TDb Split Corp. Regular Monthly Dividend Declaration for Priority Equity Share

TDb Split Corp. ("TDb Split") declares its regular monthly distribution of $0.04375 for each Priority Equity share ($0.525 annually). Distributions are payable April 10, 2023 to shareholders on record as at March 31, 2023.

The abrupt shutdown of Silicon Valley Bank (SVB) in the U.S. by regulators on Friday, March 10, 2023 has led to a contagion among financial services companies, including Canadian banks which have experienced significant declines in share prices. The investment portfolio of TDb Split has been subject to these market declines, with the share price of Toronto-Dominion Bank (TD Bank) declining significantly from as high as $93.56 as recently as February 13, 2023 to $77.90 at market close on March 17, 2023 (16.74% decrease). The net asset value per unit of TDb Split as at March 15, 2023 was $12.20. No regular monthly distributions will be paid on the Class A Shares in any month as long as the net asset value per unit is equal to or less than $12.50. The composition of TDb Split’s investment portfolio currently meets the requirements of the Priority Equity Portfolio Protection Plan (as described in the Annual Information Form) with permitted repayment securities and cash comprising 13.95% of the net asset value. TDb Split’s investment portfolio is continually rebalanced and adjusted based on market conditions to provide both security for Priority Equity shareholders and upside potential for Class A shareholders. TDb Split may buy or sell additional shares of TD Bank, the permitted repayment securities, and/or option positions based on market conditions in accordance with the Priority Equity Portfolio Protection Plan.

Since inception, Class A shareholders have received a total of $7.70 per share and Priority Equity shareholders have received a total of $8.22 per share inclusive of this distribution, for a combined total of $15.92.

TDb Split invests in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.

Distribution Details
Priority Equity Share (XTD.PR.A)	$0.04375
Record Date:	March 31, 2023
Payable Date:	April 10, 2023

 

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