Connect with us

Fintech

The Toronto-Dominion Bank Receives Regulatory Approval for Normal Course Issuer Bid

Photo source: seekingalpha.com
Vlad Poptamas

Published

on

 

The Toronto-Dominion Bank (TD) (TSX: TD) announced today that the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions Canada (OSFI) have approved TD’s previously announced normal course issuer bid.  As previously announced, TD intends to terminate its existing normal course issuer bid and launch a new normal course issuer bid to repurchase for cancellation up to 30 million of its common shares. The new normal course issuer bid will commence on December 24, 2019 and end on December 23, 2020, such earlier date as TD may determine or such earlier date as TD may complete its purchases pursuant to the notice of intention filed with the TSX.

The maximum number of shares that may be repurchased for cancellation under the bid represents approximately 1.7% of the 1,812,651,730 common shares issued and outstanding as at November 30, 2019.  Under the rules of the TSX, TD is entitled to repurchase, during each trading day, up to 804,012 common shares (excluding purchases made pursuant to the block purchase exception), being 25% of the average daily trading volume of 3,216,047 common shares during the six calendar months prior to the commencement of the bid.

Repurchases will be made through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements.  The price paid for such repurchased shares will be the market price of such shares at the time of acquisition or such other price as may be permitted by the TSX.  All repurchased shares will be cancelled.

The number of shares and timing of the repurchases under this bid will be determined by TD. Prior to commencing purchases under the bid, TD intends to establish an automatic share purchase plan under which its broker, TD Securities, will repurchase TD shares pursuant to the normal course issuer bid within a defined set of criteria.

TD’s existing normal course issuer bid to repurchase up to 20 million of its common shares commenced on June 18, 2019 and was scheduled to terminate on June 17, 2020, unless terminated earlier in accordance with its terms. TD has repurchased all 20 million of its common shares under its existing normal course issuer bid, at an average price of $75.35 per share for a total amount of $1.5 billion. TD’s existing normal course issuer bid will be terminated at the close of business on December 23, 2019 and the 20 million common shares repurchased for cancellation under that bid will be deducted from the maximum number of shares that may be repurchased by TD under a normal course issuer bid pursuant to the rules of the TSX. The maximum number of shares that may be repurchased under the new bid, when aggregated with the 20 million common shares repurchased under the existing bid, represents approximately 2.8% of TD’s common shares issued and outstanding as at November 30, 2019.

As at October 31, 2019, the Bank’s Common Equity Tier 1, Tier 1 and Total Capital ratios were 12.1%, 13.5% and 16.3%, respectively.

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management’s Discussion and Analysis (“2019 MD&A”) in the Bank’s 2019 Annual Report under the heading “Economic Summary and Outlook”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings “Business Outlook and Focus for 2020”, and for the Corporate segment, “Focus for 2020”, and in other statements regarding the Bank’s objectives and priorities for 2020 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank’s anticipated financial performance. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), liquidity, operational (including technology and infrastructure), model, reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; the ability of the Bank to attract, develop, and retain key executives; disruptions in or attacks (including cyber-attacks) on the Bank’s information technology, internet, network access or other voice or data communications systems or services; fraud or other criminal activity to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization “bail-in” regime; exposure related to significant litigation and regulatory matters; increased competition from incumbents and non-traditional competitors, including Fintech and big technology competitors; changes to the Bank’s credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the 2019 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings “Significant and Subsequent Events, and Pending Transactions” in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2019 MD&A under the headings “Economic Summary and Outlook”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Business Outlook and Focus for 2020”, and for the Corporate segment, “Focus for 2020”, each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

 

SOURCE TD Bank Group

Fintech

MTrac 2020 – An Improved Platform to Increase Compliance

GlobeNewswire

Published

on

SAN DIEGO, Jan. 24, 2020 (GLOBE NEWSWIRE) — Global Payout Inc. (OTCPink:GOHE) (“Global” or the “Company”) and its wholly owned subsidiary MTrac Tech Corporation (“MTrac”) are pleased to announce that the beta phase of the system improvements to MTrac 2020 has been completed. The platform was augmented to accommodate the growing demands of the regulatory agencies that oversee the financial industry. The MTrac team plans to have all existing clients converted to the new system within 60 days and new clients to be boarded starting February 1st, 2020. MTrac is proud to maintain its front-runner position as a fully compliant, closed-loop payment service company.

The new platform will include a seamless wallet load feature with QR functionality for redemption. That is, a customer can come to a terminal, type in their phone number and quickly add funds to their wallet without having to go through a multi-step process. The user then gets a print out of a receipt that doubles as their redemption coupon for redeeming their wallet funds in exchange for product. With these updated compliance features, MTrac 2020 will allow more banks to join its network, which benefits MTrac clients by allowing them to use a wider variety of card types to load their wallet.

MTrac will continue to innovate and adapt its program to meet the demands of the market while assuring compliance with regulatory agencies and delivering a scalable solution to its clients.

About Global Payout, Inc. (OTC Pink:GOHE)

Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors. 

About MTrac Tech Corp.

MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTrac’s creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to Cashless®.”

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.

Media Contacts:

Global Payout, Inc.
www.globalpayout.com
(702) 790-2511 Ext. 101
Ir@globalpayout.com

MTrac Tech Corp. 
www.Mtractech.com 
(702) 790-2511 Ext. 101
ir@mtractechcorp.com

Continue Reading

Fintech

2020 Crypto World Summit “The Future of Security Tokens” to Address Latest Blockchain Developments with Leading Industry Experts

GlobeNewswire

Published

on

New York, NY, Jan. 23, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) Leading experts in the digital money sector will gather at the Crypto World Summit in New York on February 20, 2020 to discuss the latest developments in security token offerings and digital assets, amongst other rising blockchain and alternative financing topics.

The most current SEC laws, rules, regulations, and compliance will be addressed at this 4th International Conference and Workshop streamed live on Fintech World Media.

This premier event features speakers and attendees from a wide range of sectors, attracting a who’s who of the industry.  Other top discussions include: The Future of Bitcoin, The Digital Banking Industry, Blockchain and Real Estate, The ETF Cryptocurrency Market, DAO, Ethereum Investment, and Cannabis Banking Solutions. 

Additionally, a special workshop will give participants a step-by-step walkthrough for creating a security token and running a security token offering (STO).

Crypto World Summit will also offer private VIP networking opportunities. For speaking, sponsorship, tickets, and group discounts contact 2020Fintech at +1 (888) 580-6610 or www.2020fintech.com

Blockchain Wire is the official wire service for Crypto World Summit. Receive 40% discount. Enter promo code “blockchainwire” Register here.

Contact:
2020Fintech
+1 (415) 879-1500
info@2020fintech.com
2020Fintech.com

Continue Reading

Fintech

BitPay Taps Simplex to Make BitPay App an All-In-One Solution

GlobeNewswire

Published

on

Atlanta, Jan. 23, 2020 (GLOBE NEWSWIRE) — BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced a partnership with Simplex, the best-in-class processor of fiat-to-crypto transactions, that gives BitPay app users the ability to buy Bitcoin and other supported cryptocurrencies directly in app with a credit card. Users can now buy cryptocurrency, transfer funds, make purchases, buy gift cards and pay friends around the world all from a single app.   

With the addition of Simplex’s credit card purchasing, BitPay aims to improve the overall user experience of the BitPay app. By eliminating the need to navigate a cryptocurrency exchange to fund payments, the company anticipates increased value to users, especially for new users unfamiliar with the space.

BitPay CEO and Co-Founder Stephen Pair said, “Cryptocurrency exchanges can be intimidating for new users. The Simplex integration, however, makes the blockchain payment experience seamless.” Pair added, “Whether converting fiat to crypto to make crypto payments, or converting crypto to fiat to pay with the BitPay card, the BitPay app is an all-in-one solution.”

“A real breakthrough in usability can only be achieved when the leading crypto payment app meets the leader in fiat infrastructure for crypto. We are proud to launch this partnership with BitPay and will work together to add more innovative solutions in the future,” added Nimrod Lehavi, Simplex founder and CEO.  

Simplex, an EU licensed fintech company, is the industry choice for providing fraud-free cryptocurrency purchases via credit card. They list among their many clients industry leaders such as Binance, Bithumb, Xapo and Changelly. Their processing services eliminate fraud and ensure regulatory compliance, in part, by using AI technology to analyze each transaction with proprietary machine-learning algorithms. The Tel Aviv-based company was founded in 2014.

About BitPay

Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.

The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule if any.

Jan Jahosky
BitPay
407-331-4699
jan@bitpay.com Dan Edelstein
Simplex
+972-545-464-238
pr@marketacross.com

Continue Reading

Trending

Thefintechbuzz is part of PICANTE Media and Events, a leading media and boutique event organizer in the European Union with a monthly reach of +50,000 readers. The official company (PROSHIRT SRL), has been listed for 4 years in a row among the top 3 Advertising and market research agencies in the local Top Business Romania Microcompanies based on the Financial Reports. Thefintechbuzz digests / hand picks the latest news about the fintech industry and serves them to you daily.

Contact us: sales@picante.today

Editorial / PR Submissions

© Thefintechbuzz.com 2019 - 2020 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania