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BMO Financial To Repurchase Up To 15 Mln Of Its Common Shares

Bank of Montreal (BMO,BMO.TO) said that it plans to purchase for cancellation up to 15 million of its common shares under a normal course issuer bid.

Subject to regulatory approvals, the normal course issuer bid will commence on or around June 1, 2019, and will end on or around May 31, 2020. The common shares that may be repurchased represent about 2.4 per cent of the 'public float' of common shares as at January 31, 2019.

There were 638.40 million Bank of Montreal common shares issued and outstanding as at January 31, 2019, and the public float was 638.03 million common shares.

BMO's current normal course issuer bid for the purchase of up to 20 million common shares commenced on June 1, 2018, and expires on May 31, 2019. Under the current NCIB, as of February 1, 2019, BMO has purchased and cancelled 3 million of its common shares on the open market at a volume weighted average price of approximately $99.44 per share.

Bank of Montreal's common shares are listed on both the Toronto and New York stock exchanges.

Bank of Montreal also said that its board declared a quarterly dividend of C$1.00 per share on paid-up common shares of Bank of Montreal for the second quarter of fiscal year 2019, unchanged from the previous quarter and up 8 per cent from the prior year. The dividend on the common shares is payable on May 28, 2019, to shareholders of record on May 1, 2019. The dividends on the preferred shares are payable on May 27, 2019, to shareholders of record on May 1, 2019.

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