REG - Bank of Montreal - BMO Receives Regulatory Approvals for NCIB

Bank of MontrealAnnouncement

20/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250120:nRST8562Ta&default-theme=true

RNS Number : 8562T  Bank of Montreal  17 January 2025

 

 

News

FOR IMMEDIATE RELEASE

 

 

Bank of Montreal Receives Regulatory Approvals for Normal Course Issuer Bid

 

TORONTO, January 17, 2025 - 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 proceed with its previously-announced normal course issuer bid to purchase,
for cancellation, up to 20 million of its common shares, commencing January
22, 2025, and ending no later than January 21, 2026. Purchases under the bid
may 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.

 

The maximum number of common shares that may be repurchased under the normal
course issuer bid represents approximately 2.7 per cent of the Bank's "public
float" (as such term is defined in the TSX Company Manual) of common shares.

 

The Bank established an automatic securities purchase plan on January 9, 2025
under which its broker, BMO Nesbitt Burns Inc., may at certain points in time
purchase its common shares pursuant to the bid within a defined set of
criteria. The actual number of common shares purchased under the 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 bid will be market price at the time of acquisition.

 

There were 729,953,297 Bank of Montreal common shares issued and outstanding
as at January 6, 2025, and the public float was 729,689,561 common shares. The
average daily trading volume for the six months ended December 31, 2024, and
the daily maximum number of common shares available for purchase, calculated
pursuant to the rules of the TSX for the purposes of the bid, were 3,072,276
and 768,069 common shares, respectively.

 

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 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGPUBCGUPAPPM