TORONTO, Oct. 24, 2019 /CNW/ - TD Bank Group (TD)
(TSX: TD) announced today that, subject to the approval of the
Office of the Superintendent of Financial Institutions Canada
(OSFI) and the Toronto Stock Exchange (TSX), it intends to
terminate its existing normal course issuer bid and launch a new
normal course issuer bid to repurchase for cancellation up to 30
million of its common shares, representing approximately 1.7% of
the 1,811,507,064 common shares issued and outstanding as at
September 30, 2019. TD will
file a notice of intention with the TSX in this regard.
TD's existing normal course issuer bid to repurchase up to 20
million of its common shares commenced on June 18, 2019 and was scheduled to terminate on
June 17, 2020, unless terminated
earlier in accordance with its terms. TD has repurchased all 20
million of its common shares under its existing normal course
issuer bid, at an average price of $75.35 per share for a total amount of
$1.5 billion, and now intends to
launch a new normal course issuer bid to repurchase for
cancellation up to 30 million of its common shares. TD's existing
normal course issuer bid will be terminated prior to commencing
purchases under the new normal course issuer bid.
TD may commence purchases under the bid, continuing for up to
one year, after the TSX has accepted the notice of intention.
Repurchases will be made through the facilities of the TSX as well
as through other designated exchanges and alternative trading
systems in Canada in accordance
with applicable regulatory requirements. The price paid for
such repurchased shares will be the market price of such shares at
the time of acquisition or such other price as may be permitted by
the TSX. All repurchased shares will be cancelled. The timing
and amount of any purchases under the program are subject to
regulatory approvals and to management discretion based on factors
such as market conditions and capital adequacy.
As at July 31, 2019, the Bank's
Common Equity Tier 1, Tier 1 and Total Capital ratios were 12.0%,
13.4% and 16.1%, respectively.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the fifth
largest bank in North America by
branches and serves over 26 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in TD Ameritrade; and Wholesale Banking,
including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 13 million
active online and mobile customers. TD had CDN$1.4 trillion in assets on July 31, 2019. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group