TD
Bank Announces Redemption of Class A First Preferred Shares, Series
J
September
28, 2005 - TORONTO -
The Toronto-Dominion Bank (the "Bank") announced today that it will exercise
its
right to redeem all of its 16,383,935 outstanding Class A First Preferred
Shares, Series J (the "Series J Shares") on October 31, 2005 at the price
per
share of C$25.80 (for an aggregate total of approximately C$423 million).
The
redemption price represents a C$0.80 premium to the C$25.00 per share face
price.
The
$0.31875 per share quarterly dividend declared on August 25, 2005 will
be the
final dividend on the Series J Shares and will be paid in the usual manner
on
October 31, 2005 to shareholders of record on October 11, 2005, as previously
announced. After October 31, 2005, the Series J Shares will cease to be
entitled
to dividends and the holders of such shares will not be entitled to exercise
any
right in respect thereof except that of receiving the redemption
amount.
The
Bank recommends shareholders consult with their tax advisors to determine
the
appropriate treatment and impact of the redemption. A general summary of
the tax
implications will be available shortly on our website, www.td.com, under
Investor Information
/ Shares and Debt Information.
Instructions
with respect to receipt of the redemption amount will be set out in the
Letter
of Transmittal to be mailed to registered holders of the Series J Shares
shortly. Inquiries should be directed to our Registrar and Transfer Agent,
CIBC
Mellon Trust Company, at 1-800-387-0825 (or in Toronto 416-643-5500). Further
details and instructions will be posted shortly to our website, www.td.com/investor/equity.jsp.
About
TD Bank Financial Group
Marking
150 years of service to Canadians in 2005, 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 the global operations of TD Waterhouse; 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$368.4 billion in assets, as of July 31, 2005. The
Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges
under
the symbol “TD”.
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For
more information, please contact:
Peter
Aust
Vice
President, Capital Finance
TD
Bank Financial Group
416-982-8056