TD
Bank Financial Group to Conduct Normal Course Issuer Bid
to
Repurchase Common Shares
Toronto,
October 19, 2006
-
TD Bank Financial Group (TDBFG) (TSX: TD) announced today that, subject
to
regulatory and stock exchange approval, it intends to launch a normal
course
issuer bid through the facilities of the Toronto Stock Exchange (TSX)
to
repurchase up to 5,000,000 of its common shares
over the 12 month period following commencement of the bid.
This intended repurchase represents approximately 0.7% of the common
shares currently issued and outstanding. TDBFG will file a notice of
intention
with the TSX prior to commencing repurchases.
The
number of shares and timing of the repurchases under this bid will
be determined
by TD, but, it is the bank’s goal to repurchase sufficient shares to offset
common share dilution from the exercise of stock options over a 12
month period
beginning in December, 2006. TDBFG intends to establish a plan under
which its
broker, TD Securities, will repurchase this number of shares pursuant
to the
bid. In accordance
with a pre-arranged set of criteria, share repurchases up to this level
will be
made automatically under the plan, until this repurchase limit is reached
or the
plan is terminated by TDBFG. TDBFG will not be entitled to vary or
suspend the
plan. All of these repurchases will be made through the facilities
of the TSX in
accordance with the rules and policies of the TSX. The price paid for
any
repurchased shares will be the market price of such shares at the time
of
acquisition. All repurchased shares will be cancelled.
TDBFG
may commence purchases after the TSX has accepted the notice of intention.
TDBFG
expects to begin repurchasing shares under the bid in December 2006,
continuing
for up to one year.
TDBFG’s
previous normal course issuer bid for 4,000,000 common shares, which
commenced
on September 18, 2006, has been completed, following the repurchase
of 4,000,000
common shares through the facilities of the TSX, at an average price
of
$66.13
per share.
TDBFG
also reconfirmed its previously disclosed intention to increase its
ownership in
TD Banknorth, subject to market conditions,
to up
to sixty-six and two thirds percent, the maximum ownership level currently
permitted under the TDBFG/Banknorth stockholders agreement.
About
TD Bank Financial Group
The
Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank
Financial Group. TD Bank Financial Group serves more than 14 million
customers
in four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking
including TD
Canada Trust; Wealth Management including TD Waterhouse and an investment
in TD
Ameritrade; Wholesale Banking, including TD Securities; and U.S. Personal
and
Commercial Banking through TD Banknorth. TD Bank Financial Group also
ranks
among the world's leading on-line financial services firms, with more
than 4.5
million on-line customers. TD Bank Financial Group had CDN$385.8 billion
in
assets, as of July 31, 2006. The Toronto-Dominion Bank trades on the
Toronto and
New York Stock Exchanges under the symbol "TD".
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For
further information:
Capital
Finance: Peter Levitt, Vice President, (416) 308-4426
Investor
Relations: Scott Lamb, Vice President, (416) 982-5075
Media
Relations: Neil Parmenter, Associate Vice President, (416)
982-4285