TORONTO, Feb. 16, 2018 /PRNewswire/ -- Bank of
Montreal (TSX:BMO)(NYSE:BMO) today
announced that it has received approvals from the Toronto Stock
Exchange (TSX) and the Office of the Superintendent of Financial
Institutions Canada (OSFI) to amend its existing normal course
issuer bid (NCIB) to increase the number of common shares that it
may repurchase for cancellation from 15 million to 22 million
common shares or approximately 3.4% of the Bank's outstanding
common shares as at April 17,
2017.
The NCIB bid will continue until April 30, 2018, or such
earlier date as the Bank may determine or as the Bank may complete
its purchases pursuant to the amended notice of intention filed
with the TSX. Under the NCIB, the Bank may repurchase shares
through the facilities of the TSX and alternative Canadian trading
systems or by such other means as may be permitted by a securities
regulatory authority, including private agreements or share
repurchase programs under exemption orders issued by securities
regulatory authorities (Exemption Orders). Any purchases made under
an Exemption Order will generally be at a discount to the
prevailing market price. All repurchased shares will be
cancelled.
The timing and amount of purchases under the NCIB are subject to
regulatory approvals and to management discretion based on factors
such as market conditions. To date, the Bank has completed the
purchase of 8 million common shares for cancellation since the
commencement of its current NCIB.
For News Media Enquiries: Paul
Gammal, Toronto,
paul.gammal@bmo.com, (416) 867-3996; For Investor Relations
Enquiries: Jill Homenuk,
Toronto, jill.homenuk@bmo.com,
(416) 867-4770; Christine Viau,
Toronto, christine.viau@bmo.com,
(416) 867-6956; Internet: www.bmo.com, Twitter: @BMOmedia