TDb Split Corp.: Financial Results to November 30, 2008
February 25 2009 - 5:27PM
Marketwired
TDb Split Corp. ("TDb Split") announces annual financial results
for the year ending November 30, 2008.
As at November 2008, the cumulative impact of the deterioration
in financial and economic conditions created record lows in
business, investor and consumer confidence and resulted in
recessionary conditions throughout the world. In addition, the
de-leveraging of hedge funds and other similar funds during the
final months of 2008 exacerbated market volatility and losses in
financial markets.
Although the Canadian financial services companies have been
adversely impacted by this worldwide financial crisis, TD Bank
common shares had performed relatively well up until November,
2008. TD Bank common shares suffered a 19.2% drop in the month of
November, 2008 and now have declined by 33.4% since the inception
of TDb Split on August 7,2007. The unit value of Company suffered a
corresponding decline and was $11.35 per unit on November 30, 2008.
As more fully described in previous press releases, the Company has
been required to implement the Priority Equity Portfolio Protection
Plan. As at November 30, 2008, the Company had 20.8% of its net
assets in fixed income securities (plus cash) and the remaining
79.2% in TD Bank exposure.
TDb Split invests in common shares of TD Bank, a leading Canadian financial
institution.
Selected Financial Information from the Statement of Financial Operations:
For year ending November 30, 2008
($ Millions)
Income 1.069
Expenses (0.363)
------------
Net investment income 0.706
Realized option premiums and gain (loss) on sale of investments (3.016)
Change in unrealized depreciation of investments (10.452)
------------
Decrease in net assets from operations before distributions (12.762)
Comparative financial information is available in documents filed on
www.sedar.com.
Contacts: TDb Split Corp. Investor Relations (416) 304-4443 Toll
Free at 1-877-4-Quadra (1-877-478-2372) Website:
www.tdbsplit.com
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