Toronto-Dominion Bank (TD) (TD.TO) announced Wednesday that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada have approved the company's previously announced normal course issuer bid.
As announced, the company intends to repurchase up to 12 million of its common shares pursuant to its bid which will commence on June 21, 2013 and end on June 20, 2014, such earlier date as it may determine or such earlier date as it may complete its purchases pursuant to the notice of intention filed with the TSX.
The maximum number of shares that may be repurchased under the bid represents approximately 1.3% of the 924,023,810 common shares issued and outstanding as of May 31, 2013.
The average daily trading volume (ADTV) for the six months ended May 31, 2013, calculated in accordance with the rules of the TSX for purposes of the bid, was 1,663,500. Under the rules of the TSX, the company is entitled to repurchase, during each trading day, up to 25% of the ADTV of its common shares, such number being 415,875 (excluding purchases made pursuant to the block purchase exception).
The company intends to establish an automatic share purchase plan under which its broker, TD Securities, will repurchase TD shares pursuant to the bid within a defined set of criteria.
All of these repurchases will be made through the facilities of the TSX as well as through other exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements.
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.
As at April 30, 2013, the company's Common Equity Tier 1, Tier 1 and Total Capital ratios were 8.76%, 10.79% and 13.99% respectively. The company made the decision to launch the bid in light of its demonstrated ability to generate capital and has now allocated roughly $1 billion in capital for share repurchases under the bid.
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