Bank of Montreal 2010 Annual Report Download - page 147

Notes
BMO Financial Group 193rd Annual Report 2010 145
Note 20: Share Capital
Outstanding
(Canadian $ in millions, except as noted) 2010 2009 2008
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 6 (1) – – – – – – 10,000,000 250 1.19
– – 250
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 (2) 12,000,000 396 1.49 12,000,000 396 1.49 12,000,000 396 1.49
Class B – Series 13 14,000,000 350 1.13 14,000,000 350 1.13 14,000,000 350 1.13
Class B – Series 14 10,000,000 250 1.31 10,000,000 250 1.31 10,000,000 250 1.48
Class B – Series 15 10,000,000 250 1.45 10,000,000 250 1.45 10,000,000 250 0.94
Class B – Series 16 12,000,000 300 1.30 12,000,000 300 1.30 12,000,000 300 0.55
Class B – Series 18 6,000,000 150 1.63 6,000,000 150 1.55 – – –
Class B – Series 21 11,000,000 275 1.63 11,000,000 275 1.11 – – –
Class B – Series 23 16,000,000 400 1.35 16,000,000 400 0.59 – – –
2,571 2,571 1,746
Common Shares
Balance at beginning of year 551,715,904 6,198 506,044,982 4,773 498,562,702 4,411
Issued during the year – – 33,340,000 1,000 – –
Issued under the Shareholder Dividend
Reinvestment and Share Purchase Plan 9,749,878 537 9,402,542 338 2,413,244 122
Issued under the Stock Option Plan (Note 22) 5,002,174 192 2,917,490 87 1,778,586 60
Issued on the exchange of shares of
a subsidiary corporation 484 – 10,890 – 7,260 –
Issued on the acquisition of a business – – – – 3,283,190 180
Balance at end of year 566,468,440 6,927 2.80 551,715,904 6,198 2.80 506,044,982 4,773 2.80
Treasury Shares – – na – – na (1,469,949) (65) na
Share Capital 9,498 8,769 6,454
(1) Redeemed in 2009. na – not applicable
(2) Dividend amounts in U.S. dollars.
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, 2010, we did not issue or redeem
any preferred shares.
During the year ended October 31, 2009, we issued the following
preferred shares:
• 6,000,000 6.5% Non-Cumulative 5-year Rate Reset Class B Preferred
shares, Series 18, at a price of $25.00 per share, representing an
aggregate issue price of $150 million.
• 11,000,000 6.5% Non-Cumulative 5-year Rate Reset Class B Preferred
shares, Series 21, at a price of $25.00 per share, representing an
aggregate issue price of $275 million.
• 16,000,000 5.4% Non-Cumulative 5-year Rate Reset Class B Preferred
shares, Series 23, at a price of $25.00 per share, representing an
aggregate issue price of $400 million.
During the year ended October 31, 2009, we redeemed all of our
10,000,000 Non-Cumulative Class B Preferred shares, Series 6 that were
classified as preferred share liabilities, at a price of $25.00 per share plus
any declared and unpaid dividends to the date of redemption. This
rep-
resented an aggregate redemption price of approximately $253 million.
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, 2008, we did not redeem any
preferred shares.
Preferred Share Rights and Privileges
Class B – Series 5 shares are redeemable at our option starting Febru-
ary 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 equivalent value
of our common shares. The shares were redeemed during the year
ended October 31, 2009. The shares carried a non-cumulative quarterly
dividend of $0.296875 per share.
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.