(December 4 – 18:00 ET) – TD Bank today confirmed the results of the special meetings of holders of the Non-Cumulative First Preference Shares, Series 4 and of holders of the Non-Cumulative First Preference Shares, Series 5 (the “Preferred Shares”) of CT Financial Services Inc. together with the special meeting of holders of Capital Debentures of Canada Trustco Mortgage Co.

The meetings were called to consider the amendment of the terms and conditions of public market securities of subsidiaries of the bank. The amendments would permit the exchange of these securities into comparable securities of the bank. According to the bank, the exchanges would improve the liquidity of the investors’ holdings.

The holders of the Canada Trustco Capital Debentures voted in today’s meeting to approve the transaction, and the bank has subsequently effected the debenture exchange.

While to date, the holders of Preferred Shares of CT Financial Services have been overwhelmingly in favour of the transaction, attendance at the meetings was insufficient to constitute a quorum and the meetings were postponed. However, the bank fully expects that the transactions will be approved at the rescheduled meetings.
-IE Staff