TORONTO, Jan. 6, 2018 /PRNewswire/ -- Bank of Montreal ("BMO") (TSX:BMO)(NYSE:BMO) today
announced that it will purchase common shares under a specific
share repurchase program (the "Program"). BMO will enter into an
agreement (the "Agreement") with a third party to repurchase common
shares through daily purchases that will take place between
January 10, 2018, and February 2, 2018, subject to a maximum of
3,000,000 common shares. The Program will form part of BMO's Normal
Course Issuer Bid for up to 15,000,000 common shares (the "NCIB")
announced on April 27, 2017.
Pursuant to the terms of the Agreement and subject to the terms
of an issuer bid exemption order issued by the Ontario Securities
Commission (the "Order"), the third party will purchase BMO's
common shares on Canadian markets for the purpose of fulfilling its
delivery obligations to BMO under the Agreement. The price that BMO
will pay for common shares purchased by it from the third party
under such Agreement will be negotiated by BMO and the third party
and will be at a discount to the prevailing market price of BMO's
common shares on the Canadian markets at the time of the purchase.
BMO currently intends to purchase the maximum of 3,000,000 common
shares under the Program, however the number of common shares
purchased pursuant to the Program may be less than the Program
maximum if, among other things, it is not possible to purchase
common shares within the price range established prior to
commencement of the Program, if trading is suspended, or as a
result of market factors. In accordance with the terms of the
Order, immediately following the completion of the Program, BMO
will issue a news release providing information regarding the
purchases made pursuant to the Program including the number of
common shares purchased and aggregate purchase price paid.
Pursuant to the terms of the Agreement and the Order, all
purchases made by the third party or its agents on the TSX and
other Canadian markets pursuant to the Program will be made in
accordance with the TSX rules applicable to the NCIB, subject to
limited exceptions as provided in the Order. BMO will acquire
common shares from the third party pursuant to the Agreement as
part of the NCIB and such common shares will be cancelled upon
purchase by BMO.
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 document, 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 may involve, but are not limited to,
comments with respect to our objectives and priorities for fiscal
2018 and beyond, our strategies or future actions, our targets,
expectations for our financial condition or share price, and the
results of or outlook for our operations or for the Canadian, U.S.
and international economies.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties.
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 document not to place undue reliance on our
forward-looking statements as a number of factors 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; weak, volatile or illiquid capital and/or credit markets;
interest rate and currency value fluctuations; changes in monetary,
fiscal, or economic policy and tax legislation and interpretation;
the level of competition in the geographic and business areas in
which we operate; changes in laws or in supervisory expectations or
requirements, including capital, interest rate and liquidity
requirements and guidance, and the effect of such changes on
funding costs; judicial or regulatory proceedings; the accuracy and
completeness of the information we obtain with respect to our
customers and counterparties; our ability to execute our strategic
plans and to complete and integrate acquisitions, including
obtaining regulatory approvals; critical accounting estimates and
the effect of changes to accounting standards, rules and
interpretations on these estimates; operational and infrastructure
risks; changes to our credit ratings; political conditions,
including changes relating to or affecting economic or trade
matters; global capital markets activities; the possible effects on
our business of war or terrorist activities; outbreaks of disease
or illness that affect local, national or international economies;
natural disasters and disruptions to public infrastructure, such as
transportation, communications, power or water supply;
technological changes; information and cyber security; 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 see the discussion in the
Risks That May Affect Future Results section on page 79, and the
sections related to credit and counterparty, market, insurance,
liquidity and funding, operational, model, legal and regulatory,
business, strategic, environmental and social, and reputation risk,
which begin on page 86, of BMO's 2017 Annual MD&A and outline
certain key factors and risks that may affect Bank
of Montreal's 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. Bank of Montreal does 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 document is presented for the purpose
of assisting our shareholders 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.
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 both broadly and in the financial services sector, we
primarily consider historical economic data provided by
governments, historical relationships between economic and
financial variables, and the risks to the domestic and global
economy. See the Economic Developments and Outlook section on page
32 of BMO's 2017 Annual MD&A.
For News Media Enquiries: Paul
Gammal, Toronto,
paul.gammal@bmo.com, (416) 867-3996; For Investor Relations
Enquiries: Jill Homenuk,
Toronto, jill.homenuk@bmo.com,
(416) 867-4770; Christine Viau,
Toronto, christine.viau@bmo.com,
(416) 867-6956; Internet: www.bmo.com