Accord Announces Normal Course Issuer Bid
August 05 2010 - 10:53AM
PR Newswire (Canada)
TORONTO, Aug. 5 /CNW/ -- TORONTO, Aug. 5 /CNW/ - Accord Financial
Corp. (TSX - ACD), a leading North American provider of a wide
range of factoring and other asset-based financial services to
businesses, today announced that Toronto Stock Exchange (the "TSX")
has accepted for filing a Notice of Intention to Make a Normal
Course Issuer Bid (the "Bid"). Under the Bid, the Company may
purchase up to 470,373 common shares during the next 12 months
being 5% of the 9,407,471 issued and outstanding common shares as
at July 30, 2010. All shares purchased pursuant to the Bid will be
cancelled. Share purchases will be made through facilities of the
TSX or other Canadian marketplaces and will be in accordance with
the TSX's rules and policies. Pursuant to TSX policies, daily
purchases made by the Company will not exceed 1,000 common shares,
subject to a prescribed exception that allows for one block
purchase per calendar week. The Bid will commence on August 8, 2010
and terminate on the earlier of the date on which the Company
completes its purchases pursuant to the Bid or August 7, 2011.
Under the Company's existing Bid, which commenced August 8, 2009
and expires August 7, 2010, 14,900 shares have been repurchased for
cancellation at an average price of $5.32 for a total consideration
of $79,317. The Company believes that it may be advantageous to
engage in repurchases of its common shares, from time to time, when
they are trading at prices which the Company believes reflect a
discount from the underlying value of the common shares. %SEDAR:
00001979E Stuart Adair, Chief Financial Officer, Accord Financial
Corp., 77 Bloor Street West, 18th floor, Toronto, Ontario, M5S 1M2,
(416) 961-0304 ext. 207, sadair@accordfinancial.com
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