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TD Bank Group ("TD") (TSX:TD) (NYSE:TD) announced today that it has sold 28,400,000 shares of non-voting common stock of The Charles Schwab Corporation ("Schwab"), with 15,030,813 shares being sold to Schwab pursuant to a repurchase agreement with pricing determined by the price obtained in a sale of 13,369,187 shares being sold at the same price to a broker dealer pursuant to Rule 144 of the Securities Act of 1933. In connection with such sales, all such shares automatically convert into shares of Schwab voting common stock the shares acquired by Schwab will no longer be outstanding.
The shares sold represent approximately 1.5% of Schwab's issued and outstanding common stock, reducing TD's ownership interest in Schwab from approximately 13.4% to 12.0%.
TD's strategy with respect to its investment in Schwab has not changed and it has no current intention to divest additional shares.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
