Bank of Montreal 2013 Annual Report Download - page 152

Note 20: Equity
Share Capital
Outstanding
As at October 31
(Canadian $ in millions, except as noted) 2013 2012 2011
Dividends Dividends Dividends
Number
of shares Amount
declared
per share
Number
of shares Amount
declared
per share
Number
of shares Amount
declared per
share
Preferred Shares – Classified as Equity
Class B – Series 5
Class B – Series 10 (1)
Class B – Series 13
Class B – Series 14
Class B – Series 15
Class B – Series 16
Class B – Series 17
Class B – Series 18
Class B – Series 21
Class B – Series 23
Class B – Series 25
–
–
14,000,000
10,000,000
10,000,000
6,267,391
5,732,609
6,000,000
11,000,000
16,000,000
11,600,000
–
–
350
250
250
157
143
150
275
400
290
–
–
1.13
1.31
1.45
1.19
0.17
1.63
1.63
1.35
0.98
8,000,000
–
14,000,000
10,000,000
10,000,000
12,000,000
–
6,000,000
11,000,000
16,000,000
11,600,000
200
–
350
250
250
300
–
150
275
400
290
1.33
–
1.13
1.31
1.45
1.30
–
1.63
1.63
1.35
0.98
8,000,000
12,000,000
14,000,000
10,000,000
10,000,000
12,000,000
–
6,000,000
11,000,000
16,000,000
11,600,000
200
396
350
250
250
300
–
150
275
400
290
1.33
1.49
1.13
1.31
1.45
1.30
–
1.63
1.63
1.35
0.69
2,265 2,465 2,861
Common Shares
Balance at beginning of year
Issued under the Shareholder Dividend 650,729,644 11,957 638,999,563 11,332 566,468,440 6,927
Reinvestment and Share Purchase Plan
Issued under the Stock Option Plan and other
stock-based compensation plans (Note 22)
Issued on the exchange of shares of a
subsidiary corporation
Repurchased for cancellation (Note 20)
Issued on the acquisition of a business
2,069,269
2,068,132
–
(10,737,100)
–
130
116
–
(200)
–
9,738,842
1,763,389
227,850
–
–
543
80
2
–
–
2,947,748
3,039,597
24,105
–
66,519,673
179
122
1
–
4,103
Balance at End of Year 644,129,945 12,003 2.94 650,729,644 11,957 2.82 638,999,563 11,332 2.80
Share Capital 14,268 14,422 14,193
(1) Dividend amounts are in U.S. dollars. During the year ended October 31, 2012, we redeemed all of our Class B – Series 10 Preferred shares. Dividends declared for the year ended October 31, 2012
were $0.37 per share and 12,000,000 shares were outstanding at the time of dividend declaration.
Preferred Shares
We are authorized by our shareholders to issue an unlimited number of
Class A Preferred shares and Class B Preferred shares without par value,
in series, for unlimited consideration. Class B Preferred shares may be
issued in a foreign currency.
During the year ended October 31, 2013, we redeemed all of our
Non-cumulative Class B Preferred shares, Series 5, at a redemption price
of $25.00 per share plus declared and unpaid dividends up to but
excluding the date fixed for redemption. We also redeemed all of the
outstanding 7
3
⁄ 8 % Non-cumulative Exchangeable Preferred Stock,
Series A, issued by one of our subsidiaries at a redemption price of
US$25.00 per share, plus unpaid dividends up to the date of redemption
for an aggregate redemption of US$250 million. Prior to the redemption,
these preferred shares were reported in our Consolidated Balance Sheet
as non-controlling interest in subsidiaries. We recognized a gain of
$107 million in contributed surplus related to foreign exchange upon
redemption of these preferred shares.
During the year ended October 31, 2012, we redeemed all of our
U.S. dollar-denominated Non-cumulative Class B Preferred shares,
Series 10, at a price of US$25.00 per share plus all declared and unpaid
dividends up to but excluding the date fixed for redemption. We
recognized a gain of $96 million in contributed surplus related to foreign
exchange rate upon redemption of these preferred shares.
Preferred Share Rights and Privileges
Class B – Series 5 shares were redeemed for $25 cash per share on
February 25, 2013. The shares carried a non-cumulative quarterly
dividend of $0.33125 per share.
Class B – Series 13 shares have been redeemable at our option since
February 25, 2012 for $25.00 cash per share, plus a premium if we
redeem the shares before February 25, 2016. The shares carry a non-
cumulative quarterly dividend of $0.28125 per share.
Class B – Series 14 shares have been redeemable at our option since
November 25, 2012 for $25.00 cash per share, plus a premium if we
redeem the shares before November 25, 2016. The shares carry a non-
cumulative quarterly dividend of $0.328125 per share.
Class B – Series 15 shares have been redeemable at our option since
May 25, 2013 for $25.00 cash per share, plus a premium if we redeem
the shares before May 25, 2017. The shares carry a non-cumulative
quarterly dividend of $0.3625 per share.
Class B – Series 16 shares have been redeemable at our option since
August 25, 2013. On July 22, 2013, we announced that we did not
intend to exercise our right to redeem the Non-cumulative 5-Year Rate
Reset Class B Preferred shares, Series 16 (Series 16 Preferred shares). As
a result, subject to certain conditions, the holders of the Series 16
Preferred shares had the right, at their option, to elect by August 12,
2013 to convert all or part of their Series 16 Preferred shares on a one-
for-one basis into Non-cumulative Floating Rate Class B Preferred shares,
Series 17 (Series 17 Preferred shares), effective August 26, 2013. As at
October 31, 2013, 6.3 million Series 16 and 5.7 million Series 17
Preferred shares were outstanding for the five-year period commencing
on August 26, 2013 and ending on August 25, 2018. Holders of the
Series 17 Preferred shares have the option to convert back to Series 16
Preferred shares, and holders of Series 16 Preferred shares have the
option to convert to Series 17 Preferred shares, on subsequent
redemption dates. The Series 16 Preferred shares carry a non-cumulative
quarterly dividend based on prevailing 5-year market rates plus a
predetermined spread, established at each redemption date. The Series
17 Preferred shares carry a non-cumulative quarterly dividend based on
Notes
BMO Financial Group 196th Annual Report 2013 163