Bank of Montreal will list 12 million non-cumulative five-year rate-reset Class B preferred shares, Series 31, on the Toronto Stock Exchange at the open on Wednesday, July 30, 2014, according to the TSX. As in a July 23, 2014, prospectus supplement, the bank plans to sell 12 million Series 31 shares at $25 each, raising $300-million.

During the initial fixed-rate period, which ends on Nov. 25, 2019, the bank plans to pay quarterly cash dividends of 23.75 cents per share on the 25th day of February, May, August and November in each year on the Series 31 shares. The initial dividend, if declared, will be 30.712 cents per share, based on the offering closing on July 30, 2014, and will be paid on Nov. 25, 2014.

The Series 31 shares are not redeemable by the bank before Nov. 25, 2019. On Nov. 25, 2019, and on Nov. 25 every five years thereafter, the bank can redeem any or all of the Series 31 shares for $25 plus all declared and unpaid dividends.

On Nov. 25, 2019, and on Nov. 25 every five years thereafter, holders of the Series 31 shares will have the right to convert any or all of their shares into non-cumulative floating-rate Class B preferred shares, Series 32, on a one-for-one basis.

The TSX reports the Series 31 preferred shares will trade under the symbol BMO.PR.W and Cusip No. 063679 88 0.