(January 31 – 17:45 ET) – Bank of Montreal says the Toronto Stock Exchange has accepted a notice of its intention to make a normal course issuer bid.

During the period beginning February 5 and ending December 31, the bank may purchase for cancellation on the TSE up to 15 million common shares. The shares account for approximately 5.7% of the bank’s public float. BMO says it will pay the market price for the shares at the time of acquisition.

Within the last 12 months, the bank purchased 7.8 million common shares of under a normal course issuer bid through the TSE. The average price per share paid by BMO was $63.57.

“The normal course issuer bid is being established to enhance shareholder value by ensuring an effective and competitive capital structure,” said Tony Comper, chairman and CEO, Bank of Montreal.
-IE Staff