Accord Announces Normal Course Issuer Bid
August 01 2012 - 3:12PM
PR Newswire (Canada)
TORONTO, Aug. 2, 2012 /CNW/ - Accord Financial Corp. , 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 424,594 common shares during
the next 12 months being 5% of the 8,491,898 issued and outstanding
common shares as at July 31, 2012. All shares purchased
pursuant to the Bid will be cancelled. Share purchases will
be made through facilities of the TSX or other alternative Canadian
trading platforms 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, 2012 and
terminate on the earlier of the date on which the Company completes
its purchases pursuant to the Bid or August 7, 2013. Under
the Company's existing Bid, which commenced August 8, 2011 and
expires August 7, 2012, 446,000 shares have been repurchased for
cancellation at an average price of $6.78 for a total consideration
of $3,025,151. 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. Accord
Financial Corp. CONTACT: Stuart AdairVice President, Chief
Financial OfficerAccord Financial Corp.77 Bloor Street West, 18th
floorToronto, OntarioM5S 1M2(416) 961-0304 ext.
207sadair@accordfinancial.com
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