BMO Financial Group Announces Intention to Repurchase Up to 20 Million of its Common Shares

Core Viewpoint - Bank of Montreal intends to repurchase up to 20 million common shares under a normal course issuer bid, pending regulatory approvals, which represents approximately 2.7% of the public float as of November 30, 2024 [1][2][3]. Group 1: Share Repurchase Details - The share repurchase program is subject to approval from the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX) [1][2]. - The bid will commence following TSX acceptance of the notice and will continue for up to one year [2]. - The common shares available for repurchase are approximately 20 million, which is about 2.7% of the public float of 729,409,604 common shares as of November 30, 2024 [2][3]. Group 2: Market and Regulatory Context - The purchases will be made through the TSX and may also occur through other designated exchanges and alternative Canadian trading systems [1]. - The timing and amount of purchases will depend on market conditions and management discretion [2]. - The Bank will pay the market price for shares at the time of acquisition, except for purchases made under an Exemption Order, which will generally be at a discount [2]. Group 3: Capital Management - The proposed normal course issuer bid will provide the Bank with additional flexibility to manage its capital position [3]. - As of November 30, 2024, there were 729,664,893 common shares issued and outstanding [3]. - The program reflects the Bank's strategy to optimize its capital structure and return value to shareholders [3].