TORONTO, Dec. 5, 2024
/PRNewswire/ - Bank of Montreal
(TSX:BMO)(NYSE:BMO) today announced its intention to purchase for
cancellation up to 20 million of its common shares under a normal
course issuer bid, subject to the approval of the Office of the
Superintendent of Financial Institutions Canada (OSFI) and the
Toronto Stock Exchange (TSX). Purchases will be made through the
facilities of the TSX and may also be made through other designated
exchanges and alternative Canadian trading systems or by such other
means as may be permitted by a securities regulatory authority,
including under automatic purchase plans, block purchases, private
agreements or share repurchase programs under exemption orders
issued by securities regulatory authorities (Exemption Orders).
Bank of Montreal (the Bank)
intends to file a notice of intention with the TSX in this regard
and, subject to regulatory approvals, the bid would commence
following TSX acceptance of the notice and continue for up to one
year. The common shares that may be repurchased represent
approximately 2.7% per cent of the 'public float' (as such term is
defined in the TSX Company Manual) of common shares as of
November 30, 2024. The timing and
amount of any purchases under the program are subject to regulatory
approvals and to management discretion based on factors such as
market conditions. Except for any purchases made under an Exemption
Order, which will generally be at a discount to the prevailing
market price, the Bank will pay the market price for the shares at
the time of acquisition.
There were 729,664,893 Bank of Montreal common shares issued and outstanding
as of November 30, 2024, and the
public float was 729,409,604 common shares.
The proposed normal course issuer bid will provide the Bank with
additional flexibility to manage its capital position.
Bank of Montreal's common
shares are listed on both the Toronto and New
York stock exchanges.
Caution Regarding Forward-Looking Statements
Bank of Montreal's public
communications often include written or oral forward-looking
statements. Statements of this type are included in this press
release and may be included in other filings with Canadian
securities regulators or the U.S. Securities and Exchange
Commission, or in other communications. All such statements are
made pursuant to the "safe harbor" provisions of, and are intended
to be forward-looking statements under, the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities legislation. Forward-looking statements in this press
release may include, but are not limited to: statements with
respect to BMO's intention to establish a normal course issuer bid.
Forward-looking statements are typically identified by words such
as "will", "would", "should", "believe", "expect", "anticipate",
"project", "intend", "estimate", "plan", "commit", "target", "may",
"schedule", "forecast", "outlook", "seek" and "could" or negative
or grammatical variations thereof.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this
press release not to place undue reliance on our forward-looking
statements, as a number of factors – many of which are beyond our
control and the effects of which can be difficult to predict –
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including, but not limited to:
general economic and market conditions in the countries in which we
operate, including labour challenges and changes in foreign
exchange and interest rates; changes to our credit ratings; cyber
and information security, including the threat of data breaches,
hacking, identity theft and corporate espionage, as well as the
possibility of denial of service resulting from efforts targeted at
causing system failure and service disruption; technology
resilience, innovation and competition; failure of third parties to
comply with their obligations to us; political conditions,
including changes relating to, or affecting, economic or trade
matters; disruptions of global supply chains; environmental and
social risk, including climate change; the Canadian housing market
and consumer leverage; inflationary pressures; changes in laws,
including tax legislation and interpretation, or in supervisory
expectations or requirements, including capital, interest rate and
liquidity requirements and guidance, and the effect of such changes
on funding costs and capital requirements; changes in monetary,
fiscal or economic policy; weak, volatile or illiquid capital or
credit markets; the level of competition in the geographic and
business areas in which we operate; exposure to, and the resolution
of, significant litigation or regulatory matters, the appeal of
favourable outcomes and our ability to successfully appeal adverse
outcomes of such matters and the timing, determination and recovery
of amounts related to such matters; the accuracy and completeness
of the information we obtain with respect to our customers and
counterparties; our ability to execute our strategic plans,
complete proposed acquisitions or dispositions and integrate
acquisitions, including obtaining regulatory approvals, and realize
any anticipated benefits from such plans and transactions; critical
accounting estimates and judgments, and the effects of changes in
accounting standards, rules and interpretations on these estimates;
operational and infrastructure risks, including with respect to
reliance on third parties; global capital markets activities; the
emergence or continuation of widespread health emergencies or
pandemics, and their impact on local, national or international
economies, as well as their heightening of certain risks that may
affect our future results; the possible effects on our business of
war or terrorist activities; natural disasters, such as earthquakes
or flooding, and disruptions to public infrastructure, such as
transportation, communications, power or water supply; and our
ability to anticipate and effectively manage risks arising from all
of the foregoing factors.
We caution that the foregoing list is not exhaustive of all
possible factors. Other factors and risks could adversely affect
our results. For more information, please refer to the discussion
in the Risks That May Affect Future Results section, and the
sections related to credit and counterparty, market, insurance,
liquidity and funding, operational non-financial, legal and
regulatory, strategic, environmental and social, and reputation
risk in the Enterprise-Wide Risk Management section of BMO's 2024
Annual MD&A, as updated by quarterly reports, all of which
outline certain key factors and risks that may affect our future
results. Investors and others should carefully consider these
factors and risks, as well as other uncertainties and potential
events, and the inherent uncertainty of forward-looking statements.
We do not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by the
organization or on its behalf, except as required by law. The
forward-looking information contained in this press release is
presented for the purpose of assisting shareholders and analysts in
understanding our financial position as at and for the periods
ended on the dates presented, as well as our strategic priorities
and objectives, and may not be appropriate for other purposes.
Material economic assumptions underlying the forward-looking
statements contained in this press release include those set out in
the Economic Developments and Outlook and Allowance for Credit
Losses sections of BMO's 2024 Annual MD&A, as updated by
quarterly reports. Assumptions about the performance of the
Canadian and U.S. economies, as well as overall market conditions
and their combined effect on our business, are material factors we
consider when determining our strategic priorities, objectives and
expectations for our business. In determining our expectations for
economic growth, we primarily consider historical economic data,
past relationships between economic and financial variables,
changes in government policies, and the risks to the domestic and
global economy.
Internet: www.bmo.com X:
@BMOmedia
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SOURCE BMO Financial Group
