TD
Bank Financial Group to Conduct Normal Course Issuer Bid to Repurchase
Common
Shares
Toronto,
September 14, 2006 - The Toronto-Dominion Bank (TSX: TD) announced
today that
the Toronto Stock Exchange (TSX) has accepted its notice of intention
to make a
normal course issuer bid. Under its normal course issuer bid, TD intends
to
repurchase up to 4 million of its common shares, representing approximately
0.6%
of the 721,790,048 common shares issued and outstanding as of September
8, 2006.
As previously announced, the objective of the bid is to offset the
common share
dilution arising from the exercise of stock options. The maximum number
of
shares to be repurchased is based on the anticipated number of shares
to be
issued due to exercise of options over a 12-month period.
Prior
to
commencing repurchases under the bid, TD intends to establish a plan
under which
its broker, TD Securities, will repurchase TD shares pursuant to the
bid. In
accordance with a pre-arranged set of criteria, share repurchases will
be made
automatically under the plan, until the 4 million share repurchase
limit is
reached or the plan is terminated by TD. All repurchases will be made
on the
open market through the facilities of the TSX in accordance with the
rules and
policies of the exchange. The price paid for any repurchased shares
will be the
market price of such shares on the TSX at the time of acquisition.
TD will not
be entitled to vary or suspend the plan. All repurchased shares will
be
cancelled.
Repurchases
under the bid may commence on September 18, 2006 and will terminate
on September
17, 2007, or on such earlier date as TD may complete its repurchases
pursuant to
the notice of intention to make a normal course issuer bid filed with
the TSX.
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:
Peter
Levitt, Vice President, Capital Finance, (416) 308-4426