TORONTO, April 19, 2018 /CNW/ - The Toronto-Dominion Bank
(TD) (TSX: TD) announced today that the Toronto Stock Exchange
(TSX) and the Office of the Superintendent of Financial
Institutions Canada (OSFI) have approved TD's previously announced
normal course issuer bid. As previously announced, TD intends
to repurchase for cancellation up to 20 million of its common
shares pursuant to its bid which will commence on April 24, 2018 and end on April 12, 2019, such earlier date as TD may
determine or such earlier date as TD may complete its purchases
pursuant to the notice of intention filed with the TSX.
The maximum number of shares that may be repurchased for
cancellation under the bid represents approximately 1.1% of the
1,845,631,873 common shares issued and outstanding as of
March 31, 2018. The average daily
trading volume (ADTV) for the six months ended March 31, 2018, calculated in accordance with the
rules of the TSX for purposes of the bid, was 3,150,956.
Under the rules of the TSX, TD is entitled to repurchase, during
each trading day, up to 25% of the ADTV of its common shares, such
number being 787,739 (excluding purchases made pursuant to the
block purchase exception).
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 number of shares and timing of the repurchases under this
bid will be determined by TD. TD has established an automatic
share purchase plan under which its broker, TD Securities, will
repurchase TD shares pursuant to the normal course issuer bid
within a defined set of criteria.
As at January 31, 2018, TD's
Common Equity Tier 1, Tier 1 and Total Capital ratios were 10.6%,
12.1% and 14.2%, respectively.
Caution Regarding Forward-Looking Statements
From time to time, The Toronto-Dominion Bank (the Bank) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the United States (U.S.) Securities and
Exchange Commission (SEC), and in other communications. In
addition, representatives of the Bank may make forward-looking
statements orally to analysts, investors, the media and others. All
such statements are made pursuant to the "safe harbour" provisions
of, and are intended to be forward-looking statements under,
applicable Canadian and U.S. securities legislation, including the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements made in this document, the Management's Discussion and
Analysis ("2017 MD&A") in the Bank's 2017 Annual Report under
the heading "Economic Summary and Outlook", for the Canadian
Retail, U.S. Retail and Wholesale Banking segments under headings
"Business Outlook and Focus for 2018", and for the Corporate
segment, "Focus for 2018", and in other statements regarding the
Bank's objectives and priorities for 2018 and beyond and strategies
to achieve them, the regulatory environment in which the Bank
operates, and the Bank's anticipated financial performance.
Forward-looking statements are typically identified by words such
as "will", "would", "should", "believe", "expect", "anticipate",
"intend", "estimate", "plan", "goal", "target", "may", and
"could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include: credit,
market (including equity, commodity, foreign exchange, interest
rate, and credit spreads), liquidity, operational (including
technology and infrastructure), reputational, insurance, strategic,
regulatory, legal, environmental, capital adequacy, and other
risks. Examples of such risk factors include the general business
and economic conditions in the regions in which the Bank operates;
the ability of the Bank to execute on key priorities, including the
successful completion of acquisitions and dispositions, business
retention plans, and strategic plans and to attract, develop and
retain key executives; disruptions in or attacks (including
cyber-attacks) on the Bank's information technology, internet,
network access or other voice or data communications systems or
services; the evolution of various types of fraud or other criminal
behaviour to which the Bank is exposed; the failure of third
parties to comply with their obligations to the Bank or its
affiliates, including relating to the care and control of
information; the impact of new and changes to, or application of,
current laws and regulations, including without limitation tax
laws, capital guidelines and liquidity regulatory guidance and the
bank recapitalization "bail-in" regime; exposure related to
significant litigation and regulatory matters; increased
competition, including through internet and mobile banking and
non-traditional competitors; changes to the Bank's credit ratings;
changes in currency and interest rates (including the possibility
of negative interest rates); increased funding costs and market
volatility due to market illiquidity and competition for funding;
critical accounting estimates and changes to accounting standards,
policies, and methods used by the Bank; existing and potential
international debt crises; and the occurrence of natural and
unnatural catastrophic events and claims resulting from such
events. The Bank cautions that the preceding list is not exhaustive
of all possible risk factors and other factors could also adversely
affect the Bank's results. For more detailed information, please
refer to the "Risk Factors and Management" section of the 2017
MD&A, as may be updated in subsequently filed quarterly reports
to shareholders and news releases (as applicable) related to any
transactions or events discussed under the heading "Significant
Events" in the relevant MD&A, which applicable releases may be
found on www.td.com. All such factors should be considered
carefully, as well as other uncertainties and potential events, and
the inherent uncertainty of forward-looking statements, when making
decisions with respect to the Bank and the Bank cautions readers
not to place undue reliance on the Bank's forward-looking
statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2017
MD&A under the headings "Economic Summary and Outlook", for the
Canadian Retail, U.S. Retail, and Wholesale Banking segments,
"Business Outlook and Focus for 2018", and for the Corporate
segment, "Focus for 2018", each as may be updated in subsequently
filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
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 sixth
largest bank in North America by
branches and serves more than 25 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 approximately 12 million active
online and mobile customers. TD had CDN$1.3
trillion in assets on January 31,
2018. The Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group