redemption of the Company's Capital Shares and Preferred Shares on August 5, 2009.
BMONT Split Corp. is a mutual fund corporation created to hold a portfolio of common shares of Bank of Montreal. 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.
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