Business
Accord Financial Corp. - Accord Announces Normal Course Issuer Bid
Accord Financial Corp. - Accord Announces Normal Course Issuer Bid.
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 1 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading\nNorth American provider of a wide range of factoring and other asset-based\nfinancial services to businesses, including financing, collection services,\ncredit investigation, credit protection and guarantees, today announced that\nthe Toronto Stock Exchange (the "TSX") has accepted for filing a Notice of\nIntention to Make a Normal Course Issuer Bid (the "Bid").\n\n\nPursuant to this Bid, the Company may purchase up to 474,723 common\nshares during the next 12 months being 5% of the 9,494,471 issued and\noutstanding common shares as at July 31, 2007. Any shares purchased pursuant\nto the Bid will be cancelled. All purchases will be made through facilities of\nthe TSX and in accordance with the TSX's rules and policies. Pursuant to TSX\npolicies, daily purchases made by the Company will not exceed 1,000 common\nshares, subject to a prescribed exception which allows for one block purchase\nper calendar week.\n\n\nThe Bid will commence on August 8, 2007 and terminate on the earlier of\nthe date on which the Company completes its purchases pursuant to the Bid or\nAugust 7, 2008. Under the Company's existing Bid, which commenced August 8,\n2006 and expires August 7, 2007, 321,700 shares have been repurchased for\ncancellation at an average price of $7.62 for a total consideration of\n$2,451,975. The Company believes that it may be advantageous to engage in\nrepurchases of its common shares, from time to time, when they are trading at\nprices which the Company believes reflect a discount from the underlying value\nof its common shares.\n\n\n%SEDAR: 00001979E\n\n\n","length":1718,"tagName":"div"}]