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发表于 2008-11-29 16:58
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下面是BMO的:# f8 e: K; v( W* w0 w' M
SUMMARY OF THE OFFERING- q$ E9 m! w4 }' R
This summary is qualified by the detailed information appearing elsewhere in this short form prospectus. For adefinition of certain terms used in this summary, refer to ‘‘Details of the Offering’’.7 l. g ^3 e. w$ x# O# J
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% y9 r9 b3 j1 k, _9 ~
Amount: $150,000,000 (6,000,000 shares).
6 |4 p( x: R0 f9 A+ |; j- aPrice and Yield: $25.00 per share to yield initially 6.50% per annum." z; Y. d, y7 f: F+ N% d0 h( a
Principal Characteristics of the Preferred Shares Series 18
; N j2 b1 U, K& ]( a" NDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 ?6 m4 N% u. `; \' U' e1 x6 fnon-cumulative preferential cash dividends, as and when declared by the t9 u9 l8 y o$ s B1 F' a3 M
Board of Directors, subject to the provisions of the Bank Act, for the initial' O3 a) `( X3 w4 j7 b( Q
period commencing on the closing date and ending on and including
7 g9 ^1 K8 @4 [9 RFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 r; y l+ m* H& u3 l* Y
25th day of February, May, August and November in each year, at a rate
* l6 o% f5 C/ E( C5 s3 Fequal to $0.40625 per share. The initial dividend, if declared, will be payable. { N- [5 P% W' f
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
+ r0 F& i6 }5 L0 s* O* [0 q; Xdate of December 11, 2008.
( x: v* j5 T: D0 X! Y: p+ d0 ^For each five-year period after the Initial Fixed Rate Period (each, a
$ S$ A3 C6 B) [: L‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 |7 ^! `. _; e0 d& o: {8 uSeries 18 will be entitled to receive fixed non-cumulative preferential cash
0 l/ v. w2 i3 X% Gdividends, as and when declared by the Board of Directors, subject to the
8 @2 C- a* c7 g0 {" hprovisions of the Bank Act, payable quarterly on the 25th day of February,8 k Y5 G5 m; ~5 O6 o8 T+ p
May, August and November in each year, in the amount per share per annum9 t! Z2 r5 V; ]: q3 [+ W- T0 U: ]- b
determined by multiplying the Annual Fixed Dividend Rate applicable to0 T+ X8 f+ n/ K1 g+ d( Y0 o
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. l& }+ j1 U, h3 `3 \, IRate for the ensuing Subsequent Fixed Rate Period will be determined by the; r L4 v0 ^8 _$ S( |) q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
) m. [% u; X, K1 g3 C4 i1 P1 s7 Tof such Subsequent Fixed Rate Period and will be equal to the sum of the g5 @0 {* C5 ^ m. q. j; l
Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 q4 } F% K8 O5 G5 Qplus 3.83%.
' u, a6 _4 W# b8 p6 tIf the Board of Directors does not declare a dividend, or any part thereof, on$ Z( x: @) g1 \6 o1 Q6 t
the Preferred Shares Series 18 on or before the dividend payment date for a
2 X- g0 }7 j4 h! W7 aparticular quarter, then the entitlement of the holders of the Preferred0 U2 ?7 {, F2 @! x% a3 M: G
Shares Series 18 to receive such dividend, or to any part thereof, for such
6 S- }5 ^4 b8 M; {' q4 equarter will be forever extinguished.
' ?% T6 F% B3 }8 Y$ O8 X8 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 K2 Z. @. h# C" Y
Superintendent and to the provisions described below under ‘‘Details of the' I9 e& H2 W, W* C7 V4 m6 H5 B9 l
Offering — Certain Provisions of the Preferred Shares Series 18 as a% {! z/ C; B1 l
Series — Restrictions on Dividends and Retirement of Shares’’, on) @$ J: u/ R4 J
February 25, 2014 and on February 25 every five years thereafter, on not; W% h2 ^) x" d2 u
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% ~& W% z2 W1 u1 B9 Z) Mpart of the then outstanding Preferred Shares Series 18, at the Bank’s option4 z, h2 L4 B* V) H. x2 x
without the consent of the holder, by the payment of an amount in cash for
" s: K+ B# ^7 [each such share so redeemed of $25.00 together with all declared and unpaid
7 P6 a, C1 F6 M! cdividends to the date fixed for redemption.. D o0 y, ^. D5 e1 O4 [
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic A( r9 F: u- I' A5 }! p8 E* N
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 e+ l& @# ^: {0 }3 _; }$ v
the right, at their option, to convert, on February 25, 2014 and on
, P i' l( j, r, {" YS-4
$ d+ Y4 H( e" C% j/ ^& H1 pFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ O$ N/ L, e6 q
or all of their Preferred Shares Series 18 into an equal number of Preferred8 s) L9 Y, k0 \9 Y: ]$ n
Shares Series 19 upon giving to the Bank notice thereof not earlier than- z" \9 i$ R1 k5 I+ u7 V6 N6 y
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
9 ^6 N- @+ x6 }% r2 e" vpreceding, a Series 18 Conversion Date.4 U6 d) J7 o5 b5 ?8 L( {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
6 d! d; S0 K, V% T' N" @* eProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. T$ L0 G* u2 ~! t& j3 ? ]' f4 R
Series 19, as the case may be, that there would be outstanding on such
8 n+ S, F8 D! dSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,9 f7 H3 p; \/ o% C! z! B1 k( l
such remaining number of Preferred Shares Series 18 will automatically be
$ F/ ]+ D! \% }) h7 J( Zconverted on such Series 18 Conversion Date into an equal number of" x1 i% u1 I( g+ I @
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ V1 ?, T. I0 g1 |% P: H) q
conversion, there would be outstanding on such Series 18 Conversion Date
% e3 ], w3 n2 O* v: ^. W2 ~( R+ r) Nless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
/ M6 R1 c- [: M# _Series 18 will be converted into Preferred Shares Series 19.# c* J# e( ]" ^! H) Q4 m, P
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 Q( j% E3 \. ^- h$ e% ^* USeries 18 will not be entitled as such to receive notice of, attend, or vote at,
# h2 u R7 X/ ~$ F' }, qany meeting of the shareholders of the Bank unless and until the first time at
4 {' b* e$ W0 G2 r8 N( Kwhich the Board of Directors has not declared the whole dividend on the
' c4 v( O& d- G; d# hPreferred Shares Series 18 in any quarter. In that event, subject as/ B% v& m4 ^6 }# }) J% {/ z8 E
hereinafter provided, the holders of Preferred Shares Series 18 will be
4 e6 ~8 Q& a; p* r4 wentitled to receive notice of, and to attend, meetings of shareholders at which0 l a: t3 n- h7 Q3 l" v8 O1 U
directors of the Bank are to be elected and will be entitled to one vote for
1 \' @ Y9 K$ meach Preferred Share Series 18 held. The voting rights of the holders of the
0 w- ~( f7 g3 S1 Q- v- Q* xPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
1 z: j& A: ]0 w L& ^: Gthe first dividend on the Preferred Shares Series 18 to which the holders are3 n* d4 }+ n* p5 s
entitled thereunder subsequent to the time such voting rights first arose until
, ~: I4 p4 n+ T& ?$ M4 f2 Zsuch time as the Bank may again fail to declare the whole dividend on the
& W5 ]3 A, y( Z- \Preferred Shares Series 18 in respect of any quarter, in which event such2 j9 Z: p9 H: K# d
voting rights will become effective again and so on from time to time.
6 Y7 g h( P0 M v8 ], {! N6 }2 ]Principal Characteristics of the Preferred Shares Series 19
& r8 @- F+ O6 A+ H' T% w. ~Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 t" }8 {9 U) g% B m: Yfloating rate non-cumulative preferential cash dividends, as and when
2 X5 s/ f( |9 { z# m( cdeclared by the Board of Directors, subject to the provisions of the Bank Act,
! L: k' p+ ?5 rpayable quarterly on the 25th day of February, May, August and November2 }+ v" I( Y% [" e! }& v
in each year, in the amount per share determined by multiplying the: t% d4 o% ?3 g+ d& Z
applicable Quarterly Floating Dividend Rate by $25.00.
3 `1 e; j' U+ WOn the 30th day prior to the commencement of the initial quarterly dividend$ S5 _0 K- K, v( m9 V! n: k: R
period beginning on February 25, 2014, and on the 30th day prior to the first/ B2 ]' Q! V% O( y8 Y- |/ e" E8 P9 T
day of each subsequent quarterly dividend period (the initial quarterly
& _5 c8 K! l! l' n1 Vdividend period and each subsequent quarterly dividend period is referred to5 b9 p( w; V. i& ^0 Y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the) n+ E( J5 L8 |( z1 |
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
; I7 |; d# ]) v" r* [3 \$ e+ CPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
) A7 |% `- G% D ~" E% T& cT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days" X4 N) g' q- u8 `
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
; D: F S( Z6 q( `; I9 v4 _determined on the 30th day prior to the first day of the applicable Quarterly( o3 ^: l3 r: c9 m: ]/ A9 D8 E) `
Floating Rate Period.& I- m3 l2 i" B: {. V5 l
S-5
* K5 ^2 h6 e& w4 SIf the Board of Directors does not declare a dividend, or any part thereof, on p$ b2 i' J7 f* X2 q
the Preferred Shares Series 19 on or before the dividend payment date for a
v2 I) l& U! H3 k% p5 p4 u a( Gparticular quarter, then the entitlement of the holders of the Preferred
% z) k. R$ O- c/ L+ h' \! y' \Shares Series 19 to receive such dividend, or to any part thereof, for such+ q6 K7 g% c. n- ^3 m. _' u
quarter will be forever extinguished.
Z, Y) L1 I ~$ nRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( T3 @* N" b6 p) _% c9 {! t- FSuperintendent and to the provisions described below under the heading
% @: ]# J( g) z2 O6 w' \‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! V" a" g/ h6 ~( hSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, t! ?: @2 U' u1 P% non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
4 i. t8 d/ Y- m# D8 U9 hor any part of the then outstanding Preferred Shares Series 19, at the Bank’s4 H7 Y8 B" G2 W, H2 |% }( X7 p
option without the consent of the holder, by the payment of an amount in& N6 o" e& M$ }1 y' f
cash for each such share so redeemed of (i) $25.00 together with all declared
) r& ^$ U( g2 Y/ Gand unpaid dividends to the date fixed for redemption in the case of
' O9 `5 P) c9 Jredemptions on February 25, 2019 and on February 25 every five years3 ~4 q! q& ~$ }3 C0 y- V' V
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
" |4 O& C1 H8 m. r3 {9 Rthe date fixed for redemption in the case of redemptions on any other date
2 z$ |3 H0 ~8 i/ V( |on or after February 25, 2014.
1 c0 m1 j4 J' l& w# oConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ s# j) e2 W. }6 C+ e
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
6 @: B' O- _0 R. `% p5 b$ _/ \the right, at their option, to convert, on February 25, 2019 and on
y: g- D. E0 T4 XFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& V; O3 K% X! ?8 {- b. v
or all of their Preferred Shares Series 19 into an equal number of Preferred
; i% N9 o, e- y6 U6 lShares Series 18 upon giving to the Bank written notice thereof not earlier
2 `/ @" L! `# ~. x* M7 k: h2 }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! A! i. ]% A9 ~# f* t& E" ]7 g/ a15th day preceding, a Series 19 Conversion Date.
7 n% N4 P- M, \* v/ iAutomatic Conversion If the Bank determines, after having taken into account all shares tendered, P3 Z2 f9 r. ^2 m! w6 M
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
1 W1 S1 R, X# n: W# O$ V4 iSeries 18, as the case may be, that there would be outstanding on such( r1 h `7 ~9 I7 Y6 P$ Q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 h5 E; M0 I' a: V. ?+ L& H) }
such remaining number of Preferred Shares Series 19 will automatically be) I# X; b; @4 O5 s
converted on such Series 19 Conversion Date into an equal number of
1 G" B0 Y% G# H1 nPreferred Shares Series 18. Additionally, if the Bank determines that, after% P. e7 m# W# R& k6 Y' h
conversion, there would be outstanding on such Series 19 Conversion Date) Y, E* j( W# V& G- k
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 t$ k4 a- h% E/ l# ASeries 19 will be converted into Preferred Shares Series 18.
+ u9 ]1 M: R5 h" TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, Q. A4 U7 Z3 E: ~2 V
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; Y. d- ]$ c4 G" G; Lany meeting of the shareholders of the Bank unless and until the first time at
& a9 }& L+ N! D6 M5 Q$ ywhich the Board of Directors has not declared the whole dividend on the
) ?+ e0 f$ e8 E# @, A8 QPreferred Shares Series 19 in any quarter. In that event, subject as
) q: o! {" Y. chereinafter provided, the holders of Preferred Shares Series 19 will be
( v9 Q3 R* y6 M- F; n! v2 L( zentitled to receive notice of, and to attend, meetings of shareholders at which
, j! v8 z7 E# E @; k; h' K# _directors of the Bank are to be elected and will be entitled to one vote for# j3 L" A B& k& T9 _: }" R, g* C
each Preferred Share Series 19 held. The voting rights of the holders of the! n0 P+ [* M) {3 m u( u
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
D$ `; v" X8 t% P) F/ Jthe first dividend on the Preferred Shares Series 19 to which the holders are. }: C& Z+ y3 L7 Y, C" [
entitled thereunder subsequent to the time such voting rights first arose until. G1 m4 `1 ~7 F7 q) S# P' B
such time as the Bank may again fail to declare the whole dividend on the
: D) ]9 T/ R9 U, lPreferred Shares Series 19 in respect of any quarter, in which event such
4 H4 @% T6 O: K7 ?4 Evoting rights will become effective again and so on from time to time.
% f |( R# D! V0 FS-6
2 g+ I" Z% t/ w& T) N& iPriority: The preferred shares of each series of the Bank will rank on a parity with
# K* r" W7 Z! L# m$ Z4 H. O n# Revery other series and are entitled to preference over the common shares of
0 {2 P g4 I/ M( f- cthe Bank and over any other shares of the Bank ranking junior to the
) z, X! N1 `& lpreferred shares with respect to the payment of dividends and upon any
j# Y0 f$ H4 n! D. S; bdistribution of assets in the event of the liquidation, dissolution or4 o; e( Q+ Q' j0 x, c; a
winding-up of the Bank.9 `. r, U- }/ b8 Y. x4 G+ }
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
7 o y1 ]5 Y2 `( b. s3 oDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 b: x# z. z. `% DSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
U' L9 y. m6 d' L6 j. k! ~4 tdividends received on such shares under Part IV.1 of such Act. |
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