TORONTO, Aug. 2, 2012 /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 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.
SOURCE: Accord Financial Corp.
For further information:
Vice President, Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
(416) 961-0304 ext. 207