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Bank of Montreal
Symbol BMO
Shares Issued 647,242,067
Close 2021-06-30 C$ 127.06
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BMO receives approval for fund merger

2021-06-30 15:49 ET - News Release

An anonymous director reports

BMO PRIVATE INVESTMENT COUNSEL INC. RECEIVES REGULATORY APPROVAL FOR PROPOSED FUND MERGER

Bank of Montreal's BMO Private Investment Counsel Inc. (BPIC), the manager of BMO Private Canadian Short-Term Bond Portfolio (terminating fund) and BMO Private Canadian Mid-Term Bond Portfolio (continuing fund), received regulatory approval on June 29, 2021, to proceed with its proposal to merge the terminating fund into the continuing fund. The proposed merger was announced on April 30, 2021.

The purposes of the proposed merger are to streamline BPIC's product offering, achieve economies of scale and provide diversification benefits to unitholders. As a result of obtaining regulatory approval, on or about the close of business on July 9, 2021, the terminating fund will merge into the continuing fund and holders of units of the terminating fund will receive units of the continuing fund, determined on a dollar-for-dollar and tax-deferred basis. The terminating fund will be wound up following the proposed merger.

Unitholder approval is not required to effect the proposed merger. At the time of the proposed merger, BPIC intends to change the name of the continuing fund to BMO Private Canadian Short-Mid Bond Portfolio.

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