TORONTO, Dec. 5, 2019 /CNW/ - Accord Financial
Corp. (TSX – ACD), one of North
America's leading commercial finance companies, 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").
Accord has undertaken a number of strategic initiatives,
including a series of acquisitions, which has led to several years
of strong growth. While the underlying value of the company,
measured by book value and earning per share, has increased, the
common share price has not fully reflected the increase. 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.
The Bid will commence on December 9,
2019 and terminate on the earlier of the date on which the
Company completes its purchases pursuant to the Bid or December 8, 2020. Under the Bid, the Company may
purchase up to 429,445 common shares during the next 12 months
being 5% of the 8,588,913 issued and outstanding common shares as
at December 3, 2019. All shares
purchased pursuant to the Bid will be cancelled. Share
purchases will be made through facilities of the TSX or alternative
Canadian trading systems and will be in accordance with the TSX's
rules and policies. Pursuant to TSX policies, based on an average
daily trading volume of 2,228 common shares per day over the six
month period ended November 30, 2019,
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.
About Accord Financial Corp.
Accord Financial Corp.,
founded in 1978, is one of North
America's leading independent finance companies. Serving
clients throughout the United
States and Canada, Accord's
flexible finance programs cover the full spectrum of asset-based
lending, including: factoring, receivables finance, inventory
finance, equipment finance, trade finance and film/media finance.
For 41 years, Accord has simplified access to capital, helping
businesses seize opportunity and drive success.
SOURCE Accord Financial Corp.