SCHEDULE 13G: Bank of Montreal Discloses Significant Passive Stake in TC Energy Corp

Bank of Montreal and its affiliates have filed a Schedule 13G, reporting a collective beneficial ownership of 4.7% of TC Energy Corp's common shares as of December 31, 2024.

Summary

• Bank of Montreal, along with its various subsidiaries including BANK OF MONTREAL HOLDING INC., BMO NESBITT BURNS INC. WEALTH MANAGEMENT, and BMO ASSET MANAGEMENT INC., has filed a Schedule 13G.
• The filing indicates that Bank of Montreal and its affiliates collectively beneficially own 48,752,910 common shares of TC Energy Corp.
• This aggregate ownership represents 4.7% of the total class of TC Energy Corp's common shares.
• The beneficial ownership is primarily held with sole voting and dispositive power across the various reporting entities.
• The filing asserts that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of TC Energy Corp.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, carrying a neutral sentiment as it does not contain performance data, strategic updates, or forward-looking statements that would typically influence sentiment.

Risks

• Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act, though each declares that the filing does not constitute an admission of acting as a group for control purposes.

Future Outlook

This document is a beneficial ownership disclosure and does not contain forward-looking statements or guidance regarding TC Energy Corp's operations or financial performance.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This Schedule 13G filing is a routine disclosure by a large financial institution, Bank of Montreal, indicating its passive ownership stake in TC Energy Corp. Such filings provide transparency into significant institutional holdings, which is common practice for banks and asset managers holding securities in their ordinary course of business for clients or proprietary accounts. It reflects a standard investment activity rather than a strategic corporate action.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake in TC Energy Corp, confirming a large, passive investment by Bank of Montreal and its affiliates.

Key Dates

Keywords

TC Energy Corp, Bank of Montreal, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, SEC Filing, Passive Investment, Shareholding Disclosure, Investment Management