TD Bank Offers Preferred Share Conversion Option

Toronto Dominion Bank (TSE:TD) has released an update.

Toronto-Dominion Bank has announced that holders of its Series 1 Preferred Shares will not be forced to convert their shares, but instead have the option to convert them into Series 2 Shares on October 31, 2024. Shareholders who choose not to convert will retain their Series 1 Shares, with the condition that if there are less than 1,000,000 Series 2 Shares after conversion, no conversions will occur. Dividend rates for both series will be announced on October 1, 2024, and shareholders interested in conversion should contact their broker or nominee soon, as the conversion period ends on October 16, 2024.

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