Accord Announces Normal Course Issuer Bid
August 04 2011 - 10:00AM
PR Newswire (Canada)
TORONTO, Aug. 4, 2011 /CNW/ -- TORONTO, Aug. 4, 2011 /CNW/ - Accord
Financial Corp. (TSX - ACD), a leading North American provider 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 446,845 common shares during the next 12 months being 5% of the
8,936,898 issued and outstanding common shares as at July 31,
2011. 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, 2011
and terminate on the earlier of the date on which the Company
completes its purchases pursuant to the Bid or August 7,
2012. Under the Company's existing Bid, which commenced
August 8, 2010 and expired July 19, 2011, when it purchased the
maximum number of shares permitted under the Bid, 470,373 shares
were repurchased for cancellation at an average price of $7.53 for
a total consideration of $3,540,387. 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
its common shares. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/04/c9428.html
p Stuart Adairbr/ Vice President, Chief Financial Officerbr/ Accord
Financial Corp.br/ 77 Bloor Street West, 18supth/sup floorbr/
Toronto, Ontariobr/ M5S 1M2 /p p (416) 961-0304 ext. 207br/ a
href="http://sadair@accordfinancial.com"sadair@acc/aa
href="mailto:sadair@accordfinancial.com"ordfinancial.com/a /p
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