Questions & Answers
Q: Will Green Line and Waterhouse customers get access
to the IPO?
TD Securities, in its role as joint global coordinator of the
IPO, will be underwriting a significant portion of the TD
Waterhouse Securities deal and will therefore be making
a portion of shares available to Waterhouse, Green Line
and Evergreen clients.
We appreciate the keen interest in this IPO from our
valued Waterhouse and Green Line customers and are
working on plans to manage the distribution of shares in
a fair and orderly way.
Waterhouse, Green Line and Evergreen will communicate
further details to their customers regarding access to
and distribution of shares in TD Waterhouse Securities
currently anticipated before the end of July 1999.
Q: Will there be preferential treatment for TD
shareholders?
Anyone who is a TD shareholder already owns shares in
TD and therefore will continue to have an interest in the
discount brokerage. For example, if the IPO were for
approximately 10% of the global discount brokerage, TD
shareholders would own 90% of TD Waterhouse
Securities.
No preference will be given to any one group. To accord
preferential treatment to particular groups would have
been very difficult to manage, and the complications of
constructing such special treatment would inevitably
unfairly exclude some parties.
Q: When will the shares begin trading?
TD currently expects to price and close the offering later
in the fiscal quarter, ending July 31, 1999. Actual timing
will of course depend upon completion of the U.S. and
Canadian regulatory review processes and market
conditions.
Q: On what exchanges will TD Waterhouse Securities list
shares?
TD Waterhouse Securities intends to list the shares on
both the New York Stock Exchange and the Toronto
Stock Exchange. We cannot yet confirm what the symbol
will be.
Q: Where can I get further details of the offering?
Copies of the preliminary prospectus and registration
statement will be available without charge via the
Internet at the Web sites of the Securities and Exchange
Commission (www.sec.gov) and the Ontario Securities
Commission (www.sedar.com).
Q: Why are no further details of the offering available?
Securities commissions in both the U.S. and Canada -
where TD shares are publicly traded - enforce stringent
guidelines on disclosures of information.
Q: What will you do with the proceeds raised through the
IPO?
We intend to use approximately two-thirds of the
proceeds for general business purposes of the discount
brokerage including, among other things, investing more
in technology, advertising, and potentially for
acquisitions (although at present we do not have any
pending or proposed significant acquisitions).
Q: What businesses will be included in the IPO?
The businesses included in the IPO are: most of the U.S.
operating subsidiaries of Waterhouse Investor Services,
Inc.in the U.S., and Green Line Investor Services in
Canada, Australia, the U.K. and Hong Kong; and
excluding Waterhouse National Bank.
Q: Under what circumstances would the offering not
happen?
While we fully intend to proceed, as with any public
offering, we have an obligation to our shareholders to
assess market conditions and make decisions according
to their interests.
For more information contact:
TD Access Telephone Banking:
In Toronto 983-2265
All other locations 1-800-9TDBANK (1-800-983-2265)
tdbank.ca |
