Bank of Montreal (BMO) Approves 15M Common Buyback Plan
Tweet Send to a FriendGet Alerts BMO Hot Sheet
Up)
Trade BMO Now!
Bank of Montreal (TSX: BMO)(NYSE: BMO) announced its intention, subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX), to purchase, for cancellation, up to 15 million of its common shares under a normal course issuer bid through the facilities of the TSX. Bank of Montreal (the Bank) intends to file a notice of intention with the TSX in this regard.
The normal course issuer bid, subject to regulatory approvals, will end on January 24, 2014. The common shares that may be repurchased represent approximately 2.3 percent of the 'public float' (as such term is defined in the TSX Company Manual) of common shares. The timing and amount of any purchases under the program is subject to regulatory approvals and to management discretion based on factors such as market conditions. The Bank will pay the market price for the shares at the time of acquisition.
There were 650,729,644 Bank of Montreal common shares issued and outstanding as at October 31, 2012, and the public float was 650,213,668 common shares. The Bank's Basel II Tier 1 capital ratio was 12.6 percent, and the Bank's pro-forma Basel III Common Equity Ratio was 8.7 percent, as at October 31, 2012. The normal course issuer bid is being established as part of BMO's capital management strategy.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The normal course issuer bid, subject to regulatory approvals, will end on January 24, 2014. The common shares that may be repurchased represent approximately 2.3 percent of the 'public float' (as such term is defined in the TSX Company Manual) of common shares. The timing and amount of any purchases under the program is subject to regulatory approvals and to management discretion based on factors such as market conditions. The Bank will pay the market price for the shares at the time of acquisition.
There were 650,729,644 Bank of Montreal common shares issued and outstanding as at October 31, 2012, and the public float was 650,213,668 common shares. The Bank's Basel II Tier 1 capital ratio was 12.6 percent, and the Bank's pro-forma Basel III Common Equity Ratio was 8.7 percent, as at October 31, 2012. The normal course issuer bid is being established as part of BMO's capital management strategy.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- REPEAT-BMO Insurance Summer Travel Study: Eighty-three Per Cent of Canadians Plan on Taking a Vacation This Summer
- Canadian Housing Market Calm, Cool and Collected: BMO Economics
- Arctic Cat (ACAT) Approves $30M Buyback Plan
Create E-mail Alert Related Categories
Stock Buybacks
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
