08:38 AM EST, 01/10/2025 (MT Newswires) -- Bank of Montreal ( BERZ ) on Friday entered into an automatic securities purchase plan in order to facilitate repurchases of its common shares in connection with a previously announced intention to purchase for cancellation up to 20 million of common shares under a normal course issuer bid. While the ASPP has been approved by the TSX, the purchase of any common shares under the ASPP will not begin until after the approval of such normal course issuer bid by the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX).

Friday's statement noted the actual number of common shares purchased under the normal course issuer bid, the timing of purchases and the price at which the common shares are bought will depend upon management discretion based on factors such as market conditions and capital adequacy. The purchase price for any common shares repurchased by the Bank under the normal course issuer bid will be market price at the time of acquisition. The Bank will consult with OSFI prior to making purchases. Bank of Montreal ( BERZ ) intends to file a notice of intention with the TSX in this regard and, subject to regulatory approvals, the bid would commence following TSX acceptance of the notice and continue for up to one year.