Bank of Montreal 2008 Annual Report Download - page 139

Notes
BMO Financial Group 191st Annual Report 2008 | 135
Note 21: Share Capital
Outstanding
(Canadian $ in millions, except as noted) 2008 2007 2006
Dividends Dividends Dividends
Number declared Number declared Number declared
of shares Amount per share of shares Amount per share of shares Amount per share
Preferred Shares –Classified as Liabilities
Class B –Series 4 (1) –$ – $ – – $ – $ 0.91 8,000,000 $ 200 $ 1.20
Class B –Series 6 (2) 10,000,000 250 1.19 10,000,000 250 1.19 10,000,000 250 1.19
250 250 450
Preferred Shares –Classified as Equity
Class B –Series 5 8,000,000 $ 200 $ 1.33 8,000,000 $ 200 $ 1.33 8,000,000 $ 200 $ 1.33
Class B –Series 10 12,000,000 396 US$ 1.49 12,000,000 396 US$ 1.49 12,000,000 396 US$ 1.49
Class B –Series 13 14,000,000 350 1.13 14,000,000 350 0.96 – – –
Class B –Series 14 10,000,000 250 1.48 10,000,000 250 – – – –
Class B –Series 15 10,000,000 250 0.94 ––– –––
Class B –Series 16 12,000,000 300 0.55 ––– –––
1,746 1,196 596
Common Shares 506,044,982 4,773 $ 2.80 498,562,702 4,411 $ 2.71 500,726,079 4,231 $ 2.26
Treasury Shares (1,469,949) (65) n/a ––n/a ––n/a
Share Capital $ 6,454 $ 5,607 $ 4,827
(1) Redeemed in 2007. n/a –not applicable
(2) Redeemed on November 25, 2008.
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, 2008, we issued the following
preferred shares:
•10,000,000 5.8% Non-Cumulative Perpetual Class B Preferred shares,
Series 15, at a price of $25.00 per share, representing an aggregate
issue price of $250 million.
•12,000,000 5.2% Non-Cumulative 5-year Rate Reset Class B Preferred
shares, Series 16, at a price of $25.00 per share, representing an
aggregate issue price of $300 million.
During the year ended October 31, 2007, we issued the following
preferred shares:
•14,000,000 4.5% Non-Cumulative Perpetual Class B Preferred shares,
Series 13, at a price of $25.00 per share, representing an aggregate
issue price of $350 million.
•10,000,000 5.25% Non-Cumulative Perpetual Class B Preferred shares,
Series 14, at a price of $25.00 per share, representing an aggregate
issue price of $250 million.
During the year ended October 31, 2007, we redeemed all of our
8,000,000 Non-Cumulative Class B Preferred shares, Series 4, at a price
of $25.00 per share plus any declared and unpaid dividends to the
date of redemption. This represented an aggregate redemption price
of approximately $200 million.
Preferred Share Rights and Privileges
Class B –Series 4 shares were redeemed during the year ended
October 31, 2007. The shares carried a non-cumulative quarterly
dividend of $0.30 per share.
Class B –Series 5 shares are redeemable at our option starting
February 25, 2013 for $25.00 cash per share, and are not convertible.
The shares carry a non-cumulative quarterly dividend of $0.33125
per share.
Class B –Series 6 shares were redeemable at our option starting
November 25, 2005 for $25.00 cash per share, plus a premium
if we redeemed the shares before November 25, 2007, or an equi-
valent value of our common shares. The shares were redeemed on
November 25, 2008.
Class B –Series 10 shares are redeemable at our option starting
February 25, 2012 for US$25.00 cash per share, and are convertible at our
option starting February 25, 2012 into our common shares. The shares
carry a non-cumulative quarterly dividend of US$0.371875 per share.
Class B –Series 13 shares are redeemable at our option starting
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 are redeemable at our option starting
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 are redeemable at our option starting
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 are redeemable at our option on
August 25, 2013 and every five years thereafter for $25.00 cash per
share. If the shares are not redeemed on the redemption dates,
investors have the option to convert the shares into Class B
– Series 17
Preferred shares and, if converted, have the option to convert back to
Series 16 Preferred shares on subsequent redemption dates. The Series 16
shares carry a non-cumulative quarterly dividend of $0.325 per share
until August 25, 2013. Dividends payable after August 25, 2013 on the
Series 16 and Series 17 Preferred shares will be set based on prevailing
market rates plus a predetermined spread.
Common Shares
We are authorized by our shareholders to issue an unlimited number
of our common shares, without par value, for unlimited consideration.
Our common shares are not redeemable or convertible. Dividends
are declared by us on a quarterly basis and the amount can vary from
quarter to quarter.
Normal Course Issuer Bid
On September 8, 2008, we commenced a normal course issuer bid,
effective for one year. Under this bid, we may repurchase up to
15,000,000 common shares, approximately 3% of our outstanding
common shares.