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BMO plans normal course issuer bid

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BMO plans normal course issuer bid

Bank of Montreal is planning another normal course issuer bid, under which it will repurchase for cancellation up to 20 million of its common shares.

The 20 million shares represent approximately 3.1% of the Toronto-based company's public float.

The plan is still subject to the approval of Canada's Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange. If approved, it will begin on or about May 30 and end on or about May 29 of next year.

BMO has another normal course issuer bid still ongoing for up to 22 million common shares, and has, as of Feb. 1, accordingly repurchased and canceled 8 million shares at a volume-weighted average price of approximately C$91.71 each. This normal course issuer bid ends April 30.