(January 24 – 08:40 ET) – Yesterday, Bank of Montreal’s Board of Directors (TSE, declared a 100% stock dividend doubling the number of the bank’s outstanding common shares, and effectively achieving a two-for-one split of the bank’s common stock.

“The stock dividend demonstrates our confidence in the bank’s progress to date and its future prospects and makes the bank common shares more accessible for retail investors,” said Tony Comper, Chairman CEO in a statement.

The bank’s common shares are expected to begin trading on a post-stock dividend basis on March 1, on the Toronto Stock Exchange and London Stock Exchange and on March 15, on the New York Stock Exchange.

Share certificates representing the stock dividend will be mailed to registered shareholders on or after March 14, to shareholders of record as of the close of business on March 5. Existing share certificates should be retained by the holders and not be returned to the transfer agent, The Trust Company of Bank of Montreal.

The bank is ascribing essentially no monetary value to the stock dividend. Accordingly, there will be no Canadian tax payable by shareholders in respect of the dividend. For additional information, shareholders are advised to contact their tax advisor.

The bank also announced a quarterly common share dividend of 56 cents a share. This is to be paid prior to the stock dividend.
-IE Staff