REG - Bank of Montreal - BMO Enters into Automatic Securities Purchase Plan

Bank of MontrealAnnouncement

10/01/2025 13:45

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RNS Number : 9541S  Bank of Montreal  10 January 2025

 

News

FOR IMMEDIATE RELEASE

 

 

Bank of Montreal Enters into Automatic Securities Purchase Plan

 

TORONTO, January 10, 2025 - Bank of Montreal (TSX:BMO)(NYSE:BMO) today
announced that it has entered into an automatic securities purchase plan
("ASPP") with its broker, BMO Nesbitt Burns Inc., in order to facilitate
repurchases of BMO common shares ("Common Shares") in connection with its
previously announced intention to purchase for cancellation up to 20 million
of Common Shares under a normal course issuer bid. While the ASPP has been
approved by the TSX, the purchase of any Common Shares under the ASPP will not
begin until after the approval of such normal course issuer bid by the Office
of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto
Stock Exchange (TSX).

 

The actual number of Common Shares purchased under the normal course issuer
bid, the timing of purchases and the price at which the Common Shares are
bought will depend upon management discretion based on factors such as market
conditions and capital adequacy. The purchase price for any Common Shares
repurchased by the Bank under the normal course issuer bid will be market
price at the time of acquisition. The Bank will consult with OSFI prior to
making purchases. Bank of Montreal 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.

 

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.

 

-30-

 

For News Media Enquiries:

John Fenton, Toronto,  John.Fenton@bmo.com, (416) 867-3996

 

For Investor Relations Enquiries:

Christine Viau, Toronto, Christine.Viau@bmo.com, (416) 867-6956; Bill
Anderson, Toronto, Bill2.Anderson@bmo.com, (416) 867-7834

 

Internet:
www.bmo.com                               X:
@BMOmedia

 

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets,
with total assets of $1.41 trillion as of October 31, 2024. Serving
customers for 200 years and counting, BMO is a diverse team of highly engaged
employees providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and services to 13
million customers across Canada, the United States, and in select markets
globally. Driven by a single purpose, to Boldly Grow the Good in business and
life, BMO is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive society.

 

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