Accord Declares Quarterly Dividend of 5 Cents per Share
TORONTO, April 23, 2020 /CNW/ – Accord Financial Corp. (TSX – ACD) (“Accord” or the “Company”) today announced that its Board of Directors has approved a reduction of its quarterly dividend from nine cents ($0.09) per common share to five cents ($0.05) per common share. The dividend is payable June 1, 2020 to shareholders of record at the close of business on May 15, 2020.
Simon Hitzig, the Company’s President and CEO advised, “We’re in a period of unparalleled economic disruption. We entered the economic downturn with a well-diversified portfolio and strong capital base, but the length and scale of the disruption remains to be seen.” Mr. Hitzig added, “We’ve chosen to decrease the quarterly dividend for two reasons: first, to retain more capital in the business, maintaining balance sheet strength through this challenging period, and second, to make sure we can capitalize on the growth opportunities we’re beginning to see as some of our competitors back away.”
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 42 years, Accord has simplified access to capital, helping businesses seize opportunity and drive success.
SOURCE Accord Financial Corp.